Marlon Fernando

  How to manage your expenses? With spring in the air, we all are thinking about that “new” addition to our homes. However, Canada's housing affordability is hitting an all-time low, as per one of the big banks (the red one) recent report. This report was released at the beginning of March, where It shows, (as of the end of last year), a “representative” Canadian household would have to spend nearly 49% of its income to service a mortgage.  That is an increase of nearly 8% from a year earlier.  The long-term average to service a mortgage since 2000 is around 40.2%.  The share of income needed to pay a mortgage is now at its highest level since the mid-1990s, which was just after Canada’s last real estate crash. The question is, how can we cope with it this time? I’ve put together some tips that may help you in the long run. This list should not be treated as financial advice but, it’s something I use personally.  1. Reassess your housing needs Weigh options out before spending a lo