According to a new online survey, a vast majority of recent Canadians homebuyers are okay with their current mortgage debt.
The survey consisted of 2,500 active mortgage borrowers; it found that 81% of them were comfortable with the level of their current mortgage debt. The Canada Mortgage and Housing Corporation (CMHC) conducted this poll.
The survey also found that 69% of recent homebuyers felt there was a strong chance that they will pay off their mortgage sooner than required.
The CMHC survey comes as man economists expect to see Canadian interest rates start increasing early.
Despite these changes to mortgage rules, always keep in mind that you should not take on more debt that you can handle. With the prospects of higher interest rates, servicing higher debt can become much more difficult.
With that said, always keep yourself from stretching yourself too thin. Do not feel that you have to max out your budget. Make purchases suitable for yourself, not for anyone else.
Try to resist following what someone else did; it may work for them however that does not mean it will work for you.
If you find yourself making a purchase that is far above your budget, stop and think of the consequences that will follow.
This concept can go for anything; it does not just have to be a house. You have to remember that no one else is responsible for your debt, therefore take on what you can handle, do not try to please anyone but yourself.