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With inflation reaching record levels, the finances of Quebec households are being put to the test.
Many families who had a comfortable life now find themselves struggling to make ends meet.
“I look at my daughter and I wonder if she will be able to buy a house in a few years when she wants to leave here,” says Sylvie Thibert, a single mother.
“The ultimate solution is going to be to sell my house and move into an apartment, but I look at the price of apartments and it’s almost the same price as my mortgage,” says Ms. Thibert.
A survey by Manulife Bank recently revealed that 18% of homeowners think they can no longer afford their home, but Fabien Major, planner and financial adviser suggests that this fear stems from a lack of planning.
“Half of the people surveyed don’t have a budget, three-quarters don’t have a financial plan, and it’s like going on vacation without a road map,” says Major. “The unknown clashes with education.”