Increasing costs of housing are making it difficult for Canadians to balance their financial obligations.
Homeowner Debt Survey finds 1 in 4 expects home equity to make up more than 80% of their wealth at retirement. https://t.co/wCsfpgA9vP
— Manulife (@Manulife) May 24, 2016
The Manulife Bank of Canada debt survey shows over the last year 37% of homeowners didn’t have enough money in their bank account to cover their expenses.
Four percent said this was a regular occurrence, with 10% saying it happened a few times, and 23% reporting it was only once or twice.
The report also showed a rising mortgage debt for Canadian households, with the average rising to $181,000 from $175,000 last fall.
Fewer than two thirds believed they would be mortgage free when they reached retirement, while 60% believed they wouldn’t have saved enough money.
Manulife polled 2,373 Canadian homeowners in all provinces between ages 20 to 59 with household income of $50,000 or more.
The survey was conducted online by Environics Research between February 3 and 20, 2016.
National results were weighted by province, income and age.
The full report can be found HERE.
