Mortgage and Financial Stress

June 11, 2024

From June 7 to June 9, 2024, we surveyed Canadians to find out their opinions, perceptions, and stress levels regarding their mortgages and interest rates.

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.

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