Despite the prospect of higher interest rates ahead, nearly three-quarters of mortgage holders say they could handle a rise in monthly payments of more than 10%.
This is just one of many new insights included in Mortgage Professionals Canada’s latest State of the Housing Market report, which provides a current snapshot of mortgage consumer attitudes, expectations and home-buying behaviour.
While a majority of borrowers generally seem well-positioned to handle higher rates, some are already struggling with their payments, and more would depending on the size of the payment increase.
About 6% of mortgage-holders say they are currently struggling to make their payments and an additional 23% would have difficulty if their payments increased 10% or less.
The recent run-up in house prices, along with rising rates, are impacting Canadians’ views…
