More homeowners carry a mortgage today as housing costs become a larger part of the family budget. Larger loan balances can make it difficult to save for other milestones like retirement, travel, or education. Data shows that about thirty-five percent of Canadian homeowners have a mortgage, which is a noticeable increase from previous years.
Millennials often carry the largest files because they purchased their homes more recently. Mortgage holders now make up a larger share of total homeowners. Canadians aged thirty-five to fifty-four are the most likely to carry housing debt. The average monthly payment for new loans sits just above two thousand dollars today.
If you want to review your mortgage structure to see if it still fits your monthly budget, I am here to help.
📞289-678-1750 📧 alex@alexmortgages.ca 🌐 www.alexmortgages.ca