I came across a poll (results below) on my ISP's home page yesterday that asked about the amount to which people are mortgaged, and I was a bit surprised at the low levels reported. It is definitely a questionable result, as it is possible to vote as many times as you want, so things could be dramatically skewed. Further, there is no regional break-down, and the sample size was not reported. Interesting none-the-less though.
The poll disappeared today, but it is to note that they had a poll about the dispute between Rosie O'Donnell and Donald Trump (I haven't a clue about that) that lasted for five or six days. Weird priorities...
The hot housing market in Western Canada, in particular, has forced many to take on large mortgages. How big is your mortgage?
9% More than $300,000
13% More than $200,000
24% More than $100,000
31% Less than $100,000
15% I rent
5% I live for free with family
Is this believable?
Mohican has a good post on "liar mortgages", or "stated income" approved mortgages. When I was pre-approved (by a bank and a broker) I needed to supply my notice of assessment from Rev. Can. The bank offered me way more mortgage than I would ever even think of taking, and the broker was more stringent (or stingy?).
I do know someone who forged a T4 slip to get their first mortgage. He went on to foreclosure and divorce.