More Than 50 Percent of Homeowners Struggling to Keep Up With Debt: CMHC

More Than 50 Percent of Homeowners Struggling to Keep Up With Debt: CMHC
A for sale sign is displayed in front of a house in the Riverdale area of Toronto in a file photo. The Canadian Press/Evan Buhler
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More than half of Canadian homeowners are struggling with debt, and two in 10 said they have been using credit cards or borrowing to pay off other debt, a recent report suggests.

The report issued by the Canada Mortgage and Housing Corporation (CMHC) is based on a survey of nearly 4,000 participants, as first reported by Blacklock’s Reporter. The goal of the survey was to track the behaviours and attitudes of homebuyers regarding both homeownership and the process of obtaining a mortgage.