Mortgage Holders Are “Bracing For Impact” After July Rate Hike

According to a poll from Angus Reid Institute, 37% of Canadian mortgage holders are already having difficulties making their monthly payments and 89% of them report that the latest interest rate hike will further exacerbate their woes. Moreover, 45% of renters are having difficulty paying their monthly rent, with 63% anticipating their financial difficulties to worsen. Furthermore, competition for rentals is increasing, with 50% of respondents eschewing big purchases such as home purchases due to the high cost of mortgage borrowing.

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