Michael Antczak | Real Estate Sales Representative Serving Vaughan, Kleinburg | RE/MAX Premier Inc., Brokerage | Real Estate Mike for All Your Real Estate Needs

My Real Estate Blog - Market Trends, Tips & Updates

Emotions drive Canadian homebuyers to smash their budgets

9/29/2017 | Posted in Home Buyers by Michael Antczak | Back to Main Blog Page

Make A Winning Offer in a Competitive Market

Sixty percent of Canadian homebuyers would exceed their budget to buy a home with more than half willing to smash it by $50K!

"Emotions are playing too big of a role in the home buying process and are tempting buyers to spend more than they can afford," says Roy D'Souza, Associate Vice President, Real Estate Secured Lending at TD Canada Trust.

A report from TD reveals that buyers are financially over-confident when buying a home with 57% saying they know what they can afford but a huge 97% saying they wish they’d factored in costs other than the mortgage when determining their budget.

Often they forget property taxes, maintenance costs and lifestyle expenses and D’Souza says this puts them under financial stress, especially when their circumstances change unexpectedly.

More than half of those surveyed (58%) say they're worried that a rise in interest rates will affect their ability to afford a home, while 43% worry about job stability and other personal issues. 

FOR SELLERS
Are you thinking of selling your property
and would like to know how much it can sell for?
Click here to get your property appraised for FREE!
FOR BUYERS
Thinking of buying a home or investment property?
Sign-up for FREE to get immediate access to listings
in your desired area as soon as they hit the market!
PROPERTY SEARCH IN GTA
Are you thinking of buying your first property,
downsizing, or looking to upgrade to bigger and better?
Click here to search through thousands of listings!