Photographer: NeONBRAND
“Almost three quarters of Canadian homeowners would have difficulty paying their mortgage every month if their payments increased by as little as 10 per cent, a new survey from Manulife Bank suggests,” wrote CBC News on May 23, 2017.
CBC News continued, “The bank polled 2,098 homeowners — between the ages of 20 to 69 with household incomes of $50,000 or higher — online in the first two weeks of February.
Because they aren’t randomized samples, polling experts say online polls don’t have a margin of error, but the survey nonetheless highlights just how tight the budgets are for many Canadians.
Fourteen per cent of respondents to Manulife’s survey said they wouldn’t be able to withstand any increase in their monthly payments, while 38 per cent of those polled said they could withstand a payment hike of between one and five per cent before having difficulty. An additional 20 per cent said they could stomach a hike of between six and 10 per cent before feeling the pinch.”
Read the full article here.
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