Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage

Author: External Author | Categories: First Time Home Buyer Mortgage , Mortgage Agent

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.

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS ,

Article Written By:  Steve Huebl

Original Article Posted on:  July 20, 2021

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