South Forest Hill Residences location.25% of homeowners are forced to sell! House prices across Canada will adjust as the central bank continues to raise interest rates to curb inflation and is expected to stabilize by the end of next year, according to a new report. By then, the average house price will be 15% lower than it was at its peak.Please Visit: South Forest Hill Residences location to Get Your VVIP Registration Today!
But as the Bank of Canada continues to raise interest rates, the latest opinion polls show that if interest rates rise again, nearly 1/4 of Canadian homeowners will have to sell their homes, and more than 1/5 expect higher interest rates to have a “significant negative impact” on overall mortgages, debt and finances.
Nearly 1/4 of homeowners say they will have to sell their homes if interest rates rise further, according to a new debt survey conducted by Manulife Bank of Canada.
The survey, conducted between April 14 and April 20, also found that 18 per cent of homeowners surveyed were already unable to afford a house.
More than 1/5 of Canadians expect higher interest rates to have a “significant negative impact” on their overall mortgages, debt and finances, the survey found.
While trying to control inflation, the Bank of Canada is still on the road to raising interest rates, which are currently at a 31-year high of 6.8 per cent. On June 1st the central bank raised its benchmark interest rate by 0.5 percentage point to 1.5%.
The Manulife survey also found that 2/3 of Canadians do not think home ownership is affordable in the local community.
In addition, nearly half of heavily indebted Canadians say debt is affecting their mental health, and nearly 50% of Canadians say they find it difficult to cope with unexpected expenses.