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:
I would've given six stars if I could but this thing only let's me give 5 stars. Excellent brokerage in town Harry gives you the right advice, you can count on him for all your financing needs.
Exceptional customer service. Very friendly and caring people to work with. They reaiect your time and your hard earned money so you will be getting honest advise that protects you and your wealth.
Working with Harry was an absolute pleasure. Our mortgage approval was a bit of a process, as we were selling our present home and then using it as our down payment. But unfortunately, the market didn’t allow us to do so and Harry helped us through all of it. He went above and beyond to answer any questions we might have. What we appreciated the most was how hard he worked for us and made our purchase happen.
In today’s market not a lot of brokers can work on a deal like ours. We did our homework to find originators of our debts, but it was a daunting task and we were just going in circles until we called Harry at Majestic Mortgage. Harry answered all our questions in a professional and prompt manner and worked on our debts, he was focused 100% on providing us the best solution. Thanks Harry for all the effort and making the process quick and painless. We couldn't be happier with the service we received, and will definitely be returning to Harry.
-A. Baliswadi & K. Mahabir
It was great to have Harry Saund as our mortgage broker as first time buyers. He was very professional and everything went very smoothly with him. I would definitely recommend him to people looking to get a mortgage.