Last updated on September 15, 2021

From Canada’s last census in 2016, homeownership rates were 67.8%. This means almost 7 in 10 Canadians were homeowners. Now, as of June 2021, total investment in building construction reached $18.4 billion, and building permits reached $9.9 billion in July. More interestingly, in Vancouver and Toronto, as many as 1 in 5 homeowners own more than one property.

With this in mind, in partnership with JustCompare, Caddle wondered: Who are these homeowners and how are they financing their homes?

I Am Buying A House

Caddle asked our Daily Panel whether they plan to purchase a house in the near future. Majority of those looking for a mortgage currently are within the younger age groups. This aligns with insight from JustCompare that mortgage brokers and realtors are providing:

“A lot of young professionals and young couples are receiving money from their parents for down payments to get on the property ladder and the interest rates are record low.”

From Caddle data, we discovered that 20% of Gen X and 27% of Millennials require a mortgage in 12 months.

Insights also show that Canadians are more open to apply for a mortgage online if the rates are competitive and they have a choice during any part of the process to gain advice, if required. Millennials and Gen Z are also willing to pay to understand if they will be accepted for a mortgage through an online service provider that is offering low rates and they are open to alternative providers.

Show Me the Money

When asked where Canadians are taking out loans, 70% apply for loans through a banking institution versus a less established provider. The majority of Canadians have recently taken out loans to pay off debt, look after family, and/or for investment purposes.

Digitization of Borrowing Money

Canadians seem to more or less have their finances in order. Regardless of demographic, 30% of Canadians are ‘not at all likely’ to take another loan from their existing loan provider.

However, 2 in 3 Canadians who are in the market for an online personal loan are likely to apply through a trusted provider such as Caddle.

Of those respondents who are comfortable to apply through Caddle, the top factor considered is ‘understanding if the lender is likely to approve my application’, followed by ‘interest rate’ and ‘size of loans available’.

Main Takeaways

No.1 |

Overall, Canadians are open to alternative banking options and are driven by convenience and money saving options.

No.2 |

Older Canadians are more open to online services now but not if they are expected to pay for the service.

*Disclaimer: all data presented is owned by Caddle and has a Margin of Error of 1% or lower.

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