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"Very scary time": Many Canadian homeowners concerned about next mortgage renewal

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Canadian mortgage holders have serious concerns about the effects of rising interest rates on their financial well-being, especially those with a variable rate, according to a new poll from the Angus Reid Institute.

The Bank of Canada held its key interest rate steady at 4.5 per cent in April, but has five more opportunities to potentially hike it this year.

The central bank has already raised rates eight times since the start of 2022, which has driven mortgage lending rates correspondingly higher.

According to the survey, 76 per cent of British Columbians with a mortgage said they were worried their next renewal could cost them more, with 35 per cent saying they were worried it would cost “significantly more.” Fourteen per cent said they would lose money if forced to sell the property now. Global's Emad Agahi reports.

For more info, please go to https://globalnews.ca/news/9668083/bc-mortgage-rate-worries-poll/

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Category
U.S. & Canada
Tags
global news, canada, bank of candada
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