The article discusses a recent study by EveryRate.ca, which found that there is a significant gap between what Canadians can afford to pay in mortgage payments and the actual amount they are paying. The study used data from survey respondents who reported their comfortable payment levels and compared them to the actual mortgage payments made by new homeowners.
According to the study, the average comfortable payment level for new mortgages across Canada was around $1,600 per month, while the actual mortgage payment was closer to $2,700 per month. This gap is particularly concerning in provinces such as Ontario and British Columbia, where the actual mortgage payments were significantly higher than what respondents reported they could afford.
The study suggests that this financial pressure on Canadian households can lead to difficult trade-offs, leaving them more vulnerable to future economic shocks. The article highlights the importance of addressing the affordability crisis in Canada’s housing market and provides additional resources for Canadians struggling with debt.
Some key takeaways from the article include:
- The average comfortable payment level for new mortgages across Canada is around $1,600 per month.
- The actual mortgage payment for new homeowners is closer to $2,700 per month.
- The gap between comfortable and actual payments is significant in provinces such as Ontario and British Columbia.
- Canadian households are facing financial pressure due to the affordability crisis in the housing market.
Overall, the article highlights the need for Canadians to be aware of their financial situation and make informed decisions about their mortgage payments.