Earlier this week, Canada Mortgage and Housing Corporation (CMHC) released the results of their 2014 First-Time Homebuyers Survey, giving us some insight into what the average first-time buyer looks like in Canada. The survey polled 860 first-time buyers from all across Canada, who had undertaken a mortgage transaction in the last 12 months.
Some of the alarming numbers that stand out are that only 37% of first-time buyers had a good understanding of their mortgage and the options available to them. Also, 60% of first-time buyers had uncertainty about the process and 40% incurred unexpected costs during the process. This illustrates the need for communication between mortgage brokers and clients, and I want to reiterate that I am available to answer any questions about the mortgage process. Please feel free to contact me or find me on Twitter.
