Mortgage payments persist, rate wars prevail during pandemic

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OTTAWA, OH, Jul 15, 2021 / CNW / – Of the homeowners surveyed, 85% indicated they had no problem paying mortgage payments during the Covid-19 pandemic, although 31% of home buyers experienced a rate war when buying a home. These are some of the main findings 2021 Mortgage Consumer Surveyreleased today by the Canadian Mortgage and Housing Corporation (CMHC). The 2021 Mortgage Consumer Survey gathered responses from over 3,500 Canadians across the country and offers key insights into the current state of home buying, home ownership and mortgage lending.

Canadian Mortgage and Housing Corporation (CMHC) (CNW Group / Canada Mortgage and Housing Corporation)

Canadian Mortgage and Housing Corporation (CMHC) (CNW Group / Canada Mortgage and Housing Corporation)

“The goal of the mortgage consumer survey is to help Canadians and their mortgage professionals best succeed in buying a mortgage,” he said. Sam Carnaval, CMHC Director of Customer Relationship Management… “This year’s survey includes important findings about affordability and how the market has responded to the pandemic and current economic conditions. We hope the survey will help Canadians get the most out of what can be an overwhelming process. ”

While 85% of homeowners did not find it difficult to meet mortgage payment schedules during the pandemic, younger homeowners point to greater difficulty in this regard.

60% of home buyers who participated in the bidding war felt they paid too much when buying a home. A bid war is a situation in which two or more parties constantly interrupt each other, competing to buy a house.

View full Mortgage Lending Consumer Survey 2021 is here

Features:

  • 85% of homeowners did not find it difficult to meet mortgage payment schedules during the pandemic, but younger homeowners point to greater difficulty in this regard.

  • 31% of surveyed home buyers participated in the auction. Of homebuyers who survived the bidding war, 60% felt they paid too much when buying a home, while others were happy with the outcome.

  • First time homebuyers indicated that they bought a home because:

  • 67% of respondents agree that a deferred mortgage agreement is a good way to help homeowners, but only 13% of those surveyed have taken advantage of a deferred mortgage.

  • Most of the respondents agree that home ownership is a good long-term financial investment and are confident that they will be able to make mortgage payments in the future.

As Canadian The Housing Authority, CMHC promotes the stability of the housing market and the financial system, supports Canadians with housing needs, and offers objective research and information on housing to all levels of government, consumers and the housing industry.

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Reference Information:

In 2021, CMHC conducted an online survey of 3,502 recent mortgage consumers who were major decision makers and completed a mortgage transaction in the past 12 months. Online interviews were conducted in all regions of the country in English and French. Of those surveyed, 9% bought housing for the first time, 8% bought it again, 18% refinanced and 65% extended their mortgage.

SOURCE Canadian Mortgage and Housing Corporation

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View original content for media downloads: http://www.newswire.ca/en/releases/archive/July2021/15/c8914.html





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