We’re the most worried about rising mortgage rates: survey

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VANCOUVER (NEWS1130) – People in BC are the most likely to say they’d be in trouble if their mortgage rate rose two percentage points, according to a new poll.

Thirty-two percent of respondents in British Columbia say they would have trouble affording their homes under that scenario; that’s 12 points higher than the next-most worried province, Ontario.

The Leger Marketing survey for the Bank of Montreal also finds 20 per cent of BC respondents are unsure about home affordability in the event of a two-point jump in mortgage rates.

The two figures combined mean just over half of BC residents surveyed are unsure, while 48 per cent say they’d be okay. That’s the lowest in the country. Nationwide, 57 per cent say they could handle the increase.

When it comes to gender, almost half of women say they would have trouble affording their home if rates went up, while more than a third of men feel the same.

The survey comes as banks wind up their special offers of 2.99 per cent mortgages for a four- or five-year term.

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