Homeowners worried about paying down debt as interest rates go up

Younger homeowners have never experienced a significant rise in interest rates.

Many Canadian homeowners are worried about rising interest rates and how they will impact their budget, a new CBC Research survey finds.

Thanks to years of access to cheap money, household debt has ballooned in Canada. Now that interest rates are rising, there are mounting concerns over how people will continue to pay down mountains of debt.

Failing to budget for heftier mortgage payments could lead to even more hardships, such as homeowners digging into their savings or turning to credit cards to make ends meet.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.


2019’s top five real estate investment towns in Western Canada
If you have some funds burning a hole in your pocket, Western Investor advises you take a look outside of the usual suspects of Vancouver and the Capital region.

1. Kitimat, BC
2.Terrace, BC
3. Abbotsford-Mission, BC
4. Okotoks, AB
5. Leduc, AB

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B.C. Real Estate News

LOWER MAINLAND

Vancouver housing sales fall to six-year low (The Globe and Mail)

Slow sales and lots of inventory push down Vancouver home prices (Business In Vancouver)

Stress test, latest rate hike pressuring Vancouver Island housing market (My Campbell River Now)

October brings slight bump to sales for Fraser Valley (Fraser Valley Real Estate Board)

VICTORIA & VANCOUVER ISLAND

October property sales pop in Greater Victoria (Vic News)

Greater Victoria builders struggle to keep up with demand (Times Colonist)

Stress test, latest rate hike pressuring Vancouver Island housing market (My Campbell River Now)

SQUAMISH

Signs of a market recovery? Home sales improve slightly in October (The Chief)

Squamish: Canada’s outdoor capital is also one of its fastest growing communities (Vancouver Sun)

OKANAGAN

Home prices on wild ride (Castanet)

Okanagan real estate sales climb (Kelowna Capital News)