Survey results 2019

Top 8 Takeaways from the 2019 CMHC Mortgage Consumer Survey

Each year, CMHC carries out an in-depth survey of Canadians across the country on the topic of homeownership and the homebuying process.

For 2019, we surveyed 1,385 first-time and repeat homebuyers. Here are 8 key takeaways:

Forty-seven percent of all buyers in 2019 were first-time homebuyers. This represents a significant drop from 56% in 2018.

Visual: A graphic appears on the screen showing takeaway number 1: First-time homebuyers in 2019: 47%.

For most Canadians, affordability continues to be the most important factor when buying a home.

Visual: A graphic appears on the left side of the screen showing takeaway number 2: The most important factor: affordability.

In terms of housing prices, only 60% of buyers spent the maximum amount they could afford. That’s down considerably from 78% in 2018.

Visual: A graphic appears on the right side of the screen showing takeaway number 3: 60% of buyers spent the maximum amount they could afford.

However, debt levels are still a challenge for many Canadians. Twenty-three percent of people who bought a home this year said their current debt is higher than they were expecting.

Visual: A graphic appears on the screen showing takeaway number 4: For 23% of buyers, their current debts are higher than they expected.

Surprisingly, a full 33% of buyers didn’t have a monthly budget before they bought their home.

Visual: A graphic appears on the left side of the screen showing takeaway number 5: 33% of buyers didn’t have a monthly budget.

There was a significant decrease in the percentage of buyers who wanted a move-in-ready home, down from 11% in 2018 to just 6% this year.

Visual: A graphic appears on the right side of the screen showing takeaway number 6: Buyers wanting a move-in-ready home: 6%.

Thirty-two percent of homebuyers don’t expect interest rates to rise next year – up from 20% in 2018.

Visual: A graphic appears on the left side of the screen showing takeaway number 7: 32% of homebuyers don’t expect interest rates to rise.

Most buyers were also familiar with the new federal mortgage qualification “stress test,” with 65% saying they believe the new rules will help keep more Canadians from taking on a mortgage they can’t afford.

Visual: A graphic appears on the screen showing takeaway number 8: 65% of buyers believe the mortgage “stress test” will help keep Canadians from taking on unaffordable mortgages.

For the full findings, download the 2019 CMHC Mortgage Consumer Survey at cmhc.ca/2019MCS.

Visual: The web address “cmhc.ca/2019MCS” appears in black in the middle of a blank white screen. It then disappears and is replaced on the white background by the Canada Wordmark on the left and the bilingual CMHC logo on the right.