The Bank of Canada continued to pile on the rate pain this summer, and mortgage holders are feeling the brunt. The Real Estate and Mortgage Institute of Canada (REMIC) reported on Wednesday that “mortgage malaise” is setting in amongst borrowers, with 34% saying that they regret their current mortga...
Real Estate and Mortgage Institute of Canada
REMIC’s data, which stems from an online survey of 1000 random Canadians, comes on the heels of Statistics Canada's . On Tuesday, the government agency revealed that the Consumer Price Index edged up 3.3% year over year in July. The same measure came in at 2.8% in June. Circling back to REMIC’s survey, it also reveals that 45% of current borrowers believe that they will be paying off their mortgages until the age of 60, while 8% think that they will be making payments until they’re 80 or older. Even so, just 30% of borrowers indicate that they would have purchased a less expensive property if they anticipated the conditions they are contending with today.
“A home is the last thing that Canadian homeowners would default on because their families need a roof over their heads,” he says. “Everything else suffers, cancelled vacations, high interest from carrying a balance on credit cards, and overall quality of life.”
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