It’s no surprise that many Canadians are feeling the pinch of higher iHow are Canadians Feeling About Homeownership in Today’s Market?
The latest information from Mortgage Professionals Canada’s 2022 Year-End Consumer Survey, released in March 2023, provides a wealth of valuable insight into the current mindset of Canadian homeowners.
The findings reveal that many Canadians continue to be unfamiliar with what a mortgage broker/agent does and how they work. The current market volatility underscores the value of speaking to a mortgage agent whenever it’s time to get a new mortgage or refinance/renew an existing one. Mortgage agents have access to multiple lender products, which means added choice for borrowers, at every step of the homeownership cycle.
Mortgage agents continue to prove their worth in the Canadian housing market with 90% of customers reporting they were very satisfied with their experience and 80% saying they would recommend their agent to friends and family.
Other key survey highlights include:
- 69% of mortgage holders had fixed-rate mortgages in 2022
- 25% of mortgages have variable or adjustable rates
- 3-in-10 variable-rate holders are actively planning or considering a fixed rate. Another third (35%) considered but decided against the change
- 47% of Canadians say a rate increase of up to 20% would cause them to experience mortgage payment difficulties. Among recent first-time homebuyers, 14% report already having difficulty with their payments
- 49% of mortgage holders expect to renew their mortgage within the next three years
- First-time homebuyers (45%) are most likely to use the services of a mortgage agent, as well as those between the ages of 18-34 (40%)
- Mortgage agent customers receive more than 50% as many quotes as bank customers, providing more choice to best meet their needs
- 77% of agent customers are likely to use the same professionals upon renewal or renegotiation of their mortgage
Have questions about your best mortgage options? Answers are a call or email away!