Canada NewsWire
VANCOUVER, Feb. 28, 2018
VANCOUVER, Feb. 28, 2018 /CNW/ - Based on a survey of 10,000 people across 10 countries including Canada, the latest findings from HSBC's Beyond the Bricks global research series offers deeper insights into how a shift from the low interest rate environment could affect Canadian homeowners, and how they compare against their global peers.
Key findings at-a-glance:
Country |
Haven't seen a rate rise on their current mortgage |
Would struggle or not be able to afford a 2 point mortgage rate rise |
Would struggle or not be able to afford a 5 point mortgage rate rise | ||
Current |
Prospective |
Current |
Prospective | ||
France |
97% |
36% |
37% |
57% |
51% |
USA |
87% |
24% |
24% |
45% |
44% |
UK |
84% |
16% |
25% |
35% |
38% |
Canada |
78% |
20% |
24% |
48% |
46% |
Taiwan |
74% |
18% |
40% |
48% |
57% |
Australia |
73% |
18% |
28% |
41% |
48% |
China |
64% |
13% |
30% |
37% |
53% |
Singapore |
61% |
22% |
33% |
54% |
60% |
Malaysia |
58% |
27% |
43% |
51% |
43% |
Mexico |
55% |
26% |
30% |
51% |
30% |
Average |
75% |
22% |
32% |
47% |
52% |
Key highlights:
"While faring better than many of their global peers, up to one in four current and prospective home buyers expect they'd struggle if mortgage rates were to continue to rise," said Larry Tomei, Executive Vice President and Head of Retail Banking and Wealth Management, HSBC Bank Canada. "Whether you're considering locking in your rate or looking to strike a balance with a variable rate, it's important to factor potential rate rises into household budgets and of course to shop around for the best possible rate."
Tips for current and prospective mortgage holders:
Notes to editors: | |
1) |
Beyond the Bricks is an independent consumer research study into global home ownership, commissioned by HSBC. It provides authoritative insights into peoples' attitudes and behaviour towards home buying, renting and funding around the world. |
The value of home survey represents the views of 10,005 people in 10 countries: Australia, Canada (1000), China, France, Malaysia, Mexico, Singapore, Taiwan, UK and USA. | |
The findings are based on a survey of current and prospective home owners aged 21 or older from a nationally representative online sample in each country. The research was conducted by Kantar TNS in September and October 2017. | |
2) |
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading international bank in the country. We help companies and individuals across Canada to do business and manage their finances internationally through three global business lines: Commercial Banking, Global Banking and Markets, and Retail Banking and Wealth Management. Canada is a priority market for the HSBC Group – one of the world's largest banking and financial services groups with assets of US$2,522bn at 31 December 2017. Linked by advanced technology, HSBC serves customers worldwide through an international network of around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. For more information visit www.hsbc.ca or follow us on Twitter: @hsbc_ca or Facebook: @HSBCCanada |
SOURCE HSBC Bank Canada
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