The Canada Mortgage and Housing Corporation has released the results of its 2015 First-Time Homebuyers Survey.
“For many Canadians, buying their first home is the single, largest purchase they have ever made,” said the Vice President of Client Relationship Management for the Canada Mortgage and Housing Corporation, Nathalie Fredette. “Our aim is to provide mortgage brokers, lenders and other industry professionals with valuable information and useful tools so they can better guide their clients through this major life event.”
Some highlights from the survey include:
- The majority (70%) of first-time homebuyers received advice on mortgages from brokers and lenders.
- First-time buyers have less confidence than those who had previously bought a home, and has less of an understanding of the mortgage options available to them.
- First-time buyers are more than twice as likely to research homebuying information using social media.
“CMHC’s survey results reiterate the central role that mortgage professionals play in providing first-time homebuyers with the information they need to manage their money and debt wisely,” said Canada’s Financial Literacy Leader, Jane Rooney. “The more we understand the financial literacy needs o Canadians, the better we can be at providing the right information at the right time to help them build their financial knowledge, skills and confidence.”