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<\/p>\nNearly 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.<\/p>\n
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.<\/p>\n
More than 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.<\/p>\n
The Bank of Canada remains on a rate-hike path as it tries to tame inflation, which is now at a 31-year high of 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.<\/p>\n
Low interest rates during the pandemic fuelled a surge in real estate demand that led housing prices to soar. <\/p>\n
“Some Canadians made decisions to take their mortgages out based on what they could be approved for and maybe didn’t get some financialadvice to say, well, ‘I know I can get approved for a mortgage at this particular level, but what can I actually afford?'” said Lysa Fitzgerald, vice-president of sales at Manulife.<\/p>\n
But Fitzgerald says it’s important to remember that the survey is an indication of how Canadians feel about their financial situation rather than a reflection of their actual financial risk.<\/p>\n
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