Some of the key highlights of our survey on mortgages and financial stress include…
- Four out of ten Canadians (42%) think that it is a good thing for the Bank of Canada to be cautious about lowering rates too quickly to save off inflation, while around one-third (35%) think that the Bank of Canada is not lowering interest rates fast enough.
- Among respondents with a mortgage who plan on renewing it in the next two years, two-thirds (66%) plan to renew with a fixed rate, 11% with a variable rate, and 24% are undecided.
- More than six out of ten Canadians with a mortgage (62%) are financially stressed about their current mortgage, while 38% are not stressed about it. Mortgage holders aged 18 to 34 years old are more likely to be very stressed financially (30%) when compared to those aged 35-54 (18%) and 55+ (15%).
- When thinking about the renewal of their fixed rate, six out of ten Canadians (61%) are stressed, while 31% are not.
Methodology
This web survey was conducted from June 7 to June 9, 2024, with 1,528 Canadians aged 18 or older, randomly recruited from LEO’s online panel. A margin of error cannot be associated with a non-probability sample in a panel survey. For comparison, a probability sample of 1,528 respondents would have a margin of error of ±2.5 %, 19 times out of 20.