44 Percent of Canadians Overspend on Rent Jun 11th

Interested in learning more about property mortgages in Canada? Look no further!
Latest News

Latest in Mortgage News: Why the Fed Cut Rates this Week Aug 4th

The big news of the week was the Federal Reserve’s interest rate cut, the first one since the financial crisis more than 10 years ago. Despite a strong domestic economy, Federal Reserve Chairman Jerome Powell said the cut was a pre-emptive move to brace against “downside risks.” &#.... More »

Creative Ways to Finance Your New Home Aug 19th

In a tight housing market, it can be tough to come up with the cash you need for a new home. Many Canadians looking for new alternatives are having to get creative. For some folks, it may be as simple as finding friends or family to take the journey with them, or sharing their homes with others. Co.... More »
 secure line of credit

Is Now a Good Time to Buy Real Estate in Victoria? Jul 11th

Thinking about buying real estate in Victoria? While some might suggest waiting a year or two for housing prices to come down, now might be a good time to start looking. The quarterly report on Vancouver’s housing market indicates while prices are starting to come down, inventory is high. So, sho.... More »
 mortgage penalties

Hacks to Slash Your Mortgage and Clear Your Debt Early + MORE Aug 16th

Finding you the best financial practices is what gets us up in the morning. And our staff is a great resource for these ideas. So we polled the staff in our office to ask one simple question:  What mortgage hacks do you use to speed up your mortgage payments? Here are their best tips for getting o.... More »
44 Percent of Canadians Overspend on Rent
Canadians are overspending on housing in alarming numbers, according to a recent RateSupermarket.ca survey. Among those who rent, 44 percent of Canadians are spending more than a third of their income on housing. Not only that, but 20 percent of homeowners are spending more than a third of their income on the roof over their head.
One third of your household income is the suggested housing budget given by the Canadian Mortgage and Housing Corporation (CMHC) – any more than that is a stretch to the family budget. The RateSupermarket.ca survey also found that 15 percent of Canadian renters are spending more than half their income on rent.
These numbers highlight the growing divide among Canadians who own versus those who don’t.
Regional Breakdowns
The problem is worst in Toronto, where 34 percent of all respondents are overspending. Our survey broke all respondents into regions, so these figures represent homeowners and renters combined.
Percentage of Canadians spending more than a third of their income on housing by major city:

Toronto: 34 percent
Montreal: 33 percent
Vancouver: 30 percent
Edmonton: 29 percent
Calgary: 27 percent
Ottawa: 22 percent

Looking Forward
Two thirds of the people who responded said they intend to purchase a new home in the near future, and among those, it was again renters who feel they’ll need to stretch their budget to afford a suitable home…

Continue Reading On ratesupermarket.ca »


Compare insurance quotes through Kanetix.ca - save time and money!