The 2010 CMHC has revealed many interesting statistics from its survey, including the trend for first-time homebuyers to conduct virtually all of their mortgage inquiries online. Findings from the 2,503 Canadians surveyed in February illustrate that:
- Roughly 90 per cent of first-time homebuyers use the Internet to search for mortgage information and options
- 69 per cent of first-time homebuyers use an online mortgage calculator to compare mortgage options
- Nearly all, 90 per cent, of first-time homebuyers find the online mortgage tools they use to be useful
- 45 per cent of first-time homebuyers employ a mortgage broker
The survey also found that the majority of first-time homebuyers do their homework prior to making a decision. More than 80 per cent research terms and conditions, 71 per cent compare costs on various products and rates, and 65 per cent are looking for top mortgage rates.
Thus it is of significant benefit to both the client and the mortgage provider to maintain a healthy website, full of relevant and current information on the Canadian mortgage market, and convenient to compare rates, inquire and apply online from.