A recent survey from the Financial Services Regulatory Authority of Ontario found that many Canadians might be spending more time on planning vacations than they do looking into their mortgage.
The recent FSRA survey discovered that 38% of those asked had spent more time researching a vacation they were looking to take than planning and looking into their mortgage. This is an interesting finding considering a vacation might only be for a week or two when a mortgage is going to often be a lot more expensive and last for several years if not decades for many Canadians.
There has been a lot of talk lately of inflation in Canada and the rising cost of housing and general affordability with daily living.
Many Canadians today around the country are spending well over 30% of their income trying to get by and afford what they need. This means that for many young adults today they have already given up on the dream of home ownership.
The housing prices have been an issue around Canada for years. Now there are multiple cities that are becoming extremely unaffordable, places like Vancouver and Toronto are among some of the most expensive cities in the world these days to live.
Affordability in Canada is a big issue for Canadians and we have seen in the most recent election that this was a big concern for voters.
Multiple parties have vowed to employ one solution or another to address the issue and prices continue to rise quickly in the meantime.
More Need For Affordable Housing in Canada
Some have suggested over the years, even recently, that we might see the Canada housing bubble pop eventually, but then there are others who have said that we might never see any significant correction in this market.
There are many homeowners across the country who aren’t looking forward to that decline of course and who don’t want to see that situation come about. On the other hand, there are millions of others who might be hoping for a significant reduction in prices so that they can see some return to affordability in their communities.
Billions of dollars is being dedicated to this issue of housing affordability in Canada and there are plans to bring thousands of new affordable homes into the market.
We will have to wait and see what long-term results arise from those moves and how effective they might be at making it easier for young adults and others today to get into their first homes.