Inflation and rising interest rates have many Canadians worried about not being able to pay their mortgages.
• Read also: Nearly 20% of homeowners are unable to make their mortgage payments
• Read also: “It’s a financial shock that can translate into a recession, so everyone will suffer.”
Although she admits the situation is worrying because “we don’t really know how it’s going to turn out,” Sophie Desautels, senior director of financial recovery at Raymond Chabot, wants to be reassured.
“Currently, in the short term, we shouldn’t worry too much because the majority of people with variable interest rates, right now, will have the effect during renewal,” she explains. In an interview with TVA Nouvelles.
She recommends talking to your financial advisor as the situation may vary from person to person.
Some people whose income has improved since signing up for a mortgage can choose to put more money on their equity to avoid paying more interest.
Watch the full interview in the video above.
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