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Strengthen your Financial Literacy with CMHC

Tuesday, March 17, 2020   /   by Mark Silenzi

Strengthen your Financial Literacy with CMHC

Powered by: the 2018 Mortgage Consumer Survey 

Buying and owning a home is one of the largest financial investments you can make. It is important for you to educate yourself about what is involved in homeownership so you can make the best decisions possible. CMHC offers a wide variety of resources and tools to support you. 

Looking back, 32% of mortgage consumers wish they had more information on tools to manage their mortgage. (Get more planning tips cmhc.ca/mortgagetips)

17% of mortgage consumers are newcomers to Canada (Find housing information for newcomers to Canada cmhc.ca/newcomers)

70% of mortgage consumers used an online mortgage calculator (Access CMHC's mortgage calculators - cmhc.ca/Calculators)


is the most important factor considered when buying a home (58%0

25% of broker clients and 12% of lender clients would have considered follow-up contact related to house market information useful.

37% of home buyers felt concerns or uncertainty about buying a home. 

Learn the steps to buying a home cmhc.ca/StepbyStep

55% of First-time buyers rent 1-5 years before buying their first home. 

1/4 of homebuyers incurred unexpected costs. 

65% of broker clients and 19% of lender clients use social media to gather mortgage -related information 

(Follow CMHC on social media)

33% of home buyers did not get an appraisal 

Looking back, 31% of mortgage consumers wish they had more information on what to do when faced with financial difficulties. 

30% of mortgage consumers wish they had more information on credit scores. 

6% of mortgage consumers are  self-employed

71% of mortgage consumers plan to renovate in the next five years or less. 

Source: cmhc.ca 

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