Can Canadians handle another rate hike?

45% of Canadians with a variable mortgage say they would have to sell in under 9 months. Homeowners with fixed rate mortgages are feeling less pressue than those with variable rate mortgages.

35% of Canadian homeowners say they can handle the Bank of Canada’s current benchmark rate of 4.5% for about 10 months before they would be forced to sell or vacate their home.

According to a survey of 1,920 people, 45% of those with variable rate mortgages would be able to ride out today’s rate for about 8.3 months before having to sell. Of those with a line of credit on their home, 45% said they would be able to sustain the rate.

To read the full article by Alicja Siekierska, tap here.