Posthaste: Have interest rates forced Canadians to sell their homes? [Financial Post (Toronto, Ontario, Canada)]
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Stifel Financial Corporation (SF)
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Source: Financial Post
Higher mortgage payments during the Bank of Canada 's tightening cycle have forced only a small number of Canadians to take drastic measures and sell their home. A survey released last week from the real estate website Wahi found that 11 per cent of homeowners planning to sell are doing so because of the cost of living, while 37 per cent are looking to downsize and 25 per cent are looking to upsize. Article content “While it's a challenging time whenever someone is forced to sell their home, the survey results indicate that this remains relatively uncommon in the Canadian housing market compared to other reasons for selling,” Wahi chief executive Benjy Katchen said in the report. “The Bank of Canada's recent rate cut should also provide some relief for homeowners.” The desire for Canadian homeowners to downsize was no surprise, due to Canada's aging population, the report noted. Overall, 69 per cent of those looking to downsize are aged 55 and up. On the other hand, 94 pe
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