by Denis Doucet
What you’ll learn
During spring 2015 across the country, CMHC has conducted a survey with 788 first-time home buyers.
These owners had undertaken a mortgage transaction in the latest 12 months preceding this survey. We now show you the highlights that came to our attention.
Most of first-time home buyers (83%) used online resources to determine their mortgage choices. During researches, most of first-time home buyers (84%) indicated they used the mortgage payment calculator.
Relatives also have a key role through the buying process. In fact, after your real estate broker (20%), your mortgage broker (14%) and your mortgagee (11%), it’s your family (34%) that has more influential power.
More than half of first-time buyers probed worked with a broker (55%). Why? The main reason is to obtain the lowest interest rate and loan terms. Expert advice and mortgage management strategies were both principal reason to choose a broker.
Statistics confirm that first-time buyers are less confident when it’s time to make decision than owners. Indeed, only 37% of first-time buyers completely agreed to confirm they well understood their mortgage choices, against 57% that were already property owners. These are good reasons to get a broker and make sure your decisions are the best.
About expenses, 55% of first-time buyers affirmed being concerned during the buying process, against 47% that were already property owners. It is explained by costs related to the purchase (mortgage payment, home insurance, taxes, public services, etc.) and unexpected expenses (renovation, notary fees and lawyers’ fees, etc.).
Do you recognize yourself? If you are about to purchase your first house, think about the fact it’s easier the second time!
Find out more about, read first-time home buyer’s survey.