Rate Increases A Concern, But Many Borrowers Say They Can Handle It: RBC

A recent survey by RBC has found that 60% of mortgage holders in Canada are concerned about rising interest rates in the coming year. However, almost half of borrowers (47%) say they or their families are "well-positioned" to weather increases in interest rates. The survey also found that inflation is a growing concern among borrowers, with almost half of respondents worried about the impact inflation will have on their ability to purchase a home, while 54% are concerned it will affect their ability to cover the costs of owning a home. The average home price in Canada was $816,720 in February 2022, up 20.6% from the same month last year and a 51% increase compared to two years ago. The rising house prices are causing growing frustration among prospective homebuyers.