Canadians Worried About Mortgages As Rates Rise: Survey

Canadian homeowners are increasingly worried about their mortgage as interest rates continue
to rise, according to a new survey by RATESDOTCA.

The survey found that 53% of people are concerned about higher payments that will kick-in
when they renew their mortgage with their bank.

Fifty-two per cent of poll respondents said they have a plan in place to deal with higher
mortgage payments, with 38% saying they will cut back on spending to help afford their home,
while 9% said they will draw on savings.

The survey comes days after the Bank of Canada further raised its trendsetting overnight
interest rate by 50 basis points to 3.75%.

Fixed-rate mortgages in Canada are now more than 5%, much higher than they were last year,
when it was possible to get a five-year fixed rate under 2%.

According to the survey, 20% of Canadian homeowners said they have no plan in place to deal
with a higher mortgage rate.

The online survey polled 1,529 Canadian homeowners between October 14 and 16. Online
surveys cannot be assigned a margin of error. RATESDOTCA is a mortgage comparison
website.