As the real estate market in British Columbia continues to create demand and increase property value and interest rates sit at rock bottom prices, many home and investment property owners throughout the province have allowed themselves indulgent consumer spending based on the certainty of having value in real estate to fall back on. Thousands have turned to credit reliance to accommodate their spending habits. One thing British Columbians may not have considered however, is what would happen to their monthly mortgage payments if interest rates were to rise. MNP’s recent Consumer Debt Sentiment Survey showed that nearly 50 per cent of those carrying mortgages would be concerned about their ability to make mortgage payments if interest rates were to rise. If this resonates with you and the amount of debt you are carrying could impact your mortgage security, it’s probably time to tighten up the purse strings.
The MNP Consumer Debt Sentiment Survey was conducted by Ipsos Reid on behalf of MNP. News1130 covered the survey in an original article originally posted online at News1130 on October 16, 2016.
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