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Mortgage Consumers are Pro-actively Paying off Their Mortgage Sooner

June 29, 2011

Check out the latest Mortgage Consumer Survey provided by Canadian Mortgage and Housing Corporation (CMHC). This report is a compilation of over 3,000 mortgage consumers and their approaches, behaviours and perspectives as primary decision makers when purchasing a home, renewing their mortgage or refinancing their property.

Some of the key findings from the report are:

• Buyers continue to view homeownership as an investment and take time planning their purchase

• Mortgage consumers seek out and value advice from mortgage professionals

• Mortgage consumers use a variety of information sources throughout the mortgage process

• Mortgage consumers engage in pro-active shopping and are confident about their mortgage choices

• Mortgage consumers are pro-actively paying off their mortgage sooner

• Good level of financial literacy and prudence observed among mortgage consumers… however opportunities exist for improvement