Canadians spend more of their income on housing
Canadians spend a higher percentage of their income on housing than almost any other nation according to a new poll. A study by BlackRock found that for every dollar of income Canadians pay out 43 cents on housing-related expenses. That includes mortgage or rent and utilities. The US was around the same level and the Netherlands and Sweden spend more on household costs. The rest of the 20 nations polled though pay less with China spending just 15 per cent of their income on their home. The cost of living was highlighted by 68 per cent of respondents as being the biggest risk to their financial future. One of the reasons for Canadians spending more on household costs is a wish to pay down mortgages quicker.
Source: Mortgage Broker News