The Canada Mortgage and Housing Corporation (CMHC) provided some interesting — and positive! — insight into the way Canadian mortgage holders view their mortgage obligations, according to the CMHC 2011 Mortgage Consumer Survey.
Overall, Canadians appear to enter the housing market with both eyes open, doing extensive research before they purchase, and then are diligent in their mortgage management following their purchase. After all, as Pierre Serré, Vice President, Insurance Product and Business Development at CMHC noted, "Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes."
The survey showed that Canadians take, on average, 11 months to plan their purchase, and 88 percent of homebuyers indicated they had a good sense of how much mortgage they could afford before purchasing a home.
Throughout your own buying and selling experiences, it's important to remember that a real estate sales representative is more than just someone who hammers a "for sale" sign in the lawn for you. A real estate sales representative works alongside you to ensure that you completely understand, and are comfortable with, every step in the real estate process. This includes important discussions on finances, to ensuring the properties you view include everything on your "wish" list, from location to type of home and property size to, of course, affordability.
Whether you have questions about your own moving plans, or questions on the real estate climate in a specific area, please remember that you can call at any time for a discussion and advice, with absolutely no obligation.