Mobile sign in image
Sign in
EN - Real Estate

So Many Ontario Homeowners Say They Are 'House Poor' & Can Barely Pay The Bills

"Ontarians are the most likely to say they're unable to pay their monthly bills."

Some homeowners in Ontario may be living the dream, but others are "house poor."

According to an MNP Consumer Debt Index report, 31% of homeowners in Ontario report being "house poor." This means after their home-related bills are paid, they don't have a lot of money left over.

"All told, approximately two million homeowners in Ontario are susceptible to financial disruptions such as an interest rate increase or change to their job situation," reads the report.

"Ontarians are the most likely to say they're unable to pay their monthly bills and debt obligations compared to the other provinces."

The report says that homeowners with an outstanding mortgage are at a higher risk and that 18% of homeowners regret how much debt they took on in the first place to obtain their home.

45% of Ontarians would be concerned for their finances if interest rates go up and 36% would even worry it could push them to bankruptcy.

So while you may want to lock down that property, you might want to double-check your finances beforehand.

Stay Informed
Get Toronto's latest and greatest stories every day straight to your inbox.

Parents are gifting their kids huge sums of money to get a home in Vancouver — money which would be enough to buy a house outright in other provinces.

According to a CIBC report, around $10 billion was gifted for home buying over the past year across Canada.

Keep Reading Show less

First-time Toronto home buyers are asking their parents for more than a little help when it comes to owning property, and with the real estate market the way it is, it's hard to blame them.

According to a new report by CIBC, on average, Torontonians were gifted over $130,000 to put towards their city-based starter homes during the first three quarters of 2021.

Keep Reading Show less

Toronto is expensive, and while that isn't exactly a major news flash to anyone living in their shoebox of an apartment, this recent report just proved how incredibly unaffordable this city is compared to the rest of the entire continent.

On October 18, Oxford Economics — a company that specializes in quantitative analysis and global forecasting — dropped their housing affordability report that ranked Toronto as the third least affordable city in all of North America to live in. Vancouver snagged that top spot while Boise, Idaho beat out the 6ix at second place.

Keep Reading Show less

If you're hoping for holiday help from your parents to buy a home in Canada, here's a piece of info to help you pile on the pressure.

According to a new report from CIBC, parents in the country spent approximately $10 billion in 2021 to help their kids buy homes.

Keep Reading Show less