Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

Rising mortgage rates spooked homebuyers

May 19, 2023



After a year of quickly rising interest rates, many mortgage consumers are struggling to make ends meet and to manage debt, as indicated in the 2023 Mortgage Consumer Survey released May 12 by Canada Mortgage and Housing Corporation (CMHC).
Seventy-four percent of respondents said they are impacted or anticipate being impacted by the rise of mortgage interest rates. Of those affected, 49 per cent face difficulty maintaining debt payments, including mortgages.
These challenges are changing how consumers feel about the mortgage buying experience, with consumer perceptions hitting their lowest level in the last five years, the survey found.
In January 2023 CMHC surveyed more than 4,000 recent mortgage consumers across Canada to gain key insights into the current state of home ownership, mortgage lending, and the expectations and experiences of buyers.
Results show that market conditions in 2022 had a big impact on how borrowers felt about their experience with their broker or lender—overall satisfaction was down.
Survey results also indicate that 61 per cent of first-time and repeat buyers are feeling uncertain about the homebuying process. Both groups cite paying too much for their home as their top concern. These results also show a notable effort to improve the energy efficiency of homes. Energy efficient updates are stated as the third most popular reason to renovate and represent approximately 60 per cent of renovation costs. As well, 59 per cent of homebuyers stated energy efficiency was an important factor in their home purchasing decision.


 


homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue