13 may 2010

•    20% of Canadians believe they have too much debts (compared to 7% in 2007).
•    1/4 of respondents can’t afford an unforeseen $5,000 expense
•    Families of middle and middle-high income will have to reduce their expenses for 9%-11% in case of 2% mortgage rate increase.
•    43% of Canadians “worry about their financial condition after retirement.” (That’s why reverse mortgages can become more popular – not so many seniors have other savings apart from their home equity).
The survey showed that 475,000 Canadians will be financially challenged in case of 5.25% mortgage rate. In addition to it, 375,000 borrowers already find it very difficult to keep up with their mortgage payments.
The total number of Canadian mortgagors is 5.55 million.

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