A new Angus Reid survey has found the majority of homeowners in Canada are concerned about what higher interest rates will mean for their monthly payments when it comes time to renew.
Seventy-seven per cent of respondents, regardless if they had a fixed or variable rate, say they are worried about their next mortgage renewal.
See the full story at this link: Three-quarters of homeowners worry about mortgage renewal: Poll
Financial stress from mortgage rates is an unfortunate scenario for many homeowners, especially more recent ones. When working with homebuyers, I always stress the importance of financial balance and ensuring that buyers stay within a reasonable budget. See my webpage on affordability for particulars.
The advice I offer my clients is to budget for their home purchase properly and to stay within reasonable affordability guidelines. This helps to ensure that clients can afford to stay in their home for the long-term, not only because of and dependent upon ultra-low mortgage rates. Such rates were an anonomly from a historical perspective.
If you are in the market to purchase a house, townhome or condo in the Fraser Valley, I offer buyers agent services that provide clear guidelines and find a home that will fit your affordability budget well.