45% of Variable Mortgage Holders Say They Could Have to Sell in Next 9 Months

Variable rate mortgage holders have felt the full force of the latest interest rate hike cycle. YahooCanada | realestate realestatenews homeowners finance mortgagerates interestrates

Variable rate mortgage holders have felt the full force of the latest interest rate hike cycle, with a staggering 45% of variable rate holders now saying they’ll be forced to sell in just under nine months.from Yahoo Canada and Maru Public Opinion, the results of which were released on Thursday.

Overall, 35% of Canadian homeowners say they won’t be able to handle the current Bank of Canada policy rate for more than 10 months before they’ll have to sell.last month, bringing its policy lending rate to 4.5% — a big change from the historically low 0.25% that was introduced at the beginning of the pandemic and maintained until March 2022.

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