According to a study by Mortgage Professionals Canada, buying a home is one of the most stressful life decisions that Canadians have to make throughout their lives. Moving to a new city is the only event that is worse.
Even marriage and the birth of children seem less stressful to Canadians than moving to a new city and buying a home.
Even though Canadians experience high levels of stress when buying a home, the study shows that most of them would prefer to live in their own house or apartment. According to the study, 76% of Canadians believe that they would feel better financially as homeowners, despite the stress it brings.
Will Dunning, Chief Economist of Mortgage Professionals Canada, said that although buying a home is hard work, Canadians continue to buy homes since it is a better option than renting.
It is no surprise that Canadians see buying a home as a stressful process as housing prices continue to rise all across the nation. In July 2019, housing prices in Vancouver and Toronto increased by 24%. These two cities took 4th and 12th places, correspondingly, among the most expensive property markets in the world. However, Canadians continue to buy homes despite price hikes.