No pain, no home. That might be the viewpoint of many Canadians, according to a recent survey that suggests a majority of us might be “mortgage masochists.” Read More
Canadians are willing to suffer to afford their homes.
Canadians are willing to suffer to afford their homes.
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No pain, no home. That might be the viewpoint of many Canadians, according to a recent survey that suggests a majority of us might be “mortgage masochists.”
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Conducted by the Real Estate and Mortgage Institute of Canada, it surveyed 1,000 Canadians finding nearly 65 per cent agree that they might be “mortgage masochists.”
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To that end, nearly one-third stated that mortgage struggles are a rite of passage and part of the Canadian dream.
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As for how much pain they would endure, the poll found that more than 46 per cent would make sacrifices that would negatively affect their health.
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More than one in 10 said they would do what it takes to own a home even if it means struggling financially for years.
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As for the “masochist” descriptor, nearly a third of respondents think their fellow Canadians secretly enjoy the struggle, while nearly 19 per cent stated they themselves enjoy the struggle.
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Yet respondents also recognized consequences of mortgage pain even if some struggle with a smile.
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More than 40 per cent stated they will not pay their mortgage off until they are in their 60s.
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Five per cent noted it won’t be paid in full until their 80s.
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Asked about why they tolerate the struggle, nearly a third did not know with more than one in four noting they did not trust the government to fix the problem of affordability.
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More than a third stated the problem is broken “beyond repair” — though nearly one in four said government intervention is required.
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Given the palpable payment pain, a little less than 35 per cent stated that homeownership is worth the challenge to build wealth.
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At the same time, 32 per cent indicated “it is becoming a financial burden.”
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