Buying your first home should be a momentous occasion that and a sound financial investment.
However, it appears as though many Canadians are pushing their limits when purchasing their first home and it’s leading to some financial stress instead.
A recent survey conducted by the Canada Mortgage and Housing Corp. found that 85% of first-time home buyers maxed out their budget on their home.
Despite spending the most they could afford on their property, 76% of respondents say that they were still confident that they would still be able to make monthly mortgage payments.
The CMHC says that housing affordability continues to trump all as the most important factor for these first-time homebuyers.
Other factors such as neighbourhood, proximity to work and the condition of the home aren’t deemed as important.
More than half of those concerned with affordability said that they worry they paid too much for their home.
Another one-third of respondents said they worry about rising interest rates and qualifying for a mortgage.
With files from the Canadian Press.
