Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

June 09, 2009 23:59 ET

Canadian Home Purchasers Savvy and Optimistic

OTTAWA, June 9 - Canada Mortgage and Housing Corporation's
(CMHC) 2009 Mortgage Consumer Survey results were released today, and indicate
that nearly 90 per cent of recent home purchasers across the country believe
that home ownership is a good long-term investment and that almost 70 per cent
think that now is a good time to purchase a home in their community.

The survey results also indicate that recent purchasers are knowledgeable
about the mortgage process and their lender's assessment of eligibility. For
example, 86 per cent are of the view that the level of total housing and other
monthly payments should generally not exceed 40 per cent of gross household
income, which is in line with generally accepted mortgage lending practices.

"Given the current economy, this study indicates that Canadians continue
to be optimistic about homeownership and are astute mortgage consumers," said
François Blouin, Director, Insurance Products and Strategic Direction, CMHC.
"Our results reaffirm what we have seen in previous surveys - when it comes to
their mortgages, Canadians are informed and manage their debt prudently."

The survey shows that recent purchasers are prudent mortgage managers.
According to the survey, 75 per cent of purchasers have a goal to be mortgage
free sooner than their original amortization. In fact, 20 per cent of recent
purchasers report having made a lump sum payment to their mortgage.

"CMHC's 2009 mortgage consumer survey results are encouraging and provide
insightful information, indicating that Canadians feel positive about Canada's
housing market," said the Honourable Diane Finley, Minister of Human Resources
and Skills Development Canada and Minister Responsible for Canada Mortgage and
Housing Corporation (CMHC). "As well, Canada's Economic Action Plan's home
purchase and renovation incentives, and CMHC's recent outreach campaign to
help Canadians who may be facing difficulties with their mortgage payment, are
clear actions to support homeowners and the housing market."

Canadian mortgage consumers recognize the benefits associated with
mortgage loan insurance (MLI). According to the survey, 80 per cent of recent
purchasers believe that MLI provides an important benefit to the financial

Similar to CMHC's last Mortgage Consumer Survey, the 2009 survey also
indicates that Canadians continue to be well served by the mortgage industry,
with 77 per cent of recent mortgage purchasers expressing satisfaction with
the service received from their lender or broker.

CMHC has conducted the Mortgage Consumer Survey since 1999 to examine
consumer behaviour, attitudes and expectations when acquiring, renewing or
refinancing a mortgage. This year, CMHC surveyed more than 2,500 recent
mortgage consumers online, from mid-March to mid-April 2009. The survey
involved the largest sampling of recent mortgage consumers ever undertaken by
CMHC for this particular survey.

As Canada's national housing agency, CMHC draws on more than 60 years of
experience to help Canadians access a variety of quality, environmentally
sustainable, and affordable homes - homes that will continue to create vibrant
and healthy communities and cities across the country.

For more information on CMHC's wealth of home-related resources, visit or call 1-800-668-2642.

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