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CMHC releases First-Time Homebuyers Survey for 2015

The Canada Mortgage and Housing Corporation (CMHC) released its First-Time Homebuyers Survey for 2015.

Here are some survey highlights:

• First-time homebuyers are two times more likely to use social media to research homebuying information than other mortgage consumers.
• First-time buyers are not as confident as repeat buyers. They tended to have a lower understanding of mortgage options and were more likely to find the mortgage process difficult. They were also less certain about where to go if they faced financial trouble.
• More than 70 per cent of first-time homebuyers received advice regarding mortgage rates, terms, affordability and repayment strategies from their brokers and lenders. Advice on long-term mortgage strategies increased a first-time homebuyers’ level of understanding of options and their level of satisfaction with their mortgage professional by over 80 per cent.
• More than 80 per cent of first-time buyers researched online.
• Family helped to influence 34 per cent of first-time buyers on their decision.

Use the hashtag #FirstTimeBuyersand to stay up-to-date with the latest information from CMHC.

For more information on the First-Time Homebuyers survey and to view the complete survey results visit: www.cmhc.ca/FirstTimeBuyers.