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June 17, 2015

Each year, the Canada Mortgage and Housing Corporation releases a comprehensive report on the way Canadians interact with their mortgages

The 2015 Mortgage Consumer Survey published by the CMHC holds quite a few interesting statistics. Here are some of the facts that we found most interesting:

– Canadians continue to take to the web in order to research and gather mortgage information to determine their decision when it comes to obtaining a mortgage. 78% of mortgage consumers in Canada reported that they use various online resources to do their research, making online the most popular resource for gathering information.

– Social media was indicated by 20% of respondents as a way to gather information regarding mortgages and mortgage products. Among those Canadians looking for a mortgage, Facebook, online blogs and online forums were credited as the most popular sources among Canadians looking to find out more information about mortgages in Canada online.

– Mortgage Brokers appear to be increasing their market share among mortgages in Canada; first-time buyers, Canadians looking to refinance & repeat buyers have all shown a continued demand for the services of mortgage brokers.

79% of recent buyers reported that they were satisfied with their mortgage experience while using the services of a mortgage broker and 72% of these home-owners indicated that they would use a mortgage broker again.

– 49% of Canadians who have renewed their mortgage took the initiative to set their mortgage payment higher than the minimum requirement.

– Approximately a quarter of respondents indicated that they would have considered it useful if they received follow-up contact from their bank or from their mortgage broker after the closing of their mortgage and if that follow-up contact included advice on long-term mortgage financial strategies.

At MonsterMortgage.ca, we’ve recently implemented the Monster Terminator program, a program built for MonsterMortgage.ca clients with the purpose of helping home-owners become mortgage free even faster. MonsterMortgage.ca clients will receive timely mortgage updates, tips and the advice needed to build a long-term financial strategy focused on terminating their mortgage. This ‘start-to-finish’ program was created from a simple problem raised by one of our clients:

“After signing on my mortgage, I simply made payments month in and month out until I received a letter a few weeks before my renewal … No one offered to advise me on what the best rates are, how I might be able to consolidate some small debts … or what I could do to pay off my mortgage.”

The follow-up service and post-sale advice just isn’t there or sufficient from many institutions. We’re looking to do better.

If you would like to read more information regarding the CMHC Consumer Report for 2015, you can visit the CMHC website at http://www.cmhc-schl.gc.ca/en/hoficlincl/moloin/sure/mocosu/index.cfm