35% of Canadian Home Owners Will Go Bankrupt in 2024!

Two years ago, this channel covered a Daily Hive article that claimed that as many as 35% of Canadian households were concerned about going bankrupt due to rising interest rates. Now that the BOC overnight rate is holding steady at 5% and reported consumer bankruptcies are still below pre-pandemic levels, could the wave of fixed rate mortgage renewals be what finally tips the scales and pushes highly leveraged home owners to the brink of bankruptcy?

In today's video, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty provides his opinion and the opinion of BMO’s Chief Economist, Doug Porter regarding where the housing market is headed and just how serious the 2024 and 2025 “mortgage renewal cliff” might be for the Canadian economy.