How Canadians get mortgage and housing information

Around two in five Canadian homebuyers used both online and offline resources to gather information about mortgages and homebuying this year, according to the latest study by Canada Mortgage and Housing Corporation (CMHC).

Roughly 30% of those polled in the study said they used only online sources, while around 20% did all their research offline.

The most frequently consulted online sources were websites of mortgage brokers and lenders.

"On average, half of the buyers contacted both mortgage lenders and brokers to learn about mortgage options. Most buyers contacted up to three lenders and two mortgage brokers for information or advice,' the study said.

Also read: What are the top considerations of Canadian homebuyers?

The study found that there is a significant increase in the use of real estate listing websites, with 36% claiming they visited one for information this year, up from 22% in 2018.

On the other hand, there was a significant decrease in the number of people relying on lender websites for mortgage information, from 66% in 2018 to 45% this year.

The study also found that the use of social media to gather information was limited amongst buyers. Of all the Canadian buyers surveyed, only 29% went on social media to get mortgage and housing-related information.

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