Alberta homeowners are the most concerned about rising interest rates
Albertans are more concerned about a rise in interest rates than people in any other province, according to a new report from RBC.
The bank’s latest Home Ownership Poll found that 76 per cent of Albertans said they were concerned about interest rate increases in the coming year, compared to 65 per cent nationally. Quebec had the lowest level of concern at 56 per cent.
The report also found some difference in how Albertans view the challenge of buying a home and the possibility of multi-generational living.
While 45 per cent of Albertans said they would consider living in a multi-generational home, they were the least likely to agree that it was a smart way for families to manage housing costs, at 28 per cent.
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Albertans were also the least likely to say they would sell their current home and buy a multi-generational property with their child to help them enter the housing market. Only 33 per cent of Alberta homeowners said they would consider doing so, compared with 35 per cent nationally.
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Mortgage renewals are another source of stress for Alberta homeowners. Nearly half said renewing their mortgage feels almost as stressful as buying their first home (48 per cent).
However, Albertans were somewhat less likely than Canadians overall to say moving up from their first home was harder than expected. While 47 per cent of Alberta respondents agreed, it was 52 per cent nationally, with Ontario reporting the highest share at 55 per cent.
The findings come as prospective buyers weigh the risks of entering the housing market. In Alberta, 63 per cent said they worried about holding off on buying a home only for prices to rise and leave them priced out, slightly above the national figure of 62 per cent with the same concerns.
You can view the full report on the RBC website.