A recent survey from CMHC revealed what many in the Real Estate and Mortgage Businesses

knew all along.

More and more people are using the internet when seeking information on buying a home.

The CMHC 2011 Mortgage Consumer Survey, states that, “the internet continues to be a

valuable resource for homebuyers. Among recent buyers using an online search engine, the

most popular search terms included interest rates (86%), mortgage options (76%) and

mortgage calculators (69%). Of those who noted using the internet during their research, 86%

used an on-line mortgage calculator, 56% printed information, 54% did a financial self

assessment and 50% researched other financial products.”

With the surge of internet activity, this is useful information for those in the industry, to be sureit

is about ensuring that marketing dollars are being spent in the right direction- and in this casethe

right location, ensuring a stable and steady online presence.

Another interesting finding is that Canadians consumers, for the most part, do not like to rush

into anything. Respondents said that they take, on average 11 months to make a home

purchase. 88% said that they have a good general idea what their limits were in taking on a

mortgage before actually purchasing a home.

“Buying a home is one of the biggest financial decisions most Canadians will make in their

lifetimes” stated Pierre Serré Vice President, Insurance Product and Business Development.

“CMHC is committed to supporting homebuyers throughout their decision making process.”

Even before taking on a mortgage, many Canadians felt that it was important to get rid of it.

75% of those surveyed felt that it was important to pay down their mortgage as swiftly as

possible. 39% of recent buyers have their mortgage payment set higher than the minimum

required, and 20% have made a lump-sum payment at some point in their mortgage.

Most homebuyers (80%) indicate that they follow some sort of household budget to manage

mortgage payments- and many of those (71%) anticipated a rise in interest rates in the

establishment of perimeters of their budget. Many analysts have expressed fears that a rise in

interest rates would push those already stretching their budgets over the edge, but as this

survey indicates, that many have at least acknowledged the impact that a looming rise in rates

would have on their budgets.