Despite this uncertainty, three out of every five (58%) homeowners surveyed plan to make home-related move in the coming 12 months. Renovating is expected for 42% of respondents, while selling is likely for 13%.
With 47% of Ontarians preferring to refurbish rather sell in the next year, they are the most likely to do so.
“Rising interest rates affect all Canadians, especially those who are looking to become homebuyers in the near future, and those up for renewal”, says Frank Psoras, Senior Vice President Real Estate Secured Lending at TD. “In today’s dynamic market, understanding the impact of rising interest rates is critical to establishing and maintaining financial health, regardless of where you are on your home journey.”
A quarter (26%) of Canadians surveyed said they did not have a good understanding of the impact of rising rates, while being ready to buy, sell, or modify their home.
Reflecting a possible knowledge gap regarding the effect rising rates may have on household budgets, another third of respondents (31%) think that they or their mortgage are unaffected by interest rates.
