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Potential housing bubble, interest rate hikes big concern for Atlantic Canadians

Rising interest rates and a potential housing bubble are significant concerns for Atlantic Canadians, according to a new survey released on Monday.
Rising interest rates and a potential housing bubble are significant concerns for Atlantic Canadians, according to a new survey released on Monday.

A new survey reveals 50 per cent of Atlantic Canadians are worried about the impact rising interest rates will have on their finances.

The survey, which was conducted by MNP LTD and released today, also finds 52 per cent of Atlantic Canadians are worried about the potential impact that a decline in house prices might have on homeowners.

Among the other survey findings:

- Eighty percent of Atlantic Canadians rate their ability to cope with a one per cent interest rate increase as less than optimal;

- One quarter of Atlantic Canadians with a mortgage agree they are ‘in over their head’ with their current mortgage payments;

- More than one in three homeowners agree they will face financial difficulties if the value of their home goes down; and

- Six in ten Atlantic Canadians think there is a housing bubble in the region.

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