Mortgage payments are presenting a potential crisis for residence in Canada. The crises being that the average monthly payment is growing faster than inflation as stated by the Canadian Mortgage Housing Corp.
75 percent of Canadian homeowners already find it difficult to pay off their mortgage if their payments were to increase by 10%. For more information on this you can read our previous article, Canadian Homeowners & Their Mortgages.
A credit monitoring agency by the name of Equifax, released a report based on the average mortgage payments in Toronto and Canada.
This report stated that mortgage payments in Canada have increased by 4.6 percent within the last year. As a result, average mortgage payments in Canada went from $1,269 to $1,328 in the fourth quarter of 2016.
Mortgage payments in Toronto have increased by 11.6 percent within the last year. Hence, average mortgage payments in Toronto went from $1,638 to $1,826 in the fourth quarter of 2016. With a 11.6 percent increase, Toronto residence are already finding it difficult to pay off their mortgages.
Help with Mortgage Payments
The Canadian Mortgage Housing Corp. released a stat based on individuals who except help with mortgage payments from their family. The statistic claims that approximately 1 out of 5 first-time home buyers receive help with a down payment from family members.
Out of the individuals who except help with their mortgage payments, only 63 percent were comfortable with their current level of debt.
In comparison, 73 percent of the individuals who did not receive help, were content with their current level of debt.
Help with Getting Out of Debt
At the end of the day, it is a difficult decision to accept money from a family member. The burden of having to pay some one back is both mentally and physically stressful. When dealing with debt, it is always best to accept professional advice.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing email@example.com or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.