What causes you stress? Could it be your job? Your kids? What about your housing costs? An exclusive survey for Global News found that 3 in 10 Canadians polled said mortgage or rent payments are a huge source of stress. Albertans and British Columbians both came in the highest at 36% each on this poll.
Nearly 4 in 10 Canadians which is about 37% said that saving for a down payment causes them grief, led by those in Ontario, at 40%.
This isn’t really shocking considering the amount people spend on housing. Renters spend around 48% of their take home pay for housing costs, while buyers spend around 40%. Perhaps with a reduction in mortgage rates we can also have a reduction in stress.
Other statistics about Canadians and mortgage stress
48% of Canadians think Canada is in a “housing bubble” they also think housing costs will come down in the next few years and 40% of an average Canadian’s take home pay is spent on either a mortgage or rent.
It could be time to talk to a mortgage broker about your options for debt consolidation and to get the lowest mortgage rate possible.
TD Canada Trust says to take advantage of increased payments and to increase the frequency of payments in order to help pay off your mortgage sooner.
With all this money talk going on, if you could, what would you like to spend your money on? I know I would love to take a vacation from all this snow!