Four in Ten Canadians (39%) Consult Just One Provider When Choosing a Mortgage
Toronto, ON - Two in three (67%) Canadians with mortgages recognize that choosing a mortgage is an important life decision (34% extremely/34% very), according to a new Ipsos poll conducted on behalf of LowestRates.ca. Despite this, their actions do not always reflect the high degree of importance they place on choosing a mortgage.
For instance, four in ten (39%) Canadians with mortgages say they did not consult with any other service than the one that sold them their current mortgage.
Further, the survey found that Canadians who have a mortgage spend more time, on average, on planning a vacation (7.75 hrs) than they do on choosing a mortgage (5.75 hrs). They also spend nearly as much time (4.5 hrs) on picking a piece of furniture as they do on sourcing their mortgage.
A majority (67%) of Canadians who secure a mortgage say they end up finding it through a bank, while two in ten (22%) find it through a mortgage broker, one in ten (13%) through a credit union, one in ten (10%) through a mortgage provider other than a bank or credit union, and just 8% use a rate comparison site.
Despite the low usage of mortgage comparison sites in their previous home purchases, three in five (61%) Canadians say they'd be likely to use a rate comparison site to source their mortgage in the future. Younger Canadians aged 18-34 are most likely to use a rate comparison site when sourcing their mortgage; two in ten (18%) say they've used one, compared to 6% of Canadians 35-54 and 4% of those aged 55 and over.
These are some of the findings of an Ipsos poll conducted between June 30 - July 11, 2016, on behalf of LowestRates.ca. For this survey, a sample of 2,501 Canadians from Ipsos' online panel was interviewed online. Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within +/ - 2.2 percentage points, 19 times out of 20, had all Canadian adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.For more information on this news release, please contact:
Sean Simpson
Vice President
(416) 324-2002
Ipsos Public Affairs
[email protected]
About Ipsos
Ipsos ranks third in the global research industry. With a strong presence in 87 countries, Ipsos employs more than 16,000 people and has the ability to conduct research programs in more than 100 countries. Founded in France in 1975, Ipsos is controlled and managed by research professionals. They have built a solid Group around a multi-specialist positioning-- Media and advertising research; Marketing research; Client and employee relationship management; Opinion & social research; Mobile, Online, Offline data collection and delivery. Ipsos has been listed on the Paris Stock Exchange since 1999. www.ipsos.com
