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The average mortgage debt in the country rose 11 per cent during the past year to more than $200,000 even as 52 per cent of Canadians say they lack the financial flexibility to quickly adjust to a change in costs, according to a new survey.

Manulife Bank’s annual homeowner debt survey published Tuesday paints a grim picture of consumers who may not be ready for the next increase in interest rates that could be coming.

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“The survey shows that a large percentage of Canadians are not prepared for unexpected expenses,” said Rick Lunny, chief executive of the bank. “It’s interesting because it affects two segments — the millennial segment as well as the baby boomer segment.”

Rising home prices across the country have made it harder and harder for millennials to break into the market. The average price of a home across the country rose 10 per cent in April from a year ago to $559,317.