First-time Buyers Increase Their Use of Mortgage Brokers: CMHC
June 26, 2009
Some interesting findings from The Canada Mortgage and Housing Corporation’s (CMHC) recently published annual on-line survey regarding Mortgage Brokers.
In the past year, approximately one in four mortgage transactions took place through the broker channel. Almost half, 44%, of first-time buyers chose to use a broker compared to 35% in 2007. This is also demonstrated demographically, as 42% of purchasers between the ages of 25 and 34 years chose to use a Mortgage Broker vs. a bank directly.
Overall, client satisfaction levels were also high with almost 80% of mortgage consumers being satisfied with the service they received. Click here if you would like view more of the results from CMHC’s survey.
Adapted from “2009 Mortgage Consumer Survey Results.” Canada Mortgage and Housing Corporation.