A report by the Canadian Mortgage and Housing Corporation says there are signs of significant financial stress on homeowners.

More than 2 million mortgage holders are expected to experience “interest rate shock” due to the rising cost of living as they renew their mortgages in the next two years, according to the Canadian Mortgage and Housing Corporation (CMHC).

In its biannual Residential Mortgage Industry Report, the organization says there are signs of significant financial stress on households.

“What we are seeing is that those early signs of financial stress on homeowners are actually intensifying,” CMHC senior specialist of housing research Tania Bourassa-Ochoa said in a YouTube video.

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