Majority of first-time buyers maxed out budgets to buy a home: CMHC

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A manhood of first-time homebuyers say they maxed out their budgets when they corrupt their homes, according to a survey released today by the Canada Mortgage and Case Corp.

The federal housing agency says its annual mortgage consumer contemplation found that 85 per cent of first-time buyers reported put in the most they could afford on their property.

Despite this, 76 per cent say they were motionless confident that they would still be able to make their monthly mortgage payments.

CMHC foretells housing affordability continues to be the most important factor among first-time homebuyers, when compared to other moneylenders such as neighbourhood, proximity to work and the condition of a home.

More than half of those interested say they worried that they paid too much for their proficient in, while one third say they worry about rising interest at all events and qualifying for a mortgage.

The online survey, which was conducted in April, registered more than 4,000 Canadians who became mortgage consumers in the eventually year.

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