Thursday, March 28, 2013

RBC and Ipsos Reid left mortgage brokers completely out of the survey.

That’s right. RBC and Ipsos Reid left mortgage brokers completely out of the survey. RBC has its own survey about who people consult for a mortgage and they forget to mention this? That’s despite the fact that 61% of Canadians polled by CAAMP consulted mortgage brokers when getting a new mortgage. It may not surprise people that a bank doesn’t want to promote brokers—it’s competition. But from a research credibility standpoint, we were surprised. RBC bills itself as “the country's number one source of financial advice on homeownership.” Shouldn’t that title require some degree of research professionalism and objectivity? Why would a company with RBC’s good reputation omit (intentionally or not) data that provides a fair representation of the marketplace? This makes us wonder what else they left out. If an organization is going to purport to make newsworthy contributions to the national housing dialog, it better realize that people are watching its every word. One-sided survey results are nothing more than marketing masquerading as news. This example taints RBC’s mortgage-related surveys going forward, for no good reason. Joel Sida. Taken from from Rob McLister, CMT

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