We surveyed over 3,500 recent mortgage consumers across Canada between February 16th and March 2nd, 2022, to better understand their behaviours, attitudes and expectations when it comes to their mortgage. This includes mortgage consumers that had renewed or refinanced their existing mortgage, or purchased a home and obtained a mortgage, over the last 18 months.
COVID-19 has had a significant impact on the housing market and buyers continue to suffer from its effects. According to a recent survey:
- 33% of buyers purchased sooner than expected due to COVID-19
- 50% of buyers had concerns or felt uncertainty during the process
Additionally, 69% of buyers paid the maximum price they could afford and 44% were involved in a bidding war.
Unexpected expenses are also common during the home buying process, with 40% of buyers incurring additional costs.
For many first-time and repeat buyers, gifts are essential to financing a down payment. 33% of buyers rely on gifts, and 22% would not have been able to purchase a home without one.
purchased a home to take advantage of the low-interest rates
refinanced their existing mortgage to fund home improvements/renovations
of mortgage consumers indicated no change in their buying timeline
purchased a home sooner than they had anticipated
paid what they had planned on to purchase their home
of buyers had concerns or felt uncertainty during the home buying process
of buyers were involved in a bidding war
of repeat buyers financed their down payments with a gift
of mortgage consumers gathered mortgage-related information online
of those who used a mortgage broker to get the best rate
of mortgage consumers were satisfied with their broker experience
of first-time buyers got their mortgage with their current financial institution
The First-Time Home Buyer Incentive
Many Canadians struggle to get a foot in the housing market. The First-Time Home Buyer Incentive is designed with these individuals in mind and it's proven successful for them.
We found that in 2022:
- 73% of first-time buyers were aware of the First-Time Home Buyer Incentive
- 65% of those aware of the First-Time Home Buyer Incentive participated in the program
- 72% think it’s a good idea for someone who has never owned property before to be able to access affordable housing
of first-time buyers were aware of the First-Time Home Buyer Incentive
of those aware of the First-Time Home Buyer Incentive participated in the program
of first-time buyers think the Incentive is a good way to help enter the housing market
Please contact your CMHC Account Manager for more information on the 2022 Mortgage Consumer Survey results.