City Can Financial Corporation
2104 Yonge Street M4S 2A5 Toronto, ON, Canada

Contact me for any mortgage consultation! I have over 25 years of mortgage experience. At City Can Financial we have over 100 million available funds and if you’re turned down by the bank, we can help!

New CMHC survey provides insight into attitudes and expectations of future Canadian homeowners Canada Mortgage and Housing Corporation (CMHC) recently released ...the 2018 Prospective Home Buyer Survey. This survey, the first of its kind for CMHC, explores the dynamics of home buying intentions for three groups of future homebuyers, including First-Time Buyers, Previous Owners, and Current Owners, and provides a comprehensive review of overall awareness and understanding of the home buying process. "The Survey findings provide insights and valuable information for mortgage professionals about their future clients and their needs," said Nathalie Fredette, Vice-President, Client Relationship Management. "It brings awareness amongst the industry and contributes to financial literacy by helping Canadians make informed and responsible home buying decisions." Top Motivators for Buying a Home Improved accessibility (less physical obstacles and barriers) and investment opportunity were noted as top motivators across all groups. Changes to mortgage regulations and concerns about possible future interest rate increases were not among the top motivators for prospective home buyers in 2017. Housing Expectations Over four-in-ten First-Time Buyers and Previous Owners say they would delay their home purchase if they were not able to find their ideal home, with a fairly similar proportion saying they would be willing to compromise on the size of the home and location. An existing move-in-ready home is the top choice for all groups of prospective home buyers, followed by a newly constructed home, noted by approximately one-fifth of First-Time Buyers and Previous Owners. Financing and Saving for a Down Payment Among all groups, the two most common actions completed one to two years prior to the purchase of a home are saving for a down payment and determining what type of home to buy. About one-in-four prospective home buyers stated that they would be very likely to consider delaying their purchase in the event of an increase in interest rates. The majority of future home buyers intend to obtain a mortgage to finance their home purchase, with First-Time Buyers showing higher incidence compared to Previous Owners and Current Owners. Across all groups of future home buyers, more than six-in-ten say they are likely to have a financial buffer in case their expenses change in the future. Survey Methodology In October 2017, CMHC surveyed 2,507 prospective home buyers online. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including 1,501 First-Time Buyers, 506 current owners, and 500 previous owners. Similar to the annual Mortgage Consumer Survey, the Prospective Home Buyers Survey is intended as an education tool for mortgage professionals and to support mortgage literacy among Canadian home buyers and homeowners. CMHC helps Canadians meet their housing needs. As Canada's authority on housing, we contribute to the stability of the housing market and financial system, provide support for Canadians in housing need, and offer objective housing research and advice to Canadian governments, consumers and the housing industry. Prudent risk management, strong corporate governance and transparency are cornerstones of our operations.

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Consumer report finds Canadians view homeownership as a good long-term investment and mortgages as "good debt" TORONTO, Dec. 5, 2017 - Despite rising housing pr...ices and government intervention, the majority of Canadians view real estate in Canada as a good long-term investment according to the newly released Annual State of the Residential Mortgage Market. In fact, the majority of Canadians felt real estate was a good investment and viewed mortgage debt as "good debt". "During the past decade, some commentators have taken a negative outlook of the housing market. Yet, Canadians have consistently shown confidence in residential real estate. These surveys have told us repeatedly that Canadians are happy with the real estate decisions they have made," commented Paul Taylor, President and CEO of Mortgage Professionals Canada. Further, the report makes clear that Canadians are highly motivated to repay their mortgages. Each year, approximately one-third take actions that will shorten their amortization periods. Significantly, mortgage arrears have remained very low in Canada, and have fallen further to just 0.24%.