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.
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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
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.
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.
Read more »
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.
Read more »
Learn French in 6 months? Quebec-commissioned report shows why that's nearly impossible | CBC NewsA report commissioned by the Quebec government — and then kept hidden — lays out in detail why many newcomers are likely to require more than six months to learn French, contrary to new rules put forward in the province's updated language law.
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.
Read more »