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2024 Mid-Year Consumer Survey Results - December 20 2024
December 20, 2024 | Posted by: Matthew J. Charlton
The 2024 Mid-Year Report from Mortgage Professionals Canada provides key insights into the current housing market and consumer sentiments:
Renewed Optimism Amidst Concerns: Falling interest rates have fostered optimism; however, financial stress persists, leading many to adjust spending habits.
Mortgage Broker Usage Increasing: There's a notable rise in mortgage broker engagement, especially among Millennials and Albertans.
Fixed-Rate Mortgages Preferred: In 2024, fixed-rate mortgages are favoured for their stability, though anticipated rate cuts may shift preferences towards variable rates.
Anxiety Over Mortgage Renewals: With 61% of mortgage holders feeling anxious about upcoming renewals, concerns about higher rates are prevalent.
Improved Homebuying Sentiment: 42% believe it's a good time to buy a home, a 9-point increase from last year, indicating growing optimism.
Decreased Pessimism Among Non-Owners: Fewer non-homeowners (43%) feel they'll never own a home, down from 51% in 2023, showing increased hope.
Rising Economic Optimism: 49% are optimistic about the economy's 12-month outlook, up from 44% in late 2023.
Increased Financial Anxiety: 63% express concern over household finances, a rise from 53% at the end of 2023, highlighting ongoing inflation impacts.
Upcoming Mortgage Renewals: Nearly 30% expect to renew their mortgage in the next year, up from 23% last year, with 69% of them anxious about current interest rates.
These insights reflect a complex landscape where optimism about the housing market and economy is tempered by financial concerns and renewal anxieties.
Please note: The source of this post is from Mortgage Professionals Canada.
