Canadian homeowners face grim reality with interest rate, property tax hikes
CA, 11 Jan 2023
A perfect storm is brewing for many Canadian homeowners. Pandemic-related issues meant banks selling or foreclosing on mortgage holders, and the average house price increased.
The interest rates are going back to their historical averages while incomes haven't increased significantly.
Disposable incomes to pay the mortgage are drying up, leading to a possible *spike* in the number of mortgage defaults.
It is a grim reality made even more dismal in Toronto, when you tack on a potential property tax increase — the biggest since the 90s. Caryn Lieberman reports.
For more info, please go to https://globalnews.ca/news/9397165/inflation-canada-out-of-pocket/
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The interest rates are going back to their historical averages while incomes haven't increased significantly.
Disposable incomes to pay the mortgage are drying up, leading to a possible *spike* in the number of mortgage defaults.
It is a grim reality made even more dismal in Toronto, when you tack on a potential property tax increase — the biggest since the 90s. Caryn Lieberman reports.
For more info, please go to https://globalnews.ca/news/9397165/inflation-canada-out-of-pocket/
Subscribe to Global News Channel HERE: http://bit.ly/20fcXDc
Like Global News on Facebook HERE: http://bit.ly/255GMJQ
Follow Global News on Twitter HERE: http://bit.ly/1Toz8mt
Follow Global News on Instagram HERE: https://bit.ly/2QZaZIB
#GlobalNews #Homeownership #Canada
