Nearly one in four homeowners with a mortgage say they may have to sell if rates keep rising

The report, which surveyed more than 2,000 Canadians, also found that 18 per cent of individuals with a mortgage already feel they can no longer afford the home they own, citing rising interest rates, inflation, or the overall cost of living.

“This large statistical increase that is observed relative to previous waves is likely attributable, in no small part, to rising interest rates and inflation,” the report reads. Ian Calvert, vice-president and principal at HighView Financial Group, said a combination of low interest rates along with the increase in home values over the past few years encouraged a lot of debt among Canadians.

Simeon Papailias, a real estate agent and co-founder of REC Canada, said about eight in 10 home buyers he has dealt with over the past two years have taken advantage of the low interest rates and signed a variable-rate mortgage. However, he said more clients are now inquiring about locking in fixed-rate mortgages, especially as interest rates continue to increase.

Developers & speculators must be salivating!

The real culprit is the cost of gas. That trip to get to work now makes it impossible to pay for mortgage increase. Please no comments on taking public transit. There isn’t a bus for 100 kilometers from my door.

That’s the WEF plan. You’ll own nothing a new happy.

The irony that Liberals will loose homes while Trudeau renovates a second cottage kitchen for $700k of your money

Interest rates aren't even back at pre-pandemic levels. Anyone who thought mortgage rates were going to stay that low forever should fire their financial advisor immediately

No problem, there’s a foreign buyer waiting to jump right in.

'Nearly one in four homeowners with mortgages, or 23 per cent, believe they may be forced to sell if interest rates increase further, according to a new survey released Monday by Manulife Bank.' That's why I'll only buy a house outright with a receipt 😆

Hate this survey. First of all 45% of home owners own their homes outright. Of the other 55% only 25% have a variable rate mortgage. So either only those in that 25 percentile was polled or this survey is out to lunch.

Predictable.

This is all criminal. I see a lot of bums calling for more interest lol. Get a life!

Enough fear mongering. Banks approved loans and owners passed many inflationary tests to purchase. F jr who is completely at fault.

If that is true, then they should not have been lent so much in the first place.

Good!!

8% by 2025...

'forced' to sell after 750% increase in wealth in 30 years.

as planned 'You will own nothing and you will be happy.'

We deserve it and even more! This is the result of Trudeau's messy uncalculated politics, we elected this poor leader to lead us, we are now paying the price.

I hope interest rates climb to 15%

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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.
Source: CTVNews - 🏆 1. / 99 Read more »

Nearly 1 in 4 homeowners would have to sell if interest rates rise more: SurveyNearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey. Or cancel Netflix, lower their cell plan, cut Starbucks, etc etc. 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. Why would you take a variable rate instead of fixed rate mortgage when rates were so low?
Source: VancouverSun - 🏆 49. / 61 Read more »

Nearly 1 in 4 homeowners say they'd have to sell home if interest rates rise more, according to survey | CBC NewsNearly 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. That’s because way too many people either made the mistake of leaving themselves house-poor from day one, or were really stupid and bought during COVID at falsely inflated prices. Do Canadians even have homes anymore? I thought JustinTrudeau and theJagmeetSingh had snatched everyone's homes ! one in four have to sell, but only one in five say rising rates will have negative impact. gotcha
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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 🦅
Source: CP24 - 🏆 30. / 67 Read more »

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.
Source: CTVNews - 🏆 1. / 99 Read more »