OTTAWA, ON, July 15, 2021 /CNW/ - Of homeowners surveyed, 85% indicated no difficulties in maintaining their mortgage payments during the Covid-19 pandemic, although 31% of homebuyers experienced a bidding war during their home purchase. These are some of the key findings from the 2021 Mortgage Consumer Survey, released today by Canada Mortgage and Housing Corporation (CMHC). The 2021 Mortgage Consumer Survey gathered responses from over 3,500 Canadians from across the country and offers key insights into the current state of home buying, homeownership, and mortgage lending.
"The mortgage consumer survey's goal is to help put Canadians and the mortgage professionals who serve them in the best position to succeed when shopping for a mortgage," said Sam Carnavole, CMHC`s Director of Client Relationship Management. "This year's survey includes important takeaways on affordability and how the market has reacted to the pandemic and current economic conditions. We hope the survey helps Canadians get the most of what can be an overwhelming process."
Although 85% of homeowners indicated no difficulties in maintaining a mortgage payment schedule during the pandemic, younger homeowners are indicating greater difficulty in this respect.
Of homebuyers who experienced bidding wars, 60% felt they had paid too much when purchasing their home. A bidding war is a situation in which two or more parties repeatedly outbid each other as they compete to purchase a home.
View the complete 2021 Mortgage Consumer Survey here.
Highlights:
- 85% of homeowners indicated no difficulties in maintaining a mortgage payment schedule during the pandemic, however, younger homeowners are indicating greater difficulty in this respect.
- 31% of homebuyers surveyed were involved in a bidding war. Of homebuyers who experienced bidding wars, 60% felt they had paid too much when purchasing their home, while the others felt satisfied with the outcome.
- First-time homebuyers indicated that they purchased a home because:
- they see it as a safe and secure investment.
- it provides greater stability.
- interest rates are low
- 67% of respondents agree that a mortgage payment deferral agreement is a good way to help homeowners, however, only 13% of those surveyed utilized a mortgage payment deferral.
- The majority of respondents agree that home ownership is a good long-term financial investment and are confident they will be able to make future mortgage payments.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to all levels of governments, consumers and the housing industry.
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Backgrounder:
In 2021, CMHC completed an online survey of 3,502 recent mortgage consumers who were all primary household decision makers and had undertaken a mortgage transaction in the past 12 months. The online interviews were conducted in all regions of the country in both English and French. Of those surveyed, 9% were first time homebuyers, 8% were repeat buyers, 18% were refinancing, and 65% were renewing a mortgage.
SOURCE Canada Mortgage and Housing Corporation
CMHC Media [email protected]
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