{"id":24178,"date":"2024-07-04T11:11:00","date_gmt":"2024-07-04T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24178"},"modified":"2024-07-03T19:37:58","modified_gmt":"2024-07-04T02:37:58","slug":"mortgage-anxiety-vs-ownership-confidence","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/07\/mortgage-anxiety-vs-ownership-confidence\/","title":{"rendered":"Mortgage Anxiety vs. Ownership Confidence"},"content":{"rendered":"<p style=\"text-align: justify;\">On June 11, 2024, Mortgage Professionals Canada (MPC) released the results of their Semi-Annual State of the Housing Market Report. This survey highlights growing anxiety among mortgage consumers, especially about the financial implications of renewing mortgages at potentially higher interest rates.<\/p>\n<p style=\"text-align: justify;\"><strong>Increasing Financial Anxiety Among Canadians<\/strong><\/p>\n<p style=\"text-align: justify;\">Based on responses from over 2,000 Canadians, the survey showed an increase in financial anxiety among homeowners. Notably, 76% of those due for mortgage renewal within the next 12 months indicated they are anxious about it, up from 66% the previous year. Furthermore, 70% of Canadians report feeling anxious about their family\u2019s financial outlook over the coming months, a jump from 53% last year.<\/p>\n<p style=\"text-align: justify;\"><strong>Mortgage Management and Comfort<\/strong><\/p>\n<p style=\"text-align: justify;\">Regarding Canadians\u2019 comfort levels with their mortgages, 55% feel prepared to handle an increase in mortgage rates, a slight decrease from last year\u2019s 60%. 33% regret the size of their mortgage, an increase from 26% in 2022. Among those renewing soon, 43% wish they had taken a smaller mortgage. 23% believe even a minor rate increase would impact their ability to make payments, while 9% are already currently struggling with their payments, up from 6% last year.<\/p>\n<p style=\"text-align: justify;\"><strong>Maintained Positivity Toward Real Estate<\/strong><\/p>\n<p style=\"text-align: justify;\">Despite the financial pressures, Canadians continue to view real estate positively :<\/p>\n<p style=\"text-align: justify;\">80% of respondents still see real estate as a sound long-term investment, a seven-point increase from last year, and 77% consider a mortgage to be \u201cgood debt,\u201d up from 68% in 2023.<\/p>\n<p style=\"text-align: justify;\">52% are optimistic about Canada\u2019s economic prospects in the next year, an increase from 44%.<\/p>\n<p style=\"text-align: justify;\">This positivity aligns with other surveys, such as the Canada Mortgage and Housing Corporation 2024 Mortgage Consumer Survey and an RBC one, although exact percentage findings varied.<\/p>\n<p style=\"text-align: justify;\">However, non-owners are less optimistic. 51% now believe they will never buy a home, a significant jump from 18% two years ago. Only 16% of non-owners plan to purchase a home in the next 24 months, down from 23% last year.<\/p>\n<p style=\"text-align: justify;\"><strong>Use of Brokers Rising<\/strong><\/p>\n<p style=\"text-align: justify;\">As Canadians navigate these financial challenges, many are increasingly turning to mortgage brokers.<\/p>\n<p style=\"text-align: justify;\">34% of recent homebuyers used a mortgage broker, a rise of four points from last year. This trend is even more pronounced among first-time buyers (46%), and those who purchased in the past two years (45%).<\/p>\n<p style=\"text-align: justify;\">Even more (62%) of respondents are somewhat or very likely to use a mortgage broker in the future.<\/p>\n<p style=\"text-align: justify;\">Related to this is the reported high satisfaction rates among broker customers, who appreciate brokers for their ease of business (38%), reliability (37%), and expertise in mortgage products and rates (37%).<\/p>\n<p style=\"text-align: justify;\"><strong>Declining Negotiation at Renewal<\/strong><\/p>\n<p style=\"text-align: justify;\">Interestingly, while more Canadians are turning to mortgage brokers as an alternative, an increasing number are also choosing not to negotiate their mortgage rates at renewal. Only 8% report negotiating their rate significantly, down from 16% in 2021. Meanwhile, 44% accepted the initial rate offered by their lender, up from 37% two years ago.<\/p>\n<p style=\"text-align: justify;\">There appears to be a lack of awareness about broker compensation, which typically comes from a lender-paid commission. Among those who expressed concerns about using a broker, 27% mistakenly believe they would have to pay for these services directly.<\/p>\n<p style=\"text-align: justify;\"><strong>Concerns About Mortgage Fraud<\/strong><br \/>\nMortgage fraud remains a concern for Canadians, with 29% expressing worries about issues like document falsification and title fraud. 73% of respondents support income verification through the Canada Revenue Agency as a fraud prevention measure.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/mortgage-professionals-canada-survey-june-2024\/\" target=\"_blank\" rel=\"noopener\">Mortgage Professionals Canada Survey : Mortgage Anxiety vs. Ownership Confidence<\/a> by Joanna Gerber | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On June 11, 2024, Mortgage Professionals Canada (MPC) released the results of their Semi-Annual State of the Housing Market Report. This survey highlights growing anxiety among mortgage consumers, especially about &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/mortgage-anxiety-vs-ownership-confidence\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,13],"tags":[],"class_list":["post-24178","post","type-post","status-publish","format-standard","hentry","category-mortgage","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Anxiety vs. Ownership Confidence &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/07\/mortgage-anxiety-vs-ownership-confidence\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mortgage Anxiety vs. Ownership Confidence &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"On June 11, 2024, Mortgage Professionals Canada (MPC) released the results of their Semi-Annual State of the Housing Market Report. 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