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Thursday, May 25, 2017   /   by Sonny Bhinder

Could You Manage a 10% Increase in Mortgage Payments?

According to a survey released by Manulife, more than 70% of Canadian homeowners are too stretched to cope with a payment hike.

In the Manulife Bank of Canada Debt Survey, more than 2,000 Canadian homeowners were polled, 24% of the respondents said that they have " caught short" in paying bills at some point in the past year. 51% said they have $5,000 or less saved for a rainy day, while 1 in 5 respondents have no emergency savings saved at all. 

Manulife reports that the problem was more severe among the Millennials, for whom the debt os rising more quickly than Gen-X or Baby-boomers. Millennials also emerged as the least to be prepared financially in the event of an emergency or unemployment.

Bank of Mom and Dad 

45% of Millennial homeowners said that they had received financial help from a family member when buying their first home. Compared tp 37% of Gen-X and 31% od Baby-Boomers, which isn't surprising when taking into consid ...

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