Almost 40 per cent of Canadian homeowners are struggling with their budgets and have needed help to cover expenses in at least one of the past 12 months. A survey from Manulife shows that those in trouble turned to debt, family or friends to make ends meet. Thirty-eight per cent of those with a mortgage said that their local housing market is unaffordable. There is growing pressure looming for many households with mortgage rates beginning to increase in anticipation of an interest rate hike by the Fed. The upward pressure on the bonds market as a result will push Canadian fixed mortgage rates higher, further squeezing tight household budgets.
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