Canadian Cities With High Risk of Foreclosures

Certain areas in Canada have a higher risk of foreclosures than others according to a recent news report.

 

See the full story at: https://globalnews.ca/news/3951652/interest-rates-canaa-housing-underwater/

“As the census showed us last fall, hundreds of thousands of Canadians painfully stretch their budgets every month to keep up with housing costs.
The census revealed that just under half a million Canadian households with mortgages spend over 50 per cent of their household incomes on shelter costs – taxes and utilities, but also mortgage payments.

If households are that stressed, how will they cope when interest rates push their mortgage payments higher?

Experts are not optimistic. The answers are bleak: lose the home, or severely cut spending.

It’s not surprising where homeowners are spending more than 50 per cent of their pre-tax income on shelter costs. Stressed households are concentrated in cities where real estate is most expensive – Toronto and Vancouver, but also noticeably in Barrie, Hamilton and Victoria.”

Other cities with a high foreclosure risk if rates go up include Richmond,  BC Richmond Hill, ON  and Burnaby, BC

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