CMHC has listed its four key takeaways for mortgage professionals in 2018.
Based on its Housing Market Outlook and Mortgage Consumer Survey, the corporation sets out the things we have learned over the past year and how we can position ourselves for the year ahead.
First, the housing market slowdown. Already seen in some markets, but CMHC says that the market has been exceptionally strong in recent years and now both sales and prices are moderating to more normal levels.
This will be seen in 2019 and 2020 and the mortgage industry will also be impacted by a slower pace of economic growth and rising interest rates.
Next, affordability. Concerns have been growing and it’s making potential homebuyers, especially first-time buyers, uncertain about homebuying. However, CMHC says this creates an opportunity for mortgage professionals to provide more information to prospective buyers.
Technology is affecting all parts of our lives and CMHC says that its research shows that consumers will be increasingly comfortable with arranging their mortgage using more technology.
This means it’s vital that mortgage brokers and agents have up-to-date digital tools to meet the demands of today’s tech-savvy client.
And don’t dismiss social media; more than one third of mortgage consumers used social media to gather mortgage-related information, CMHC research found.
Finally, CMHC says that mortgage professionals can help clients with sound financial and homebuying advice.
This includes helping them plan their budget with almost 1 in 4 first-time buyers and more than a third of repeat buyers not having made a budget and even fewer having an emergency buffer.
There are five things that consumers told CMHC they would like to know more about:
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