More and more Canadian seniors are making good use of the internet and vital components such as apps to access various services, according to a new analysis from HomEquity Bank.
In its recently released report titled (App)ropriate at any Age: Tech-savvy Seniors on the Rise in Canada, the bank revealed that its average client is approximately 72 years of age.
“Contrary to popular belief, online and digital usage among seniors is rapidly increasing,” the report stated. “Previously, HomEquity Bank received almost all inquiries through a call centre. Now, 90 per cent come through our website – we predict this will only continue to grow.”
“Boomers are more likely than other generations to own and consume content on tablets – we’ve seen this firsthand with 19 per cent of HomEquity Bank site-visits originating from tablets. 42 per cent of these site visits come from desktop users and 39 per cent are through mobile,” the bank’s report added.
HomEquity cited the growing popularity of other apps that fit seniors’ needs as indicative of the trend. Among these are home-sharing service Airbnb (which monetizes seniors’ extra home space), reading-list platform Goodreads (which give seniors plenty of outlets to spend their free time on), and reminder app Pillboxie (which helps seniors keep track of their medicine intake schedules).
Source: http://www.canadianrealestatemagazine.ca/news/seniors-increasingly-reliant-upon-online-info-for-real-estate-decisions-228867.aspx
Monday, July 31, 2017
Friday, July 28, 2017
Canadians are world’s second most digitally active homebuyers
Canadian homebuyers are highly likely to research their housing options online and are second only to the UK for doing so.
Figures from HSBC show that 90% of Canadians who bought a home recently used an online channel, compared to the global average of 83% (the UK was top-placed at 93%).
The lender has looked at the trends in digital real estate and forecasts an increase with funding for disruptive tech firms in the industry increasing from U$221 million in 2012 to more than $2 billion last year.
"From online mortgage specialists to paperless mortgage renewals, technology is rapidly changing how we engage with and serve our customers in Canada and across the globe," said Larry Tomei, Executive Vice President and Head of Retail Banking and Wealth Management, HSBC Bank Canada.
Researching, financing and buying homes are all set for increased disruption, Tomei says, and there are some key trends already developing.
Drones and other tech-based viewings of homes will rise with virtual reality even allowing prospective buyers the ability to ‘live’ in the home for a few days before making their decision.
Dealing with real estate agents online will also becoming more prevalent. HSBC says that 29% of recent homebuyers began their conversation with an agent online (global average 31%).
Robo-advisors may see an increase but the lender’s report shows that dealing with a person is still important when arranging a mortgage. Although 74% of Canadian homebuyers use online channels for research, only 11% would be happy dealing with a robo-advisor for their mortgage compared to 41% talking to the bank and 35% to a mortgage broker.
“The research supports what we already know: while more and more Canadians are embracing disruptive technology in new and exciting ways, the need for the human touch hasn't diminished,” Tomei concluded.
Source: http://www.canadianrealestatemagazine.ca/market-update/canadians-are-worlds-second-most-digitally-active-homebuyers-228802.aspx
Figures from HSBC show that 90% of Canadians who bought a home recently used an online channel, compared to the global average of 83% (the UK was top-placed at 93%).
The lender has looked at the trends in digital real estate and forecasts an increase with funding for disruptive tech firms in the industry increasing from U$221 million in 2012 to more than $2 billion last year.
"From online mortgage specialists to paperless mortgage renewals, technology is rapidly changing how we engage with and serve our customers in Canada and across the globe," said Larry Tomei, Executive Vice President and Head of Retail Banking and Wealth Management, HSBC Bank Canada.
Researching, financing and buying homes are all set for increased disruption, Tomei says, and there are some key trends already developing.
Drones and other tech-based viewings of homes will rise with virtual reality even allowing prospective buyers the ability to ‘live’ in the home for a few days before making their decision.
Dealing with real estate agents online will also becoming more prevalent. HSBC says that 29% of recent homebuyers began their conversation with an agent online (global average 31%).
Robo-advisors may see an increase but the lender’s report shows that dealing with a person is still important when arranging a mortgage. Although 74% of Canadian homebuyers use online channels for research, only 11% would be happy dealing with a robo-advisor for their mortgage compared to 41% talking to the bank and 35% to a mortgage broker.
“The research supports what we already know: while more and more Canadians are embracing disruptive technology in new and exciting ways, the need for the human touch hasn't diminished,” Tomei concluded.
Source: http://www.canadianrealestatemagazine.ca/market-update/canadians-are-worlds-second-most-digitally-active-homebuyers-228802.aspx
Monday, July 17, 2017
FCAC advises homeowners to review household debts
Following last week’s interest rate rise, the Financial Consumer Agency of Canada is advising households to review their budgets and debts.
The agency says that with higher rates, which could increase further in coming months, consumers should look at expenses including increased costs of loans due for review such as fixed rate mortgages.
“An increase in interest rates is a good time for Canadians to review their budgets and figure out how a rate increase could impact their finances. FCAC tools and information can help people make informed financial decisions when creating a plan to pay down debt and set savings goals,” said Jane Rooney, Financial Literacy Leader, FCAC.
Among the measures that FCAC advises are paying down larger debts and making prepayments on their mortgage or accelerating mortgage payments.
“Many Canadians have high debt and low savings,” added FCAC commissioner Lucie Tedesco.
“Even a slight increase in interest rates puts Canadians at risk of carrying debt over longer periods of time, leaving them more vulnerable to unforeseen events or unexpected expenses. We know that those who budget, make plans to pay off debt and set savings goals usually succeed."
Source: http://www.canadianrealestatemagazine.ca/market-update/fcac-advises-homeowners-to-review-household-debts-228227.aspx
The agency says that with higher rates, which could increase further in coming months, consumers should look at expenses including increased costs of loans due for review such as fixed rate mortgages.
“An increase in interest rates is a good time for Canadians to review their budgets and figure out how a rate increase could impact their finances. FCAC tools and information can help people make informed financial decisions when creating a plan to pay down debt and set savings goals,” said Jane Rooney, Financial Literacy Leader, FCAC.
Among the measures that FCAC advises are paying down larger debts and making prepayments on their mortgage or accelerating mortgage payments.
“Many Canadians have high debt and low savings,” added FCAC commissioner Lucie Tedesco.
“Even a slight increase in interest rates puts Canadians at risk of carrying debt over longer periods of time, leaving them more vulnerable to unforeseen events or unexpected expenses. We know that those who budget, make plans to pay off debt and set savings goals usually succeed."
Source: http://www.canadianrealestatemagazine.ca/market-update/fcac-advises-homeowners-to-review-household-debts-228227.aspx
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