Toronto- According to Canada’s federal housing agency, the monthly average mortgage payments schedule for new loans rose to about $1,328 in the fourth quarter of 2016. This is an upgrade from last year’s $1,269 of 4.6 per cent.
This is due to the frequent increase in house prices, especially in the major cities of Toronto and Vancouver and their vicinity.
Well, the ongoing steady increase in scheduled monthly payment at a rate seemingly quicker than inflation is quite disturbing. This practically means that homeowners could face some difficulties in making their payments in the long run, says the Canada Mortgage and Housing Corporation.
The average payment in Toronto was $1,826 at the fourth quarter of last year, which bettered the payment of the year prior $1,638 by 11.5 per cent.
Likewise in Vancouver, the average payment went up by 4.5 per cent to $1,936 an upgrade from the $1,853 in the fourth quarter of year prior.
According to Canada Mortgage and Housing Corporation (CMHC), the rate at which mortgages where neglected nationwide around the fourth quarter of 2016 were 0.34 per cent, which was just a slight improvement of that of the year before 0.35 per cent.