by Spencer Fernando
July 10, 2017
With many expecting the Bank of Canada to announce an interest rate hike this week, a new report shows that hike could have serious consequences for over a quarter of Canadian home owners.
As first reported by BNN, a study by MNP shows many Canadian home owners are “in over their heads” when it comes to mortgage payments.
Says the report, “Three in ten home owners say that they will be faced with financial difficulties if the value of their home goes down. Even if home values don’t decline in the near future; more than a quarter of Canadians (27 per cent) who have a mortgage agree that they are ‘in over their head’ with their current mortgage payments.”
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