Can’t afford your home anymore? You’re not the only one feeling buyer’s regret.
Our 2022 Debt Survey shows high interest rates, inflation and housing prices are leaving Canadians feeling like they can’t afford their home and a twinge of buyer’s regret.
- Nearly 25% of homeowners say if interest rates increase further, they’d be forced to sell.
- 1 in 5 homeowners believe they can no longer afford the house they own.
- Nearly half of Canadians said they would struggle to handle unexpected expenses.
- NEARLY 40% of Canadians do not feel like their wages are keeping up with inflation.
- 80% of Canadians think there is an affordability crisis in Canada.
But simply understanding the housing market better might alleviate some of your stress.
We’ve all seen the huge shift in the housing market this past year and with high interest rates and inflation also rising, it’s normal to worry if you can still afford your home.
Start by researching and trying to understand the real impact of interest rates and inflation, on the housing market. Once you understand how high interest rates, inflation and housing prices are connected, you’ll feel more confident and in control when it comes to planning your financial future, and when it comes to your mortgage payments.
Next, it’s time to take a detailed look at your own personal financial plans. Right now, Canadians are 5x more likely to report their spending is exceeding their income. If you’re not able to save right now, it’s normal to be stressed about unexpected expenses, like increasing interest rates.
Here are some helpful articles to help you better understand the housing market, interest rates and inflation:
About the Manulife Bank of Canada Debt Survey
Now in its eleventh year, the Manulife Bank of Canada poll surveyed 2,001 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between April 14 and April 20, 2022. National results were weighted by gender, age, region, and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 and 69 been surveyed.