Navigating the process of buying a home and securing a mortgage is stressful enough, but with inflation and high interest rates, there are more added questions and pressures facing Canadians than ever. With so many variables and conflicting advice, it is difficult to know where to start, let alone what mortgage is best for your unique situation.
But Mortgage Professionals Canada (MPC) is here to say: There’s a better place to start.
On Sunday, October 15th, MPC launched a national campaign to highlight the expert advice, reassurance and choice, mortgage brokers provide to help Canadians achieve their dream of homeownership.
“We know our brokers have the expertise to best advise Canadians when buying their home, but not enough consumers know this is the best place to start,” said Lauren van den Berg, President and CEO of Mortgage Professionals Canada. “With so many Canadians scouring online for information, trying to figure out what’s best for them, which results in so much conflicting information and options to choose from.”
“Our message is: stop doom-scrolling and talk to an expert who can provide real answers.”
According to MPC’s latest Semi-Annual State of the Housing Market report released last month, the share of non-homeowners in Canada who think they will never be able to buy a home has increased by 15 percentage points over just six months. When it comes to homeowners, 69% of respondents who do have a mortgage are saying they’re anxious about renewing amid higher rates.
“The most important step you can take is to talk to a mortgage broker early on,” van den Berg said. “They are with you every step of the way to answer all of your questions and guide you to your new home with personalized, unbiased and objective advice, so you get the best product possible.”
The campaign will speak to how mortgage professionals provide custom solutions based on expert knowledge of their market, and provide custom quotes because, unlike banks, brokers have access to multiple lenders and products. A mortgage broker is there to help with the stress that comes with making the biggest purchase of your life. They are obsessed with the market and rates, so you do not have to be.
For those who do own a home, the share who are considering selling because they cannot afford their current mortgage has increased more than three-fold from mid-2022 to mid-2023. These latest survey results are a clear indication of Canadians’ housing-related stress in this high interest rate environment.
More Canadian homebuyers are turning to the trusted advice of brokers. The share of the mortgage market occupied by brokers is increasing gradually. Nearly one-third of respondents in last month’s report said that they have worked with a broker for their current home, up from previous surveys. That’s especially true for those looking to access the housing market. The demographic that remains most likely to work with a mortgage broker are younger buyers, Millennials and Gen Z, each at 41 percent.
Learn more at www.findmeabroker.ca.
We are proud to be the industry that provides Canadians with choice when making the most important financial decision of their lives and help people achieve the dream of home ownership. You can find one of our licensed members at findmeabroker.ca.
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