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What is a Canadian Mortgage? The September 2020 update on house prices, states that the...

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Accounting

What is a Canadian Mortgage? The September 2020 update on house prices, states that the average price of a house in Windsor is $430,000. A family has saved 5% of this amount that is required to make a down payment for an average home. If the current posted rate is 3% would you recommend a family with a monthly income of $5000 buy a house? The Canadian Housing Mortgage Corporation recommends that the cost of a mortgage should not exceed 35% of your monthly income.

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