{"id":4135,"date":"2016-11-29T10:10:11","date_gmt":"2016-11-29T18:10:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4135"},"modified":"2016-11-28T18:48:34","modified_gmt":"2016-11-29T02:48:34","slug":"canadians-are-incapable-of-servicing-higher-mortgage-costs","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/canadians-are-incapable-of-servicing-higher-mortgage-costs\/","title":{"rendered":"Canadians Are Incapable of Servicing Higher Mortgage Costs"},"content":{"rendered":"<p style=\"text-align: justify;\">In a new survey, Manulife Bank of Canada found that over 16% of Canadians will not be able to service existing debts if their current mortgage payments increase in any way (even if their main wage earners do not get laid off).<\/p>\n<p style=\"text-align: justify;\">The study further revealed that more than 30% will find it difficult to pay their bills within three months if the household\u2019s breadwinner loses their job, BNN reported.<\/p>\n<p style=\"text-align: justify;\">The results emphasized that more and more Canadians are finding themselves ill-equipped to handle emergencies\u2014not surprising in an era that has seen costs grow steadily amid stagnant incomes.<\/p>\n<p style=\"text-align: justify;\">\u201cThe survey results [are] more reflective of monthly mortgage costs \u2014 which are a function of debt and interest rates,\u201d Manulife Canada Chief Investment Strategist Philip Petursson wrote in the data release. \u201cPerhaps the emphasis is misplaced on interest rates, given the fact that interest rates are at decade lows, as opposed to the real driver of higher mortgage costs, which is housing prices.\u201d<\/p>\n<p style=\"text-align: justify;\">Especially at risk are millennial consumers, with 83% of the survey respondents in the 20-34 age group carrying mortgage debt.<\/p>\n<p style=\"text-align: justify;\">Complicating matters is that a poisonous brew of a runaway US dollar, a possibility of a US Federal Reserve rate hike, and continued uncertainty amid Donald Trump\u2019s ascension as US president is making itself felt in bond and mortgage markets the world over.<\/p>\n<p style=\"text-align: justify;\">Recently, The Globe and Mail markets observer Don Pittis warned that while the housing sector is slower to react to such an increase than the bond markets, both will certainly feel the impact of a Fed hike.<\/p>\n<p style=\"text-align: justify;\">\u201cSlowing house prices and falling bond prices have the same trigger,\u201d Pittis wrote. \u201c[Everything] else being equal, rising interest rates would eventually have the same effect on houses that it has already had on bonds. Higher rates make existing assets fall in value.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/canadians-are-incapable-of-servicing-higher-mortgage-costs--report-217731.aspx\" target=\"_blank\">Canadians Are Incapable of Servicing Higher Mortgage Costs<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a new survey, Manulife Bank of Canada found that over 16% of Canadians will not be able to service existing debts if their current mortgage payments increase in any &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/canadians-are-incapable-of-servicing-higher-mortgage-costs\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-4135","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadians Are Incapable of Servicing Higher Mortgage Costs &#8226; 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