Real Estate News

Majority of first time buyers maxed out budgets to buy a home according to CMHC


Reuters

The country's real estate market may be taking a breather, but a new survey suggests the vast majority of recent homebuyers are maxing out their budgets to purchase their first homes.

In its annual mortgage consumer study, Canada Mortgage and Housing Corp. found that 85 per cent of first-time buyers reported spending the most they could afford on their property.

Despite this, 76 per cent say they were still confident that they would be able to make their monthly mortgage payments.

Sixty per cent of first-timers and 69 per cent of repeat buyers reported having "sufficient assets" such as investments or other properties to help them if they were to run into financial trouble with their mortgage.

Continue to read on: CBC

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