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Headline Details The costs of homebuying are unclear to many.
Why is this important?
Unclear or confusing costs can lead to unexpected financial strain and stress when buying a home. Having a clear understanding of all the costs involved in buying a home is essential to make an informed financial decision, create an effective budget, and avoid unexpected debt.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Related priorities
This headline relates to the following National Financial Literacy Strategy priorities and target outcomes:
Related findings
35% of buyers reported experiencing unexpected costs during the homebuying process. Immediate repairs were the most reported unexpected expense, followed by lawyer fees.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
35% of homebuyers paid more than what they had planned.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
51% of homebuyers said that they discussed unexpected costs with their mortgage professional.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
About 75% of Canadians understand what lowers house mortgage costs.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
Nearly 80% of recent homebuyers believed that they understood how much mortgage they could afford.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.
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