More than two out of five Quebecers (41%) do not understand the impact that an increase in interest rates can have on their situation, according to a survey by TD Bank Group.
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The poll, released Wednesday, reveals that the Quebec percentage is much higher than the Canadian average, while a quarter of respondents across the country admitted that they did not fully understand the impact of the rate hike. despite saying they are ready to buy a property.
“In today’s tight market, understanding the impact of rising interest rates is critical to establishing and maintaining good financial health, no matter where you are in your ownership journey,” said Frank Psoras. , Senior Vice President, Real Estate Secured Lending at TD.
The survey also shows that 45% of Quebec respondents do not know the difference between a mortgage loan with a fixed interest rate and a mortgage loan with a variable interest rate as well as the costs associated with the purchase of a house. (27%).
In addition, 40% of Quebecers surveyed tend to be less worried regarding the impact that rising interest rates will have on their ability to afford a house than elsewhere in the country.
Despite this uncertainty, one in four Canadians (24%) said they were at least “somewhat” likely to buy a property in the next year.
“What we get from the survey results is that Canadians aren’t putting their plans on hold, and neither should they be,” Psoras added. That said, the conditions are complex and changing. If you are considering buying a property or renewing your mortgage in the medium term, you may want to speak with a Mortgage Specialist or TD Advisor to help you get a better picture of your affordability.”
The survey was conducted online with 2,000 Canadians, between May 20 and May 25, 2022.
