Mortgage consumer trends: 2019 to today

In Canada’s evolving housing market, it’s essential for mortgage professionals and other industry experts to stay informed on how consumer behaviours and preferences shift over time. This is the main reason behind our annual Mortgage Consumer Survey.

This year, for the first time, we’ve compiled data from our 5 most recent surveys to give you an overview of the top trends. The data is organized in comparison tables that track the changes from 2019 to 2024 and focus on key aspects of the homebuying experience.

Access exclusive trends and insights

Understanding the homebuyer journey

Buying a home is a major financial decision. Our findings show that the amount of time first-time homebuyers spent renting before buying a home has remained relatively stable.

Over the past 3 years, about one third of homebuyers ended up spending more than they initially planned. Fewer homebuyers, however, are paying the maximum price they can afford. 46% of homebuyers paid the maximum price in 2023 and 2024, down from the 3 previous surveys.

Consumer uncertainty

The homebuying process can generate both excitement and uncertainty. Since 2019, a growing number of homebuyers are feeling uncertain or anxious. Paying too much for a home has been the top concern since 2019.

The importance of mortgage professionals

Mortgage professionals play a critical role in the homebuying process. In recent years, we’ve noticed an increase in consumer loyalty to their financial institutions, with 83% of homebuyers choosing their lender due to excellent service. Overall satisfaction is also high with 75% of homebuyers being satisfied with their lender and 72% with their broker.

Real estate agents continue to be seen as the most valuable role in helping homebuyer through the process since 2019. In our 2024 survey, 34% of homebuyers said that their real estate agent was the most important person in the homebuying process.

To access the exclusive trends and insights from our last 5 surveys, sign up for CMHC Housing Updates and we’ll send you a download link.