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​More than half of Canadian mortgage-holders worried about payments at renewal: Survey

More than half of Canadian homeowners with a mortgage are concerned about an increase in their payments upon renewal, according to the latest RATESDOTCA and BNN Bloomberg survey.


The survey, conducted by Leger, found that 53 per cent of those surveyed said they were concerned about payments when their mortgage renews.

Most respondents said they have a plan in place to deal with higher payments. Fifty-two per cent said they had a plan, with 38 per cent of those saying they will cut back on their spending, nine per cent saying they’ll dip into savings, and two per cent saying they plan to take on additional debt. Only two per cent said they would sell their house in light of higher mortgage rates.

The survey was released as the Bank of Canada continues its aggressive rate-hike campaign to bring inflation under control. On Wednesday, the central bank increased its key overnight rate by 50 basis points, bringing it to 3.75 per cent.

Fixed-rate mortgages are now all north of five per cent, far from what was being offered last year, when it was possible to get a five-year fixed rate under two per cent.

According to the survey, 20 per cent of Canadian homeowners said they don’t have a plan to deal with higher mortgage rates. This breaks down to 14 per cent of those “concerned” and 28 per cent of those “not concerned.”

Read the full article HERE

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