The survey, conducted between April 14 and April 20, also found that 18 per cent of homeowners polled are already at a stage where they can't afford their homes.
Over one in five Canadians expect rising interest rates to have a "significant negative impact" on their overall mortgage, debt and financial situation, the survey found. The Bank of Canada remains on a rate-hike path as it tries to tame inflation, which is now at a 31-year high at 6.8 per cent. On June 1, the central bank increased its key interest rate by half a percentage point to 1.5 per cent.
The Manulife survey also found that two-thirds of Canadians do not view home ownership as affordable in their local community. Additionally, close to half of indebted Canadians say debt is impacting their mental health, and almost 50 per cent of Canadians say they would struggle to handle surprise expenses.
CoachWhitehill Remember in the 80s when we bought our home.the interest rate was over 14%
Let’s see
That’s an alarming statistic , tighten up your spending patterns to ride it out.
Thanks to ...... the guy in power.
What does nearly 1 in 4 mean? Lol so nearly no one ? Nearly 1 in 4 take these polls seriously.
Isn't there a 'stress test' from the banks to prevent this from happening?
Still 50 year old houses asking rate is over $1.5 million. Who is going to buy that. Aliens !!!
Where’s Harper when you really need him?
So 1 in 4 took variable rate and have too much debt what about the 3/4 that have reasonable sent and fixed rate lol doom n gloom eh doom n gloom always
And mny of us cannot ever afford a house. Huzzah.
Hopefully, they’re landlords
ThanksTrudeau
'You will own nothing, and be happy'
They better go ahead and put them on the market then. Cause higher EVERYTHING is on the menu.
Variable rates were the thing for years. Writing was on the wall for some time. If you didn't fix in you will struggle
Great for all the rich speculators out there.
I have always paid much higher interest rates because 'high-risk' for reasons only logical to banks, and that's another story - But, if you are so close to the line that a little increase will put you under, maybe you weren't really ready to buy or you bought too much house.
Well, they’re going up.
Let’s hope it goes to 2014 levels
Lol
Blame greedy real estate agents? Realtor can list a house at $1m but if other comparables go for $575k, who is paying $1m 🤷♀️ Any realtor who did this would not be selling many houses. Realtors don’t determining pricing, buyers do.
Well I guess people will get those deals they always wanted
It's almost as if JT wants a Con gov't in the next election. Between the disabled choosing MAID because his promise of a disability benefit was worthless and now the BoC can't save our bacon, we're in for big economic trouble.
Triple interest rates on non primary residences and then we can talk
And this is why they want you disarmed.
Sounds like not enough people looked into fixed mortgage rates.
many young people have never seen a market correction, there have been several periods in Canada and the US where people walked away from their homes as they owed more then their house was worth...
25% of people can't afford their home, 20% of people can't afford enough to eat, fule prices are skyrocketing. Wages stay the same, unless you are a board member CEO or politician. We're going to face a rescission.
Thankfully i am at the end of the mortgage run.
Well Bank of Canada said rates will be going up again sharply, so this is going to get very interesting.
Blame the real estate agents for the prices of homes so high no one can afford them The only people getting richer Real estate agents banks and lawyers
I have a fixed APR, so not me.
People could sell their homes but at least they dont sell their souls to promote experimental needles like y'all do for your freemason masters
One step closer for liberal_party JustinTrudeau to have your home acquired by BlackRock . This government doesn’t want people to own property. cdnpoli Canada
We should also thank the greedy real estate agents let’s not forget they played a huge roll in this problem, who wouldn’t keep raising prices to earn a bigger commission check when lending was dirt cheap, they took advantage of the banks cheap lending as well amongst other things
What a joke. The BOC rate is only 1.5% now. Did the morons that borrowed too much think interest rates were going to stay at zero forever?
As long as Trudeau and other liberal elites are ok who cares
What about those who bought the house at higher prices and now they take the loss. Rich keep getting richer and working class people are always out of loop. Blue collared are at loss- Punish them for buying the property!!!
Bank of Canada pushing economy backwards or what ?
I call BS. Most of those people couldn’t afford the homes when they bought them. They knew it and the bank knew it. This was always going to happen for half these folks regardless of interest rates.
Qpenn1 Why? So, the Liberals can implement their ‘equity tax’ on home owners?! So, they become even more poor?! cdnpoli
Well they better get ready.... Interest rate hikes are coming quick. Inflation is out of control.
And go where?
I'm waiting for the real estate power of sale apocalypse before I buy.
You will own nothing and be happy.
I mean what did they expect, they wanted to spend ridiculous amount of money when the market was going bonkers hoping for a quick flip, now the buyers cool down and they're force to pay those ridiculous mortgage and interest rates. Never a good idea being too greedy
Cash is going to be king in the coming year. Some great deals out there, second homes, housing speculators and RV's.
i hope all of that 1/4th is landlords tbh
You will own nothing and be happy 😊
Why am I never in these surveys?
Only thing that fixes the market is preventing companies buying up residential real estate - of this recession happens the only people with the purchasing power necessary to buy will be the super rich and property speculation companies
Which they will…
Not sure I understand the panic... when I bought I was required to qualify for a hypothetical mortgage that would have been at 5%, even though the rates at the time were much lower. Isn't every applicant required to do that?
Ken34205423 Time to cancel your Florida vacations then.
what do you expect taxes hiking, Mike Harris PC party Property tax. jobs being cut left right centre up down what do you expect. doug ford and his minions on city council driving business out of Toronto with high taxes & high fees.
Fun fact: interest rates in the 80s were 18%.
I guess that's the Liberal plan for the middle class.,
at that point there will be only 1 buyer.... Blackrock.
All by design..no one said the transfer of wealth was gonna be easy..saw this coming over 2 years ago..bankruptcies and foreclosures coming up.
“You will own nothing and be happy” 🙃
Well that's the way she goes. Should have known low interest rates will not be around forever.
*when
😂
Very good, we all bought overpriced houses in Ontario. House valued 300k sold for 1m. Madness
Next time don't vote Liberal
Millennials waiting for housing prices to drop
🦅
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