Most experts say that your housing costs should not be more, and preferably less, than 30% of your income. The Canadian Mortgage and Housing Corporation (CMHC) prepares annual research on the number of work hours in one month, at an average salary, required to bring mortgage payments down to 30% of income. Is that a reasonable figure for most Canadianse The answer is a resounding “no”. Based on a 37.5 workweek, there are 162.50 available work hours in a typical month, yet in cities of all This is also perhaps why mortgage brokers charge high for closing fees. A percentage of the closing fee you pay on a mortgage goes to the mortgage broker's personal funds. This, along with a few more fees, stands as their salary.
