In October 2017, the Canadian Mortgage and Housing
Corporation (CMHC) completed a survey to highlight the attitudes and
expectations of prospect home buyers in 2018. This survey, conducted with 2,507
respondents who intended to purchase a home within the next two years, provides
interesting insights into future home buying intentions. The on-line survey
included approximately 1,500
First-Time Buyers, 500 current owners, and 500 previous owners.
The survey results
- For First-Time Buyers and Previous Owners, the top motivator to
purchase a home was the desire to stop renting. Across all groups, improved
accessibility and investment opportunity were also listed as top
motivators. Interestingly enough, changes to mortgage regulations and
concerns about possible future interest rate increases were not among the top motivators.
- Over four-in-ten First-Time Buyers and Previous Owners say they
would delay their home purchase if they were not able to find their ideal
home, with a fairly similar proportion saying they would be willing to
compromise on the size of the home and location.
- 85% of First-Time Buyers, 73% of Previous Owners and 66% of Current
Owners intend to obtain a mortgage to finance their home purchase.
- Of those who plan to purchase a home within the next two years, 80%
of First-Time Buyers plan to consult with a Mortgage Broker. This is
followed by 72% of Previous Owners and 69% of Current Owners.
- Across all groups of future home buyers, more than six-in-ten say
they are likely to have a financial buffer in case their expenses change
in the future. Furthermore, the majority of future home buyers, especially
Current Owners, agree that they feel confident they have the necessary
tools and information to manage their mortgage and debt load.
- Among all groups, the two most common actions completed one to two
years prior to the purchase of a home were saving for a down payment and
determining what type of home to buy. On the other hand, in the last three
months before purchasing, about two-in ten of prospective buyers
pre-qualify for a mortgage.
- About one-in-four prospective home buyers stated that they would be
very likely to consider delaying their purchase in the event of an
increase in interest rates.
Why you need to work with a
Whether it is buying your first home, your next home, refinancing,
planning renovations or looking at credit repair, you should be working with a
mortgage broker. They will provide you with valuable advice and recommendations
for your specific needs. They will
also put together a customized mortgage plan and mortgage management system
tailored to you. Remember, they work for you, not for any one lender. This opens up the kind
of objectivity that allows them to focus on the product that is the best fit for you. One Link Mortgage
Brokers have the experience, education and expertise to guide you successfully
through the mortgage process.
Do you have questions about getting a mortgage or about your
current mortgage? Contact the trusted Winnipeg Mortgage Brokers at One Link today! We are here to help.