The Canada Mortgage and Housing Corporation has released its 2016 Mortgage Consumer Survey, with the biggest finding being that an increasing number of mortgage consumers are turning to social media for their mortgage information. This change is highest among first-time buyers and consumers who are using a mortgage broker.
“Understanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals to provide better service and improve the overall customer experience,” said the vice president of client relationship management for the Canada Mortgage and Housing Corporation, Nathalie Fredette.
Also according to the survey, consumers who are receiving advice on long-term strategies were almost twice as likely to recommend their mortgage professional to those close to them, while first-time buyers are more likely to get advice from family and real estate agents. In addition, the biggest concern for first-time buyers was unforeseen costs.