Page details
- Date modified:
National Financial Literacy StrategyInitiative details
All initiatives
Mortgage Consumer Survey
Surveying over 4,000 Canadians, this tool has helped understand consumers’ thoughts, attitudes and behaviours regarding homeownership and the process of obtaining a mortgage.
Initiative type
- Test
Demographics collected
- Age
- Education
- Ethno-cultural group
- Financially responsible for dependent
- First language
- Gender
- Household income
- Immigration status
- Place of birth
- Province/territory of residence
- Status or non-status indigenous person
- Work situation
Initiative occurrences
-
January 09, 2023 to January 30, 2023
Sample size: 4,014
Target population
- General public
Related priorities
This initiative relates to the following National Financial Literacy Strategy priorities and target outcomes:
Priority 3
Support increased digital access and digital literacy
Target outcome 3.1
Priority 4
Enhance access to trustworthy and affordable financial help
- Target outcome 4.1
- Target outcome 4.2
Priority 5
Use behavioural design to simplify financial decisions
- Target outcome 5.1
- Target outcome 5.2
- Target outcome 5.3
2 studies discovered, 20% to 40% of disabled Canadians had difficulty banking
English description
Source: Mortgage Consumer Survey
Homebuying costs are unclear to many.
Homebuying is often seen as a significant milestone, a dream come true for many. However, the journey to owning a home is fraught with challenges that can make the process daunting and stressful. One of the primary hurdles is finding the right property. With countless options available, each with its own set of pros and cons, prospective buyers must navigate a sea of choices to find a home that fits their needs, preferences, and budget.
Financial considerations add another layer of complexity. Securing a mortgage is not always straightforward, as it involves thorough scrutiny of one's financial health, credit score, and income stability. The process can be time-consuming and stressful, especially for first-time buyers who may not be familiar with the intricacies of mortgage applications and approvals.
The real estate market itself can be unpredictable. In a seller's market, competition among buyers can be fierce, leading to bidding wars that drive up prices. This can be particularly disheartening for buyers with limited budgets, as they may find themselves outbid on multiple properties. Additionally, market fluctuations can affect property values, making it difficult to determine the best time to buy.
Legal and administrative hurdles also pose significant challenges. The homebuying process involves a myriad of paperwork, including contracts, disclosures, and inspections. Each document requires careful review and understanding to avoid potential pitfalls. Missteps in this area can lead to costly mistakes or even legal disputes.
Unexpected costs are another common issue. Beyond the purchase price, buyers must consider expenses such as closing costs, property taxes, insurance, and potential repairs or renovations. These additional costs can strain a buyer's budget and add to the overall stress of the process.
Emotionally, homebuying can be taxing. The investment of time, money, and energy, coupled with the uncertainty and potential setbacks, can lead to anxiety and frustration. The emotional rollercoaster of finding a dream home, only to lose it to another buyer, can be particularly challenging.
Despite these obstacles, the reward of owning a home often outweighs the difficulties. The sense of stability, the freedom to personalize one's living space, and the potential for long-term financial benefits make the effort worthwhile. With careful planning, patience, and the right support, the dream of homeownership can become
Source: Canadian Financial Capability Survey, Mortgage Consumer Survey
35% of buyers reported experiencing unexpected costs during the homebuying process. Immediate repairs were the most reported unexpected expense, followed by lawyer fees.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
35% of homebuyers paid more than what they had planned.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
40% of workshop participants opened tax-free savings accounts for emergency savings.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
51% of homebuyers said that they discussed unexpected costs with their mortgage professional.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
Nearly 80% of recent homebuyers believed that they understood how much mortgage they could afford.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
Disclaimer
Disclaimer: The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.
Feedback
Feedback: As an early user, your feedback is important to help us make the RDX and its features better for everyone. If you have any problems using the site or find any accessibility issues, please send us your feedback.