Rising home prices hit high-end

The Association for Canadian Studies polled Canadians and found of those who earn more than $100,000 per year, 22.8% of respondents expressed some concern about paying their bills. Of those making between $80,000 and $100,000, the percentage who were worried was 41.2%. The overall national average for those expressing concern was 44.2%.

The percentage was even higher in British Columbia and Ontario, at 50.5% and 51.5% respectively. The executive director of the association putting together the survey, Jack Jedwab, told Postmedia News that he was surprised by the overall level of concern, but noted it had quite a lot to do with home prices.

“When you’ve got prices like Ontario and B.C., where the price of housing is, on average, the highest in the country, especially in places like Vancouver and Toronto, that’s probably causing a fair share of your perceived financial challenges,” Jedwab said in the Postmedia News story.

Personal financial concern was lowest in Saskatchewan and Manitoba, at 28.3%.

In his blog, former MP Garth Turner also blamed inflated housing on the rising financial worries.

“The cult of real estate claims more victims daily,” he wrote. “Precious family income’s shoveled into a dying asset class rather than a diversified portfolio. Almost everybody underestimates the cost of ownership and inflates the rewards.”

The survey data was based on interviews conducted by Leger Marketing between March 16 and 18 of about 1,500 Canadians from an online panel.

The Association for Canadian Studies said a random phone survey of this size would accurately represent the population within 2.9 percentage points, 19 times out of 20.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?