Post by abbey1227 on Jun 14, 2022 3:28:34 GMT
National
Nearly 1 in 4 homeowners would have to sell if interest rates rise more: Survey
Over one in five expect rising interest rates to have 'significant negative impact' on overall mortgage, debt and financial situation
Canadian Press Jun 13, 2022 • 15 hours ago • 1 minute read •
TORONTO — Nearly 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.
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.
Nearly 1 in 4 homeowners would have to sell if interest rates rise more: Survey
Over one in five expect rising interest rates to have 'significant negative impact' on overall mortgage, debt and financial situation
Canadian Press Jun 13, 2022 • 15 hours ago • 1 minute read •
TORONTO — Nearly 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.
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.
windsorstar.com/business/money-news/nearly-1-in-4-homeowners-would-have-to-sell-if-interest-rates-rise-more-survey/wcm/26af37c8-32d1-4b4e-8077-c6dd7a7d3891?utm_medium=Social&utm_source=Facebook&fbclid=IwAR3nuG2925Hk5GlUGZDEoesZMKF1XJopXMgFvbZJL7JlMfo43AUgDt3qxo8#Echobox=1655127773
Now I'm not certain what sort of rates they've had up there for the last decade or so........but in the US I'm often wondering HOW/WHY anyone gets talked into Adjustable Rate Mortgages when we've had historically low rates for awhile now? ![[giveup]](//storage.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif)
![[giveup]](http://storage.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif)
![[giveup]](http://storage2.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif)
![[cheers]](http://storage.proboards.com/7182076/images/engyBVslEdpmpmdnBwZQ.gif)
