Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage
Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for.
More than 65% of recent buyers bought the maximum amount of house they could afford, according to the Canada Mortgage and Housing Corporation’s (CMHC) latest consumer survey.
For about 6 in 10 buyers, that amount was less than $500,000, while 8% of buyers spent over $1 million on their purchases.
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: July 20, 2021