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Canadian homeowners face grim reality with interest rate, property tax hikes

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A perfect storm is brewing for many Canadian homeowners. Pandemic-related issues meant banks selling or foreclosing on mortgage holders, and the average house price increased.

The interest rates are going back to their historical averages while incomes haven't increased significantly.

Disposable incomes to pay the mortgage are drying up, leading to a possible *spike* in the number of mortgage defaults.

It is a grim reality made even more dismal in Toronto, when you tack on a potential property tax increase — the biggest since the 90s. Caryn Lieberman reports.

For more info, please go to https://globalnews.ca/news/9397165/inflation-canada-out-of-pocket/

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#GlobalNews #Homeownership #Canada
Category
U.S. & Canada
Tags
global news, Economy, inflation
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