The Top Questions Canadians Asked About Mortgages in the Past Year
If one thing’s for certain, the pandemic has made it easier for Canadians to start the home-buying process, as the shift to working from home coupled with rock-bottom mortgage rates and government aid has made homeownership more attainable than ever before.
And as more Canadians began considering becoming homeowners, they took to the internet to start their homebuying journey and learn more about what’s required for homeownership.
According to recent Google Search trends, housing and mortgage-related searches reached record highs over the last year, with Google searches for house for sale, mortgage loans, mortgage calculators, and mortgage rates being the highest they’ve been in five years.
Over the past year, as the real estate industry saw a greater demand from first-time homebuyers, Google Canada said it’s now seeing more and more Canadians coming to the search engine to seek reputable advice, particularly around mortgages.
According to Google Search trends, these were the top questions Canadians asked about mortgages:
- How much mortgage can I afford?
- What is a mortgage?
- What is a reverse mortgage?
- How to calculate mortgage payments?
- What is a high ratio mortgage?
- How to get pre approved for mortgage?
- How to become a mortgage broker
- What is mortgage insurance?
- What is a second mortgage?
- How does a mortgage work?
The recent search trends data also revealed that there were three ‘breakout’ searches that performed notably well, including:
- How to buy house insurance +5,000%
- Mortgage deferral calculator +5,000%
- Should I buy a house now +600%
The mortgage-related searches also varied by location, with Ontario being the top provinces searching for mortgages, followed by Newfoundland and Labrador, New Brunswick, Alberta, and British Columbia.
While Google is always a great way to find quick information, if you still need more clarification on common mortgage-related questions, like how fluctuating interest rates can affect your mortgage, or what the difference is between being pre-approved and pre-qualified for a mortgage, you can learn more here.