Mortgage Crisis

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Can You Afford Your Mortgage In 2016?

Many Canadians are opening up their January credit card statements, reeling from the holiday hangover and newly acquired debt they racked up last month. It sure adds up quickly: gifts, some travel, a few nice dinners over the holidays. What would happen if credit card interest rates doubled? How many of us would fall behind in our credit card payments? It sounds horrible but rest assured it is unlikely. But it is far more likely to happen with our mortgage rates. Could you afford your home in 2016 if interest rates rise?
Alamy

Mortgage Free? In Your Dreams.

The average age at which Canadian homeowners with a mortgage believe they will be mortgage free is 57, compared to age 55 in a similar CIBC poll one year ago. And, surprise: residents of B.C. had among the longest repayment expectations in Canada at age 59