Posthaste: Latest Bank of Canada rate hike to take toll on many people's finances

Three-in-five are expecting the rate increase to have a negative impact on their finances and one-third are bracing for “significant” challenges,Those paying a mortgage are experiencing the direct impact of increasing interest rates, with nearly two-in-five having trouble making their payments. Nine in 10 mortgage-holders are anticipating the latest increase will further exacerbate this pain.

Among the half who find their current mortgage payments “manageable,” a majority fear the rate hike will hinder their ability to keep payments in this comfortable zone going forward. It’s not just homeowners who are finding it difficult to keep up with their payments. An even larger number of renters are struggling to pay their monthly rent, with two-thirds expecting their finances to worsen from the rate increase.

Unlike homeowners, renters are faced with the indirect impact of the central bank’s policy decisions as landlords pass on their increased mortgage costs to tenants. Competition for rentals is also increased as prospective homebuyers delay purchases and wait for interest rates to settle.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.

Source: Loan Digest (loandigest.net)

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