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Canada Mortgage and Housing Corporation (CMHC) released today its Mortgage Consumer Survey. The annual survey, the largest and most comprehensive of its kind, provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.

“CMHC’s mortgage consumer survey provides valuable information around the habits of active Canadian mortgage consumers” said Nathalie Fredette, Vice-President, Client Relationship Management. “These insights allow mortgage professionals to better understand their customers resulting in a better mortgage experience.”

The 2015 Mortgage Consumer Survey also provides new insights about mortgage renewers, who represent more than half of mortgage consumers.

Survey Highlights on Mortgage Renewers
• A majority of mortgage renewers (60%) renewed before the scheduled date.
• The main reason for renewing in advance was to avoid a perceived increase in rates (55%).
• Renewers are taking action to pay off their mortgage sooner.
◦ 49% have their mortgage payment set higher than the minimum required payment.
◦ 32% have either made a lump-sum payment or increased their regular payment or both since last renewing their mortgage.

 Mortgage Broker Market Share by Segment
• Homebuyers (first-time and repeat) (49%) are two times more likely to use the services of a broker than are homeowners (renewing or refinancing) (24%).
• Mortgage broker market share is trending upwards for most market segments. This is particularly evident among repeat buyers where broker market share has increased from 32% in 2012 to 42% in 2015.

• Among first-time buyers, broker market share has reached 55% compared to 48% in 2014.

• Broker share among renewers has remained stable at around 21%.

Mortgage Consumer Loyalty to their Lenders
• Most mortgage consumers remained loyal to their existing lender. This is most prominent among renewers at 86% and lowest amongst first-time buyers where only 47% arranged their mortgage with the financial institution they were dealing with most.
• Although interest rate remains the main reason for mortgage consumers to switch lending institutions (63%), 58% of mortgage consumers indicated that an existing relationship with their mortgage lender/financial institution was the main reason for remaining loyal.


Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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