While most Canadians are enjoying the benefit of Cheap Mortgages - the stats from a recent survey (of 2372 people between ages of 20 and 59 with a household income of no less than $50k/annually) completed by the folks at Manulife* showed that many people would be IN TROUBLE if their monthly mortgage payments grew...even slightly.
The number was around 33% of home-owners that carry a mortgage would endure financial hardship if their mortgage payments were to increase by a mere 10%.
Of those people - around 15% said they couldn't handle ANY increase at all to their mortgage payments.
I got news for you folks...INTEREST RATES ARE GOING TO RISE!! It's inevitable.
It's time to start being a little more sensitive to all those "EXTRA" expenses. You know...like the new boat, the RV, the new cars, etc...
The "low interest rate" ride is coming to an end - and it's going to be a shocking turn of events when it happens.
Consider the report discovered that the average homeowner in Canada is carrying around $190k in mortgage debt...and even higher for folks in Alberta ($243k), and BC (217k), and Manitoba and SK (197k)
The question then is, when the rates rise - will you be ready?
If you are not sure - I suggest you call us so we can get ahead of the chaos...we're here to help, after all - the name on the door says Mortgage SOLUTIONS - we're good at this stuff...nay - we are the BEST at this stuff.
306-205-1270 is the number to call...and hey - if you aren't in Saskatchewan, don't sweat it - we can still help - just call us toll free at 877-75-FOCUS (877-753-6287)
Stay Classy Everyone!
*see the full article at