Let's face it, growing up is stressful. As soon as you move out of your parent's place and into the 'real world' there are expenses that you didn't even know existed. However, a new study shows that out of all the stressful things that Canadians need to deal with, buying a home is one of the worst.
In fact, according to a study done by Mortgage Professionals Canada, buying a new home is the second most stressful life decision that Canadians will have to make throughout their lifetime. The only thing that tops it? Moving to a new city.
While moving to a new city tops the stress chart for most Canadians, getting married and even having children are considered less stressful than buying a home.
However, despite the fact that Canadians feel that buying a home attributes to their high-stress levels, the study also shows that a majority of Canadians feel that they would be better off in life if they were to own a home.
In fact, 76 percent of Canadians believe that they would be financially better off as a homeowner, despite the stress that it brings with it.
Will Dunning, Chief Economist of Mortgage Professionals Canada told Canadian Mortgage Trends that, "Buying a home is complicated and challenging and stressful. Yet we still buy homes. We do it because we believe that it will make us better off than if we rent."
However, it makes sense why Canadians view buying a home as a stressful process in today's day and age. Last month, it was announced that housing prices are continuing to rise throughout the nation.
In July 2019, Vancouver and Toronto housing sales were up by 24% and these two cities were ranked the 4th and 12th most expensive cities to live in throughout the entire globe.
Yet, despite the growing prices, these houses are still being bought. This poses a problem for Millenials, who are struggling to buy houses as baby boomers continue to stay in and buy new homes.
In attempts to make the buying process less stressful, the Government of Canada has launched Canada's First-Time Home Buyer Incentive in attempts to make mortgage payments cheaper for first time home buyers.
Yet, whether this will actually decrease the amount of stress Canadians associate with buying a home is still unknown.