Andy Hill says according to the Leger survey, Canadians spend an average of 37% of their pre-tax income on housing, with 62% exceeding the Canadian Mortgage and Housing Corporation’s (CMHC) recommended guideline of spending no more than 30% of pre-tax income on housing.
A new survey commissioned by the online mortgage marketplace ratefilter.ca, shows more than 50% of Canadians would miss their mortgage payment within three months if they lost their primary source of income, while 16% of mortgage holders would fall behind on their payments within 30 days. Co-founder Andy Hill says according to the Leger survey, Canadians spend an average of 37% of their pre-tax income on housing, with 62% exceeding the Canadian Mortgage and Housing Corporation’s (CMHC) recommended guideline of spending no more than 30% of pre-tax income on housing. He says the Bank of Canada’s next interest rate decision was due Oct. 25, but that’s been put on hold until December now. He says rates are at a 20 year high still. Hill says it’s time for both policymakers and individuals to address the rising costs of housing in Canada. The online survey is based on results from a representative sample of 1,548 adult Canadians (including 1,028 homeowners and 650 mortgage holders) from October 13-16, 2023.
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