So Many Ontario Homeowners Say They Are 'House Poor' & Can Barely Pay The Bills
"Ontarians are the most likely to say they're unable to pay their monthly bills."
Some homeowners in Ontario may be living the dream, but others are "house poor."
According to an MNP Consumer Debt Index report, 31% of homeowners in Ontario report being "house poor." This means after their home-related bills are paid, they don't have a lot of money left over.
"All told, approximately two million homeowners in Ontario are susceptible to financial disruptions such as an interest rate increase or change to their job situation," reads the report.
"Ontarians are the most likely to say they're unable to pay their monthly bills and debt obligations compared to the other provinces."
The report says that homeowners with an outstanding mortgage are at a higher risk and that 18% of homeowners regret how much debt they took on in the first place to obtain their home.
45% of Ontarians would be concerned for their finances if interest rates go up and 36% would even worry it could push them to bankruptcy.
So while you may want to lock down that property, you might want to double-check your finances beforehand.
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