$1,483.00
$1,450.64
$1,432.27
$1,423.80
WHERE ARE BORROWERS GETTING FINANCIAL INFORMATION? Although financial professionals are still the largest source of information on mortgages and other financial products, a recent study by LifeWorks found that a significant number of Canadians are relying on social media, friends or family members as their primary source of financial information.
11% Social media
22% Friends
40% Financial professionals
37% Family members
2017
2018
2019
2020 Sources: CMHC; CREA
Source: LifeWorks
CANADIANS TOO EXPOSED TO HOUSING MARKET RISK
TOLERANCE FOR BIDDING WARS GROWS
Scott Stirrett, CEO of entrepreneurship charity Venture for Canada, recently warned that Canadians are allocating a worrying proportion of their resources to housing. “Having your wealth concentrated in real estate exposes you to a housing market crash, thereby enhancing your financial risk,” Stirrett said.
Amid rising house prices, a growing number of Canadians – especially millennials – say they would gladly plunge into the morass of a bidding war if it meant securing their desired home, according to a recent survey by TD Bank Group.
WILLING TO ENTER A BIDDING WAR All Canadians
MORTGAGE PAYMENTS AS A PROPORTION OF INCOME
32% Under age 35
Vancouver 64%
51%
Victoria 58%
Age 35–54
Toronto 56%
31%
Hamilton 34%
Age 55 and older
18% Source: TD 2021 Real Estate survey, TD Bank Group
Sources: Venture for Canada; National Bank of Canada
www.mortgagebrokernews.ca
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