Canadians are ready for a hike in interest rates and are budgeting accordingly, says a Canada Mortgage and Housing Corp. survey.
The Crown corporation says 80% of Canadians follow a household budget and, when calculating that budget, 71% considered the impact higher mortgage rates would have on their finances.
“We didn’t ask the 20% what they did,” says Pierre Serré, Vice President, Insurance Product and Business Development, about Canadians without a budget and perhaps unready for a coming interest rate hike.
But of the group budgeting, another 69% have prepared for the impact of a loss of income and 79% have set themselves up for rising expenses. The survey also found 81% of respondents have set aside some money in their budget for additional savings.
By Garry Marr, Financial Post
June 22, 2011
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