Residential Market Update - Week of November 23, 2015

Nov 24, 2015, 13:13 PM by First National

A new survey for Canadian Mortgage Professionals is out. Bond Brand Loyalty asked 2,000 Canadian homeowners about their mortgage experience.

Of interest to brokers:

  • 65% of customers who used a broker got more than one quote compared to just 47% of bank customers
  • 35% of customers say they used a broker to get multiple quotes, 65% say they used a broker to get the best interest rate
  • Significantly, about a third of respondents say they used a broker to explain the process or to do research

It's telling that 45% of broker customers say they are "very satisfied" with their experience, compared to 39% for banks.

What customers say about themselves:

  • Just 4% of borrowers say they "definitely regret" the size of their mortgage. A mere 3% say they are "very comfortable" with their loan-to-value ratio.
  • Approximately 20% say they will defer retirement due to mortgage debt

45% say they needed outside help to make their down payment, but about 7 in 10 say they could manage a down payment even if Ottawa pushed the equity rate to 10%