Following another eventful year in the real estate industry, Mortgage Professionals Canada (MPC) released its Semi-Annual State of the Residential Housing Market in Canada, covering topics such as market trends, consumer sentiment, and mortgage choices throughout 2021.
Semi-Annual State of the Residential Housing Market in Canada Report
Since 2005, MPC has published an annual report to create and share data on mortgage activity and consumer attitudes, interpreting trends, and events from the previous year. This year’s report provides an update on key economic indicators in Canada, including the state of the residential housing and mortgage market, homebuyer trends, and sentiment across the country.
The report equips professionals in the mortgage industry with knowledge that can help them better meet the needs of homebuyers (and prospective homebuyers) and provide relevant solutions and advice. It can also be a useful tool for homebuyers with information about market conditions that will help them make informed housing decisions.
While the report is filled with interesting statistics and insights on the Canadian housing and mortgage market, we’ve pulled out some key highlights from their survey of over two thousand Canadian homeowners between January and February 2022:
- Survey respondents who were first time homebuyers had an average down payment of over $120 thousand (roughly 24% of the average purchase price) and indicated that they are still relying heavily on personal savings to finance their down payment.
- Overall, 29% of respondents think now is a good or neutral time to buy a home, which is shift in sentiment from the results in last year’s survey when 50% of those surveyed thought it was a good or neutral time to buy a home.
- The top four decision points for choosing a mortgage is whether it’s fixed or variable, familiarity with the lender, payment frequency, and the advice of their mortgage professional.
Learn more today
For more information about 2021 mortgage trends and activity, check out MPC’s Semi- Annual State of the Residential Housing Market in Canada.
