Editor’s Note
Can you really afford that home?
LYDIA MCNUTT Senior Editor Yellow Pages NextHome Email: Lydia.McNutt@ypnexthome.ca Twitter: @LydiasTweets
IT LOOKS LIKE RISING HOME PRICES are bringing out the ugly side – or, at least the dishonest side – in some people. Credit reporting agency Equifax Canada reported a 52-per-cent increase in mortgage fraud compared to 2013. Of the mortgage applications that were flagged, 67 per cent were from Ontario and 12 per cent from B.C. Coincidence? Equifax’s survey also found that one in five Canadians who do not have a mortgage are worried they’ll never own a home because of rising prices, and want to buy a home but can’t because of the down payment. Here’s another interesting tidbit – 13 per cent of Canadians said a “little white lie” on a mortgage application is okay, if it’ll get you the home you want. To the fibbers out there: aside from being a crime, by lying on your mortgage application, you’re just kidding yourself. If you weren’t approved based on your actual numbers, then what makes you think that you can afford it? It’s no wonder that the Bank of Canada is waving a red flag about rising household debt and Canadians’ ability (or, more aptly, inability) to pay up. Here’s a word to the wise – make a budget and stick to it. Consider your existing debts, expected mortgage payments, bills and taxes, expenses and lifestyle. Are you secure in your job? How do you envision your life in five years? In 10 years? At retirement? Don’t forget to factor in a potential increase in mortgage interest rates. All things considered, can you afford it? Don’t overextend yourself in the interest of some extra square footage. You want to live in your home, not for your home.
REGENT PARK
SEE MORE PHOTOS ONLINE
Regent Park proves that you can reinvent the wheel with a city-backed redux that is raising it from ashes to a vibrant community of city streets, compact blocks, businesses, condos, apartments, community services and a blend of residents across socio-economic and cultural spectrums. Read the full story… ypnexthome.ca/regent-park
+ get social 2 YPNEXTHOME.CA
Interact with us on social media: ypnexthome