One Third Of Canadians Struggling With Mortgages Having Financial Issues
The Manulife Bank report showed that a large number of Canadians are getting their livelihood off paycheque-to-paycheque, amongst that number are also those who claim to have a mortgage.
The study showed that close to fifty percent of homeowners in Canada will not be able to afford taking care of any uncalled for financial emergency, with the younger generation being at a more disadvantage point of having limited capitals.
Thirty eight percent of those with a mortgage complained of having a hard time paying their mortgage, and also take care of other bills and fees at the same time.
An amount of $174,000 mortgage debt has been reported by the Canadian homeowners with mortgages, more than one-fourth of their revenue after deductions, is used to pay off mortgages. Nevertheless, about 3 out of 10 homeowners spend on mortgage payments more than 30 per cent of their net income.
If a third of the mortgage holder’s population breadwinner were to lose their job, they won’t be able to have a source of livelihood after a period of 3 months. Another similar percentage said they will still survive if they are to have their mortgage payments increased by 10 per cent, while 40 per cent won’t be affected by a 20 per cent rise in a rise in mortgage payments.