The 2010 Mortgage Consumer Survey completed by Canada Mortgage and Housing Corporation (CMHC) from February 11th to 28th 2010, shows that a significant proportion of consumers seek information on mortgage options prior to making a purchase decision and the Internet is becoming a prevalent source of information. This is particularly true of first-time buyers, with almost nine out of ten using the Internet to search for information on mortgage options.

Among the various on-line tools and other resources consumers use to collect information about mortgages, on-line calculation tools are particularly popular:  69% of first-time buyers use them to compare different options.  As well, more than half of first-time buyers visited the web site of a specific mortgage lender when seeking information on mortgages. A large majority of first-time buyers (89%) found these tools useful.

Use of the internet to gather mortgage-related information is consistent in all regions of Canada.  As well, a majority of consumers in all age groups use the Internet, with the largest penetration among younger mortgage consumers.

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Tags: Canada Mortgage and Housing Corporation (CMHC), Consumer Survey, Internet, Mortgage Consumers, on-line calculation tool