Video Recap: Outline Financial and Urbanation – 2018 Condo Market Outlook Event

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Gallery: 2018 Condo Market Outlook Event

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Thank you to everyone that joined us for our 4th annual Condo Market Outlook Event.  Please enjoy the pictures, and also be sure to check out the video recap in an upcoming post.

2017 Mortgage Consumer Survey

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CMHC recently completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat Buyers). CMHC has conducted this survey since 1999. It is the largest and most comprehensive survey of its kind in Canada.

The Home Buying Process

  • Sixty-four percent (64%) of First-Time Buyers indicated they were renting before purchasing, and 34% lived with family.
  • Wanting to buy their first home (37%) and feeling financially ready (31%) were the most important reasons First-Time Buyers gave for purchasing a home in the past year.
  • Low interest rates (33%) was the most important reason for Repeat Buyers to purchase a home in the past year.
  • Fifty-three percent (53%) of buyers were aware of the latest mortgage qualification changes, and 19% noted that it impacted their purchase decision. For example, 11% of buyers said they increased their down payment, 6% purchased a smaller home, 5% purchased in a different location, and 3% delayed their purchase.
  • Buyers interact with a wide variety of people, and are most likely to consult a real estate agent (72%), or look to a family member or mortgage lender for advice (both at 57%). Forty-one percent (41%) reported interacting with a mortgage broker. Of all interactions, real estate agents were noted as most valuable.
  • Seventy-one percent (71%) of First-Time Buyers accessed savings for their down payment, while 18% received a gift from a family member.

Click to Read More -> [CMHC 2017 Mortgage Consumer Survey]