Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey (MCS). The largest survey of its kind, the MCS has been conducted since 1999 and provides insight into the behaviours, attitudes and expectations of Canadians when they acquire, renew or refinance a mortgage. In April 2018, CMHC completed an online survey of 4,000 recent mortgage consumers, all prime household decision makers who had undertaken a mortgage transaction in the past 12 months. Sixty-eight percent had renewed their mortgage, 15% had refinanced their mortgage, and 16% had purchased a home with mortgage financing (9% first-me buyers and 7% repeat buyers). Total results were weighted to reflect the actual proportion of households in each region.

1. Canada Mortgage and Housing Corpora on (CMHC) released today its annual
Mortgage Consumer Survey (MCS). The largest survey of its kind, the MCS has
been conducted since 1999 and provides insight into the behaviours, a tudes
and expecta ons of Canadians when they acquire, renew or refinance a
mortgage.
In April 2018, CMHC completed an online survey of 4,000 recent mortgage
consumers, all prime household decision makers who had undertaken a
mortgage transac on in the past 12 months. Sixty-eight percent had renewed
their mortgage, 15% had refinanced their mortgage, and 16% had purchased a
home with mortgage financing (9% first- me buyers and 7% repeat buyers). Total
results were weighted to reflect the actual propor on of households in each
region.

2. Survey Highlights:
When compared to other factors such as type of neighbourhood, proximity to work and overall condi on of t
home, almost twice as many first- me buyers reported price/affordability as being the most important factor
when buying a home.
While decreasing steadily for four consecu ve surveys, more than one-third (37%) of home buyers con nue t
feel concern or uncertainty when buying a home. Concerns related to affordability top the list with more tha
50% of concerned buyers worrying about paying too much for their home while nearly one-third worry abou
rising interest rates and mortgage qualifica on.
Eighty-five per cent of first- me buyers spent the most they could afford on their home purchase. However,
majority (76%) are confident that they will be able to meet their future mortgage payment obliga ons.
Sixty per cent of first- me buyers and 69% of repeat buyers indicated that, if they were to run into some fina
trouble, they would have sufficient assets (investments, other property, etc.) to supplement their needs.
About 50% of home buyers agreed that they would feel comfortable using more technology to arrange their
mortgage transac on. With that said, the majority s ll agree that it is important to meet face-to-face with th
mortgage professional when nego a ng and finalizing their mortgage.
Just over half (52%) of homebuyers were aware of the latest mortgage qualifica on rules. About one in five fi
me buyers indicated that the rules impacted their purchase decision with most op ng to decrease non-
essen al expenses, purchase a less expensive home or use savings to increase their down payment.
Consumers con nue to show confidence in their home buying and mortgage decisions with 80% of home bu
believing that homeownership remains a good long-term financial investment and 66% believing the value of
their home will increase in the next 12 months.
While homebuyers are generally sa sfied with the advice they receive from their mortgage professional, they
would like more informa on on interest rates, types of mortgages available to them, current and long term
mortgage strategies, mortgage or house purchase fees as well as tools to manage their mortgage.
More than one in five (22%) first- me buyers were newcomers to Canada and almost 50% of first- me buyer
were millennials (ages of 25 and 34) down from 60% in 2017.
Additonal survey findings are available on our 2018 Mortgage Consumer
Survey page.
CMHC helps Canadians meet their housing needs. As Canada’s authority on
housing, we contribute to the stability of the housing market and financial
system, provide support for Canadians in housing need, and offer objec ve
housing research and advice to Canadian governments, consumers and the
housing industry. Prudent risk management, strong corporate governance and
transparency are cornerstones of our opera ons.
For more informa on, follow us on Twi er, YouTube, LinkedIn and Facebook.

3. “Shopping for a mortgage can be overwhelming so the more informa on you have, the
be er your experience. We’ve expanded our survey to give us greater detail on what
Canadians want when looking for a mortgage and how they go about the process. We al
now have more insight into important groups like millennials and first me buyers.
Ul mately, our hope is to help Canadians get the most out of the mortgage shopping
experience.”
— Carla Staresina, Vice-President, Client Rela onship Management, Canada Mortgage and Housing Corpora

4. Strengthen your
Financial Literacy
with CMHC
Find housing information
for newcomers to Canada
cmhc.ca/Newcomers
Learn the steps to buying a home
cmhc.ca/StepbyStep
Access CMHC’s mortgage calculators
cmhc.ca/Calculators
Check if you are financially ready to buy a home
cmhc.ca/StepbyStep
Follow CMHC on social media
Facebook, Twitter, LinkedIn and YouTube
Learn about your home’s value
cmhc.ca/HomeValue
CMHC facilitates access to mortgage
loan insurance for business owners
cmhc.ca/MortgageLoanInsurance
How to deal with mortgage payment difficulties
cmhc.ca/MortgageDifficulties
Found out more about your credit report
cmhc.ca/CreditReport
CMHC – home renovation financing options
cmhc.ca/GreenHome
cmhc.ca/RenoFinancing
of mortgage
consumers are
newcomers
to Canada.
17%
of home buyers felt
concerns or uncertainty
about buying a home.
37%
of home
buyers incurred
unexpected
costs.
of home buyers
did not get
an appraisal.
of mortgage consumers
plan to renovate in the
next five years or less.
71%
Buying and owning a home is one of the largest
financial investments you can make. It is important
for you to educate yourself about what is involved in
homeownership so you can make the best decisions
possible. CMHC offers a wide variety of resources
and tools to support you.
of mortgage consumers
wish they had more
information on what
to do when faced with
financial difficulties.
of mortgage consumers
wish they had more
information on
credit scores.30%
Looking back,
of mortgage
consumers are
self-employed.6%
31%
Looking back,
of mortgage consumers
used an online mortgage
calculator.
70%
¼
65% of broker
clients and
19% of lender
clients
use social media
to gather
mortgage-related
information.
33%
Decide if homeownership is right for you
cmhc.ca/StepbyStep
of First-Time Buyers
rent for 1 – 5 years before
buying their first home.
55%
Get mortgage planning tips
cmhc.ca/MortgageTips
of mortgage consumers wish they
had more information on tools to
manage their mortgage.
32%
Looking back,
Get the latest housing market data for Canada
cmhc.ca/HMIportal
would have considered
follow-up contact related
to housing market
information useful.
25% of broker
clients and
12% of lender
clients
Price/
Affordability
is the most important
factor considered when
buying a home (58%).
Powered by
the 2018 Mortgage
Consumer Survey
6942615-10-18

5. In this first sec on, we take a look at the opinions of homebuyers – both first-
me and repeat buyers – on the homebuying process and homeownership.
First- me buyers account for 9% of this year’s respondents, while repeat buyers
account for 7%.
DEMOGRAPHICS
First-Time Buyers
49% of first- me buyers are Millennials (25-34 years old).
40% are married.
80% are employed full- me.
61% purchased a single-detached home.
26% have a household income of $60k – $90k.
22% are newcomers to Canada.
Repeat Buyers
31% of repeat buyers are Gen X (35-44 years old).
59% are married.
65% are employed full- me; 7% are self-employed.
71% purchased a single-detached home.
We have the data, and now you can too.
Download the homebuyers brochure/infographic.
GET ALL THE DATA

6. 17% are newcomers to Canada.
BUYING A HOME
The main reasons first- me buyers bought: wanted to buy first home and felt financially ready.
The main reasons repeat buyers bought: had planned purchase for some me and low interest
rates.
More than 1/3 of home buyers felt concerns or uncertainty about buying a home, such as
unforeseen costs, paying too much for their home, and finding the right home.
Concern or uncertainty about buying a home has decreased steadily for four consecu ve
surveys and was reported by 37% of homebuyers compared to 40% in 2017, 43% in 2016 and
51% in 2015.
Price/affordability was the most important factor considered when buying a home this year
(50% for first- me buyers and 57% for repeat buyers).
RESEARCHING MORTGAGE-RELATED INFORMATION
Online research is most popular but 1/4 conducted research offline only.
Most use a computer to access online mortgage-related informa on.
The top ac ons conducted online include using an online mortgage calculator and comparing
interest rates.
The primary website used to gather mortgage informa on is by far lender websites.
About half would feel comfortable using more technology to arrange their next mortgage
transac on; however, face-to-face interac on is s ll rated as important.
While 8 in 10 consumers used a calculator or compared interest rates online, far fewer
completed a financial self-assessment (51% for first- me buyers and 40% for repeat buyers),
submi ed an online pre-qualifica on (39% for first- me buyers and 26% for repeat buyers) or
pre-approval applica on (34% for first- me buyers and 32% for repeat buyers).
Despite the high comfort level with technology, when it comes to nego a ng or finalizing their
mortgage, more than 6 in 10 buyers believe face-to-face discussions are important.
Real estate agents are rated as most valuable during the home buying decision process, and
they are the top source of broker recommenda ons. Family member is the top source of lender
recommenda ons.
On average, first- me buyers contact 2.1 brokers and 3.1 lenders while repeat buyers contact
1.5 brokers and 2.3 lenders.

7. BROKER EXPERIENCE
Broker share with homebuyers decreased between March 2017 and March 2018.
The majority of homebuyers find their broker through a recommenda on.
The main reasons for using a broker are: get the best rate/deal, advice/recommenda ons
received and convenience/saves me.
First- me buyers would have liked more informa on on mortgage/purchase fees and closing
costs
Repeat buyers would have liked more informa on on closing costs and types of mortgages.
Almost 3/4 of homebuyers were sa sfied with their broker.
LENDER EXPERIENCE
Lender loyalty increased significantly amongst repeat buyers and decreased slightly amongst
First- me buyers between March 2017 and March 2018.
When asked how they found their lender, almost half of homebuyers indicated that it was their
primary lending ins tu on.
Besides a be er interest rate, a top reason for staying with their lender is: convenience/saves
me, while a top reason for switching is: be er product terms/condi ons.
Homebuyers using a lender would have wanted more informa on on mortgage or house
purchase fees.
Sixty-five percent of first- me buyers and 79% of repeat buyers were sa sfied with their
mortgage lender.
STEPS TAKEN BEFORE BUYING A HOME
Only about 50% of homebuyers said their mortgage professional discussed unexpected costs.
One quarter incurred unexpected costs, such as lawyer fees, adjustments and immediate
repairs.
First- me buyers receive more down payment advice than repeat buyers (52% versus 36%).
Savings from outside an RRSP is the main down payment source for first- me buyers, while
equity from a previous home is the main source for repeat buyers.
37% of first- me buyers and 28% of repeat buyers did not get an appraisal.

8. MORTGAGE FEATURES AND HOMEBUYING COSTS
85% of first- me buyers spent the most they could afford on their home, while 68% of repeat
buyers did.
43% of buyers paid more than what they had planned.
47% of mortgage consumers indicated their mortgage payment is set to an amount higher than
the minimum required (36% for first- me buyers).
Most homebuyers obtained a mortgage loan only, a fixed interest rate, a 5-year renewal term
and 25-year amor za on period.
19% of first- me buyers obtained a HELOC only or both a mortgage loan and a HELOC combined
to finance their purchase (25% for repeat buyers).
Rising interest rates and mortgage qualifica on was a concern of more than 1/3 of first- me
buyers.
One third of homebuyers do not have a monthly budget.
About 40% of buyers do not have a monthly buffer in their budget. Of those that do at least
50% (64% for first- me buyers and 50% for repeat buyers) buffered $300 or less per month.
Nearly three-quarters of first- me buyers and 61% of repeat buyers are currently renova ng or
plan to renovate in the next 5 years.
40% of first- me buyers and 29% of repeat buyers were not aware of the latest mortgage
qualifica on rules.
CONFIDENCE AND UNDERSTANDING OF MORTGAGE PROCESS AND MORTGAGE
MANAGEMENT BEHAVIORS
62% of first- me buyers and 70% of repeat buyers believe the value of their house will increase
in the next twelve months.
65% of first- me buyers and 79% of repeat buyers felt they were generally comfortable with
their current level of mortgage debt.
60% of first- me buyers and 69% of repeat buyers indicated that, if they were to run into some
financial trouble, they would have other sufficient assets (investments, other property, etc.)
which could be used to supplement their needs.
74% of first- me buyers and 89% of repeat buyers believe that homeownership is a good long
term financial investment.
68% of first- me buyers and 73% of repeat buyers felt emo onally a ached to their home.

9. Buying a Home
• The main reasons First-Time Buyers bought: wanted
to buy first home and felt financially ready.
• The main reasons Repeat Buyers bought: had planned
purchase for some time and low interest rates.
• More than 1/3 of home buyers felt concerns or uncertainty
about buying a home, such as unforeseen costs, finding the
right home, and paying too much for my home.
• Most lender recommendations come from family members,
while most broker recommendations come from real
estate agents.
Researching mortgage-related information
• Most use a computer to access online mortgage-related
information. The top actions conducted online include using
an online mortgage calculator and comparing interest rates.
• About half would feel comfortable using more technology
to arrange their next mortgage transaction; however,
face-to-face interaction is still rated as important.
• Real estate agents are rated as most valuable during the
home buying decision process.
Broker experience
• Broker share with home buyers has decreased.
• The main reasons for using a broker are: get the best rate/
deal, advice/recommendations received and convenience/
saves time.
• First-Time Buyers would have liked more information
on mortgage/purchase fees and closing costs.
• Repeat Buyers would have liked more information
on closing costs and types of mortgages.
• Almost 3/4 of First-Time Buyers and Repeat Buyers were
satisfied with their broker.
Lender experience
• Lender loyalty has increased significantly amongst Repeat
Buyers and decreased slightly amongst First-Time Buyers.
• When asked how they found their mortgage lender, the
majority of home buyers indicated it was their primary
lending institution.
• Beside better interest rate, a top reason for staying with
their lender is: convenience/saves time, while for switching:
better product terms/conditions.
• Home buyers using a lender would have wanted more
information on mortgage or house purchase fees.
• 65% of First-Time Buyers and 79% of Repeat Buyers were
satisfied with their mortgage lender.
Steps taken before buying a home
• Only about 50% of home buyers said their mortgage
professional discussed unexpected costs.
• Savings from outside an RRSP is the main down payment
source for First-Time Buyers, while equity from a previous
home is the main source for Repeat Buyers.
Mortgage features and homebuying costs
• 85% of First-Time Buyers spent the most they could
afford on their home, while 68% of Repeat Buyers did.
• Most home buyers obtained a mortgage loan only, a
fixed interest rate, a 5-year renewal term and 25-year
amortization period.
• 24% of First-Time Buyers and 38% of Repeat Buyers
do not have a monthly budget.
• Nearly 3/4 of First-Time Buyers and 61% of Repeat Buyers
are currently renovating or plan to renovate in the next
5 years.
© 2018 Canada Mortgage and Housing Corporation. All rights reserved. This presentation material is the property of Canada Mortgage and Housing Corporation. This presentation material may not be reproduced, copied,
or distributed, in whole or in part, in any form, without the prior written permission of Canada Mortgage and Housing Corporation.
The information, analyses, and opinions contained in this presentation material are based on various sources believed reliable, but their accuracy, completeness, and currency cannot be guaranteed. This presentation material
is not intended to provide specifi c advice or recommendations for any individual or entity, and should not be relied upon in that regard. Neither CMHC nor its employees, agents, and advisors shall have any liability for actions
or decisions taken based in whole or in part on any information or analysis in this presentation material.
Summary of key findings
2018 Mortgage
Consumer Survey
HOME BUYERS
First-Time Buyers Repeat Buyers
First-Time Buyers
those who purchased their first home during
the 12 month period of March 2017 to
March 2018 and took a mortgage
49% of First-Time Buyers are Millennials.
(25 – 34 years old)
80% are employed full-time, 3% are self-employed.
61% purchased a single-detached home.
26% have a household income of $60k – $90k.
22% are newcomers to Canada.
Repeat Buyers
those who previously owned a home and
purchased a home during the 12 month period of
March 2017 to March 2018 and took a mortgage
31% of Repeat Buyers are Gen X.
(35 – 44 years old)
65% are employed full-time; 7% are self-employed.
71% purchased a single-detached home.
27% have a household income of $125k or more
17% are newcomers to Canada.
For more 2018 Mortgage Consumer Survey findings, go to cmhc.ca/MCS2018
6942815-10-18

10. About
50%of Home Buyers
somewhat or totally
agree with the following
statements:
“I would feel comfortable using more technology
to arrange my next mortgage transaction.”
(i.e. online mortgage renewal)
“I feel comfortable not
having to visit my bank
if I could access secure
online tools/apps which
provide me with the same
access to services.”
72%
of home
buyers were
satisfied with
their Mortgage
Lender
65% First-Time Buyers
79% Repeat Buyers
73%
of home
buyers were
satisfied with
their Mortgage
Broker
72% First-Time Buyers
74% Repeat Buyers
Before buying their first home,
First-Time Buyers...
39% rented on
their own
28% rented with
family or friends
24%
lived with family
of home buyers felt concerns
or uncertainty about buying
a home, such as unforeseen
costs and finding the right home.
Mortgage Information Gathering
Technology Mortgage Process
Renovation
Lender specific (e.g. bank, credit union, trust company)
63%
70%
Broker specific
27%
27%
Real estate listing (e.g. MLS.ca, Realtor.ca, zoocasa.ca)
24%
21%
Interest rate comparison (e.g. Rate Hub)
20%
24%
Websites used to gather
mortgage-related information
Home Buying Process
Unforeseen costs
58%
45%
Paying too much for home
54%
50%
Finding the right home
47%
51%
Interest rate increases
35%
27%
Qualifying for a mortgage
33%
28%
Concerns about buying a home
Length of time renting
before buying first home:
58%
0 to 5 years
19%
6 to 10 years
22%
10+ years
37%
Only about 50%
of Home Buyers said
their mortgage professional
discussed unexpected costs.
Online research is most
popular but about
1/4of Home Buyers conducted
research offline only.
When are Home
Buyers planning
to renovate?
How much do
Home Buyers
plan to spend?
50%of First-Time
Buyers and
24%of Repeat Buyers
did not know
their renovation
costs could be
incorporated
into their mortgage.
In the
next year
Currently
renovating
In the next
2 years
In the next
5 years
No plans in
next 5 years
21%
18%
18%
15%
28%
38%
19%
8%
15%
20%
$5k to $10k
28%
34%
Home Buyers will mainly rely
on their savings to finance their
renovations (62%, 72%).
(83%, 83%)
Used an online
mortgage calculator
(78%, 85%)
Compared interest rates
(51%, 40%)
Completed a
financial self-assessment
(39%, 26%)
Submitted an online mortgage
pre-qualification application
(34%, 32%)
Submitted an online mortgage
pre-approval application
Actions
conducted
online
71% 60% 28% 33% 19%25%
INSIGHTS FROM THE 2018 MORTGAGE CONSUMER SURVEY
Facebook was the top
social media channel used
among Home Buyers to
gather mortgage-related
information.
13% 15%
Source of Lender
recommendation:
(28%, 25%)
Family member
(18%, 14%)
Real Estate Agent
(16%, 8%)
Friend
Source of Broker
recommendation:
(26%, 16%)
Family member
(33%, 36%)
Real Estate Agent
(15%, 18%)
Friend
First-Time Buyers Repeat Buyers

11. In this sec on, we take a look at the opinions of renewers on the mortgage
renewal process and homeownership.
Renewers account for 68% of this year’s respondents.
DEMOGRAPHICS
26% of Renewers are Gen X (35-44).
59% are married.
65% are employed full- me; 6% are self-employed.
71% owned a single-detached home.
24% have a household income of $60k – $90k; 17% have a household income over $125k.
RESEARCHING MORTGAGE-RELATED INFORMATION
Online research is most popular but 1/4 of Renewers conducted research offline only.
Most use a computer to access online mortgage-related informa on.
The top ac ons conducted online include using an online mortgage calculator and comparing
interest rates.
The primary website used to gather mortgage informa on is by far lender websites.
We have the data, and now you can too.
Download the renewers brochure/infographic.
GET ALL THE DATA

12. About half indicated they would feel comfortable using more technology to arrange their next
mortgage transac on; however, face-to-face interac on is s ll rated as important.
On average, Renewers contact 2.1 brokers and 2.5 lenders.
BROKER EXPERIENCE
Broker share remained steady amongst Renewers.
Most find their broker as a result of the broker’s website or a recommenda on.
The main reason for using a broker is to get the best rate or deal.
Renewers would have liked more informa on on interest rates, mortgage or purchase fees and
types of mortgages.
69% of Renewers were sa sfied with their broker.
LENDER EXPERIENCE
Lender loyalty increased slightly amongst Renewers between March 2017 and March 2018.
When asked how they found their lender, almost half of Renewers indicated that it was their
primary lending ins tu on.
Besides a be er interest rate, a top reason for staying with their lender: convenience/saves
me and trust in the exis ng rela onship.
Top reason for switching lenders is: be er product terms/condi ons, and trust in exis ng
rela onship.
Renewers using a lender would have liked more informa on on interest rates and types of
mortgages.
81% were sa sfied with their mortgage lender.
MORTGAGE FEATURES AND RELATED COSTS
Most Renewers obtained a fixed interest rate, a 5-year renewal term and 11 to 20-year
amor za on period.
Nearly 1/4 indicated their current level of debt, including their mortgage, is higher than
expected.
Only 68% have a monthly budget.
S t t l t t i th t 5

13. 30% did not know their renova on costs could be incorporated into their mortgage.
CONFIDENCE AND UNDERSTANDING OF MORTGAGE PROCESS AND MORTGAGE
MANAGEMENT BEHAVIORS
70% believe the value of their house will increase in the next twelve months.
73% felt they were generally comfortable with their current level of mortgage debt.
66% indicated that, if they were to run into some financial trouble, they would have other
sufficient assets (investments, other property, etc.) which could be used to supplement their
needs.
80% believe that homeownership is a good long term financial investment.
71% felt emo onally a ached to their home.

14. Researching mortgage-related information
• Online research is most popular but 1/4 of Renewers conducted research offline only.
• Most use a computer to access online mortgage-related information. The top actions
conducted online include using an online mortgage calculator and comparing interest rates.
• The primary website used to gather mortgage information is by far lender websites.
• About half indicated they would feel comfortable using more technology to arrange
their next mortgage transaction; however, face-to-face interaction is still rated as
important.
• On average, Renewers contact 2.1 brokers and 2.5 lenders.
Broker experience
• Broker share remained steady amongst Renewers.
• Most find their broker as a result of the broker’s website or a recommendation.
• The main reason for using a broker is to get the best rate or deal.
• Renewers would have liked more information on interest rates, mortgage or purchase
fees and types of mortgages.
• 69% of Renewers were satisfied with their broker.
Lender experience
• Lender loyalty increased slightly amongst Renewers.
• When asked how they found their lender, almost half of Renewers indicated that
it was their primary lending institution.
• Beside a better interest rate, a reason for staying with their lender:
convenience/saves time and trust in the existing relationship.
• Top reason for switching lenders is: better product terms/conditions and trust
in existing relationship.
• Renewers using a lender would have liked more information on interest rates and
types of mortgages.
• 81% were satisfied with their mortgage lender.
Mortgage features and related costs
• Most Renewers obtained a fixed interest rate, a 5-year renewal term and
11 to 20-year amortization period.
• Nearly 1/4 indicated their current level of debt, including their mortgage, is higher
than expected.
• Only 68% have a monthly budget.
• 70% are renovating or plan to renovate in the next 5 years.
• 30% did not know their renovation costs could be incorporated into their mortgage.
Summary of key findings
2018 Mortgage
Consumer Survey
RENEWERS
Renewers
26% of Renewers are Gen X.
(35 – 44 years old)
80% are employed full-time; 6% are self-employed.
71% owned a single-detached home.
24% have a household income of $60k – $90k;
17% have a household income over $125k.
© 2019 Canada Mortgage and Housing Corporation. All rights reserved. This presentation material is the property of Canada Mortgage and Housing Corporation. This presentation material may not be reproduced, copied,
or distributed, in whole or in part, in any form, without the prior written permission of Canada Mortgage and Housing Corporation.
The information, analyses, and opinions contained in this presentation material are based on various sources believed reliable, but their accuracy, completeness, and currency cannot be guaranteed. This presentation material
is not intended to provide specifi c advice or recommendations for any individual or entity, and should not be relied upon in that regard. Neither CMHC nor its employees, agents, and advisors shall have any liability for actions
or decisions taken based in whole or in part on any information or analysis in this presentation material.
For more 2018 Mortgage Consumer Survey findings, go to cmhc.ca/MCS2018
6943015-10-18

15. Mortgage Information Gathering
Broker & Lender Experience
Lender specific (e.g. bank, credit union, trust company)
63%
Broker specific
24%
Mortgage industry assoc.
(e.g. Mortgage Professionals Canada)
19%
Interest rate comparison (e.g. Rate Hub)
23%
Websites used to gather
mortgage-related information
Mortgage Process
of Renewers indicated
their current level of debt,
including their mortgage,
is higher than expected.
(84%)
Compared
interest rates
(67%)
Used an online
mortgage calculator
(39%)
Completed a
financial self-assessment
(27%)
Submitted an online mortgage
pre-approval application
(26%)
Submitted an online mortgage
pre-qualification application
Actions
conducted
online
Technology
Facebook was the top
social media channel
used among Renewers
53%
38%
23%
About
50%of Renewers somewhat or
totally agree with the following statements:
“I would feel comfortable using more technology
to arrange my next mortgage transaction.”
(i.e. online mortgage renewal)
“I feel comfortable not having to visit my bank
if I could access secure online tools/apps which
provide me with the same access to services.”
of Renewers were offered
other financial products
from their Broker.
59%
of Renewers were offered
other financial products
from their Lender.
46%
73% “Specifics
regarding rates”
61% “Advice on current &
long term mortgage
strategies”
68% “Specifics
regarding rates”
67% “Advice on current &
long term mortgage
strategies”
54%
of Renewers
were contacted by
their Broker since their
mortgage transaction
was completed.
24%
of Renewers
were contacted by
their Lender since their
mortgage transaction
was completed.
81%
of Renewers
were satisfied
with their
Mortgage
Lender.
69%
of Renewers
were satisfied
with their
Mortgage
Broker.
¼
Online research is most
popular but
1/4of Renewers conducted
research offline only.
INSIGHTS FROM THE 2018 MORTGAGE CONSUMER SURVEY
Advice/Information Given Advice/Information Given
How did you find
your Broker?
(21%)
Received a
recommendation
(12%)
Already knew
my Broker
(26%)
Broker website
How did you find
your Lender?
(11%)
Received a
recommendation
(26%)
Already knew
my Lender
(47%)
It’s my primary
lending institution

16. In this sec on, we take a look at the opinions of refinancers on the mortgage
refinancing process and homeownership.
Refinancers account for 15% of this year’s respondents.
DEMOGRAPHICS
24% are Gen X (35-44 years old) and 35% are Baby Boomers (55 + years old).
54% are married.
61% are employed full- me, 7% are self-employed, and 17% are re red.
Refinancers, along with repeat buyers, represent the highest propor on of self-employed
mortgage consumers.
72% owned a single-detached home.
23% have a household income of $60k – $90k.
The main reason for refinancing is to consolidate debt, followed by to fund home
improvements.
RESEARCHING MORTGAGE-RELATED INFORMATION
Of all mortgage consumer segments, Refinancers are most likely to conduct offline research
only
We have the data, and now you can too.
Download the refinancers brochure/infographic.
GET ALL THE DATA

17. Most use a computer to access online mortgage-related informa on.
The top ac ons conducted online include using an online mortgage calculator and comparing
interest rates.
About half indicated they would feel comfortable using more technology to arrange their next
mortgage transac on; however, face-to-face interac on is s ll rated as important.
On average, Refinancers contact 2.2 brokers and 2.6 lenders.
BROKER EXPERIENCE
Broker share decreased slightly amongst Refinancers between March 2017 and March 2018.
Most found their broker as a result of a recommenda on or broker website.
The main reason for using a broker was to get the best rate or deal.
Refinancers would have liked more info on mortgage or purchase fees, types of mortgages and
closing costs.
68% of Refinancers were sa sfied with their broker.
LENDER EXPERIENCE
Lender loyalty has decreased slightly amongst Refinancers between March 2017 and March
2018.
When asked how they found their lender, almost half of Refinancers indicated that it was their
primary lending ins tu on.
Besides a be er interest rate, a top reason for staying with their lender is: trust in the exis ng
rela onship, while a top reason for switching is: be er product terms/condi ons.
Refinancers using a lender would have wanted more informa on on types of mortgages and
interest rates.
79% of Refinancers were sa sfied with their mortgage lender.
MORTGAGE FEATURES AND RELATED COSTS
Most Refinancers obtained a mortgage loan only, fixed interest rate, a 5-year renewal term and
25-year amor za on period.
Almost 1/3 of Refinancers indicated their current level of debt, including their mortgage, is
higher than expected

18. More than 3/4 are renova ng or plan to renovate in the next 5 years.
27% of Refinancers did not know their renova on costs could be incorporated into their
mortgage.
CONFIDENCE AND UNDERSTANDING OF MORTGAGE PROCESS AND MORTGAGE
MANAGEMENT BEHAVIORS
73% believe the value of their house will increase in the next twelve months.
69% felt they were generally comfortable with their current level of mortgage debt.
63% indicated that, if they were to run into some financial trouble, they would have other
sufficient assets (investments, other property, etc.) which could be used to supplement their
needs.
80% believe that homeownership is a good long term financial investment.
74% felt emo onally a ached to their home.

19. Researching mortgage-related information
• Refinancers, along with Repeat Buyers, represent the highest proportion of
self-employed mortgage consumers.
• The main reason for refinancing is to consolidate debt, followed by to fund
home improvements.
• Most use a computer to access online mortgage-related information. The top actions
conducted online include using an online mortgage calculator and comparing interest rates.
• About half indicated they would feel comfortable using more technology to arrange their
next mortgage transaction; however, face-to-face interaction is still rated as important.
• On average, Refinancers contact 2.2 brokers and 2.6 lenders.
Broker experience
• Broker share decreased slightly amongst Refinancers.
• Most found their broker as a result of a recommendation or broker website.
• The main reason for using a broker was to get the best rate or deal.
• Refinancers would have liked more info on mortgage or purchase fees, types
of mortgages and closing costs.
• 69% of Refinancers were satisfied with their broker.
Lender experience
• Lender loyalty has decreased slightly amongst Refinancers.
• When asked how they found their lender, almost half of Refinancers indicated
that it was their primary lending institution.
• Beside a better interest rate, a top reason for staying with their lender is: trust in the
existing relationship, while for switching: better product terms/conditions.
• Refinancers using a lender would have wanted more information on types of mortgages
and interest rates.
• 79% of Refinancers were satisfied with their mortgage lender.
Mortgage features and related costs
• Most Refinancers obtained a mortgage loan only, fixed interest rate, a 5-year renewal term
and 25-year amortization period.
• Almost 1/3 of Refinancers indicated their current level of debt, including their mortgage,
is higher than expected.
• More than 1/4 of Refinancers do not have a monthly budget.
• More than 3/4 are renovating or plan to renovate in the next 5 years.
• 27% of Refinancers did not know their renovation costs could be incorporated into
their mortgage.
Summary of key findings
2018 Mortgage
Consumer Survey
REFINANCERS
Refinancers
24% are Gen X (35 – 44 years old)
and 35% are Baby Boomers (55+ years old).
61% are employed full-time; 7% are self-employed
and 17% are retired.
72% owned a single-detached home.
23% have a household income of $60k – $90k.
© 2019 Canada Mortgage and Housing Corporation. All rights reserved. This presentation material is the property of Canada Mortgage and Housing Corporation. This presentation material may not be reproduced, copied,
or distributed, in whole or in part, in any form, without the prior written permission of Canada Mortgage and Housing Corporation.
The information, analyses, and opinions contained in this presentation material are based on various sources believed reliable, but their accuracy, completeness, and currency cannot be guaranteed. This presentation material
is not intended to provide specifi c advice or recommendations for any individual or entity, and should not be relied upon in that regard. Neither CMHC nor its employees, agents, and advisors shall have any liability for actions
or decisions taken based in whole or in part on any information or analysis in this presentation material.
For more 2018 Mortgage Consumer Survey findings, go to cmhc.ca/MCS2018
6943215-10-18

20. About
50%of Refinancers
somewhat or totally
agree with the following
statements:
“I would feel comfortable using more technology
to arrange my next mortgage transaction.”
(i.e. online mortgage renewal)
“I feel comfortable not
having to visit my bank
if I could access secure
online tools/apps which
provide me with the
same access to services.”
79%
of Refinancers
were satisfied
with their
Mortgage
Lender.
68%
of Refinancers
were satisfied
with their
Mortgage
Broker.
Top reasons
for refinancing
your mortgage
34% Reconcile debt
(e.g. credit cards, loans)
25% Fund home improvements
7% Fund financial investments
(e.g. stocks, securities)
7% Purchase of investment
rental property(ies)
Most Refinancers obtained
a mortgage loan only,
fixed interest rate,
a 5-year renewal term and
25-year amortization period.
of Refinancers indicated their
current level of debt, including
their mortgage, is higher than
expected.
Mortgage Information Gathering
Technology
Renovation
Lender specific (e.g. bank, credit union, trust company)
59%
Broker specific
25%
Mortgage industry assoc.
(e.g. Mortgage Professionals Canada)
17%
Interest rate comparison (e.g. Rate Hub)
18%
Websites used to gather
mortgage-related information
Mortgage Process
More than
More than 1/4
of Refinancers
do not have a
monthly budget.
Refinancers, along with
Repeat Buyers,
represent the highest
proportion
of self-employed
mortgage consumers.
When are
Refinancers
planning to
renovate?
How much do
Refinancers
plan to spend?
Refinancers will mainly rely
on their savings to finance
their renovations (44%)
Secondary sources include:
As part of HELOC
(35%)
As part of their mortgage
(26%)
Credit (i.e. Credit cards)
(14%)
27% of Refinancers did not
know their reno costs could be
incorporated into their mortgage.
44% of Refinancers will mainly
rely on their savings to finance
their renovations.
(78%)
Compared
interest rates
(71%)
Used an online
mortgage calculator
(37%)
Completed a
financial self-assessment
(26%)
Submitted an online mortgage
pre-approval application
(23%)
Submitted an online mortgage
pre-qualification application
Actions
conducted
online
Facebook was the top
social media channel used
among Refinancers.
blogs
58%
32% 31%
In the
next year
Currently
renovating
In the next
2 years
In the next
5 years
No plans in
next 5 years
23%
17%
24%
12%
24%
$5k
to $10k
$10k
to $20k
$20k
to $50k
27%
22% 22%
Broker & Lender Experience
¼
INSIGHTS FROM THE 2018 MORTGAGE CONSUMER SURVEY
How did you find
your Broker?
(25%)
Received a
recommendation
(22%)
Broker website
(12%)
Already knew
my Broker
How did you find
your Lender?
(10%)
Received a
recommendation
(48%)
It’s my primary
lending institution
(24%)
Already knew
my Lender