Savvy Quebecers well informed when it comes to mortgages and home buying
MONTREAL, April 3, 2017 /CNW/ – A recent survey commissioned by Scotiabank revealed that 75% of current homeowners in Quebec are confident in their ability to shop for their next home.
“Homebuyers who have been through the process before have the benefit of knowing what worked for them in the past and what didn’t work,” said Carole Chapdelaine, Senior Vice President, Quebec and Eastern Ontario Region, at Scotiabank. “Understanding your options, knowing the financial tools available to you and getting the expert advice you need are critical success factors to help you end up with the home you want that fits your needs.”
The survey also revealed that while the number one consideration for Quebecers planning to buy a new home in the next 12 months is the mortgage rate (85%), future homebuyers also factor in additional key considerations, quoting the mortgage term (54%), flexibility of payments (34%) and education and advice from an expert (17%).
“Buying a home is likely one of the biggest purchases you will ever make and choosing the mortgage that best meets your needs is one of the most important steps,” continued Chapdelaine. “How long to lock in for, how much payment flexibility you want, how the sale of your current home will impact the down payment for your new home and your other big life savings goals are all factors that will help decide the mortgage that fits your specific needs.”
Other survey findings:
While millennials (aged 18-34) and households with an income under $50,000 feel they have the least understanding of the mortgage process, the former are also the most likely to consider purchasing a new home within the next 12 months (26%).
Boomers (aged 55+) are more likely to say they would prefer to renovate their current home (81%) and increase their property value for when they are ready to sell.
About the Survey
The Poll was commissioned by Scotiabank and conducted by Maru/Matchbox. A total of 807 online surveys were conducted among randomly selected Quebec residents aged 18+ between March 13 to 15, 2017.
Scotiabank is Canada’s international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 88,000 employees and assets of $887 billion (as at January 31, 2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.
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