Stress Within The Mortgage Market - Causing Financial Anxiety
Debt stress connection is real and might lead to financial anxiety; with mortgage payments being one of Canadians largest debt we might be in trouble if we don't take care.
Mortgage rates are at their highest level in more than a decade. The Bank of Canada's overnight benchmark rates have climbed steadily from 0.25 at the start of the year to now 4.75 pre cent as a way of curbing inflation. What's more, Equifax identified several areas within the mortgage market where borrowers are expected to face financial stress, particularly among the 750,000 mortgage that will be renewing over the next 12 months.
Potenial Ereas of Financial Stress
About three million consumers are considered in the "medium high" risk bucket, which consists of individuals that have a reduced cash flow, high revolving debt, lower income levels that have reduced their non-mortgage debt payment.
- 10% of mortgage consumers could see a "renewal-triggered payment shock."
- 3% of the total mortgage market has so far seen their mortgage payments increase by 45%
- 5% have experienced a payment shock of about 30%
- Roughly 1.3 million have already missed payments over the past year
HOW TO FEEL LESS ANXIOUS ABOUT MONEY
Money is something that everybody feels worried about now and then. However, if you find yourself constantly feeling stressed about it, you may have financial anxiety. Learn more about what causes financial stress and how you can help manage it.
Financial Stress and Your Health
You may find yourself stressing about money for different reasons, like:
• Losing your job | Debt | Mounting bills or expenses...
GET HELP WITH YOUR MORTGAGE FINANCING
Reduce your mortgage stress by talking to a CTMS professional. We offer free mortgage consultion so that you can get expert opinions and advice about how to get your finances in order and secure a mortgage at your best rate. We can suggest tools that you can use to be prepared for the changing market.
Address: 345 Kingston Rd. Pickering ON Suit 205