Nearly 1 in 4 homeowners would have to sell if interest rates rise more: Survey

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.

Yeah who are they gonna sell to ?

I prefer to rent my rent can't be raised more then 1.5% I laughed at my landlord when he increased it. I'm just happy I can still afford nice coffees and my $1500 jacket.

You will own nothing and be happy!

Why would you take a variable rate instead of fixed rate mortgage when rates were so low?

Should read “nearly 1 in 4 homeowners will have to deprioritize their monthly spending if interest rates rise”. Eating out, coffee, monthly streaming services etc. adds up and would help pay the mortgage.

Or cancel Netflix, lower their cell plan, cut Starbucks, etc etc.

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Nearly 1 in 4 homeowners would have to sell if interest rates rise more, survey findsNearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey from Manulife Bank of Canada. incoming supply... Keep voting for nice hair, ladies! This is exactly what the federal liberal/NDP are hoping for. So misguided as 70% of Canadians own their primary residence and will never vote for either party for the next 25 years.
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Canadian homeowners feeling the pinch of rising rates: Manulife Bank debt surveyCanadian homeowners feeling the pinch of rising rates: Manulife Bank debt survey — via financialpost financialpost If interest rates were not already at historic lows perhaps we wouldn’t be in this pickle… financialpost But they’ve barely raised and aren’t even at pre-pandemic levels. Anyone that got a variable rate mortgage instead of fixed rate at such low rates over past couple years is a moron too
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Nearly 1 in 4 homeowners would have to sell home if interest rates rise more, survey suggestsNearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey from Manulife Bank of Canada. Next time don't vote Liberal Millennials waiting for housing prices to drop 🦅
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