Sunday, February 16, 2020 / by Mark Silenzi
THE 2019 MORTGAGE CONSUMER SURVEY RESULTS
THE 2019 MORTGAGE CONSUMER SURVEY RESULTS
By Canada Mortgage and Housing Corporation
The CMHC Mortgage Consumer Survey examines consumer behaviour, attitudes and expectations when acquiring, renewing or refinancing a mortgage.
2019 Key Findings
2/3 of buyers believe that the new changes will keep more Canadians from taking on a mortgage they can't afford.
60% of buyers paid the maximum price they could afford.
42% of buyers felt uncertainty during the home buying process.
Top 8 Takeaways from the 2019 CMHC Mortgage Consumer Survey
Each year, CMHC carries out an in-depth survey of Canadians across the country on the topic of homeownership and the home buying process. For 2019, we surveyed 1,385 first-time and repeat homebuyers. Here are 8 key takeaways:
Forty-seven percent of all buyers in 2019 were first-time homebuyers. This represents a significant drop from 56% in 2018.
For most Canadians, affordability continues to be the most important factor when buying a home.
In terms of housing prices, only 60% of buyers spent the maximum amount they could afford. That’s down considerably from 78% in 2018.
However, debt levels are still a challenge for many Canadians. Twenty-three percent of people who bought a home this year said their current debt is higher than they were expecting.
Surprisingly, a full 33% of buyers didn’t have a monthly budget before they bought their home.
There was a significant decrease in the percentage of buyers who wanted a move-in-ready home, down from 11% in 2018 to just 6% this year.
Thirty-two percent of homebuyers don’t expect interest rates to rise next year – up from 20% in 2018.
Most buyers were also familiar with the new federal mortgage qualification “stress test,” with 65% saying they believe the new rules will help keep more Canadians from taking on a mortgage they can’t afford.
For the full findings, download the 2019 CMHC Mortgage Consumer Survey at cmhc.ca/2019MCS.
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