Roughly six in 10 Canadians with a mortgage are financially stressed, with younger homeowners more likely to be under pressure.
In a new Leger survey, 68 per cent ofrespondents between 18 and 34 years of age with a mortgage say theyare very or somewhat financially stressed about their mortgages, compared with 62 per cent across all homeowners.
Last week, the Bank of Canada cut its key interest rate, offering some relief to borrowers after the central bank's fight against inflation saw its key lending rate rise to a peak of five per cent.
Four out of 10 Canadians surveyed by Leger said they think the Bank of Canada should be cautious as it lowers interest rates, but another third think it's not going fast enough.
Respondents in households making more than $100,000 a year were more likely to say they support the central bank's caution.
Though the steep rise in interest rates has brought inflation within reach of the Bank of Canada's two per cent target, it has put pressure on Canadian households and weighed on the economy.
Among the survey respondents with mortgages, 77 per cent have a fixed rate.
Of those with fixed-rate mortgages, 43 per cent say their mortgage is up for renewal this year or next year.
Two thirds of respondents whose mortgages are up for renewal in the next two years say they plan to go for a fixed-rate mortgage. Younger respondents were more likely to say they will opt for a variable rate.
Leger surveyed 1,528 Canadians between June 7 and June 9. Online surveys cannot be assigned a margin of error because they do not randomly sample the population.
This report by The Canadian Press was first published June 11, 2024.
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Israel and Hezbollah traded fire again on Tuesday -- including a new Israeli airstrike on Beirut -- as the death toll from a massive Israeli bombardment climbed to nearly 560 people and thousands fled from southern Lebanon with the two sides on the brink of all-out war.
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B.C.’s Civil Resolution Tribunal has ordered WestJet to refund a family in full for their diverted flight and compensate them for associated costs.
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Public health officials in Prince Edward Island are investigating an outbreak of gastrointestinal illness reported among 50 people who attended a shellfish festival over the weekend.
Japan's top diplomat asked China to ensure the safety of Japanese citizens there after the fatal stabbing of a Japanese schoolboy, and demanded a crackdown on what she called 'groundless, malicious and anti-Japanese' social media posts that threaten children's safety.
The powerful sister of North Korean leader Kim Jong Un vowed Tuesday to boost the country's nuclear war capability and take other steps to protest the recent arrival of a nuclear-powered U.S. submarine in South Korea.
Prosecutors in Turkiye have charged 13 public officials over a fire that killed 29 people at an Istanbul nightclub that was undergoing renovation, state-run media reported Tuesday.
Police in northern Switzerland said Tuesday that several people have been detained and a criminal case opened in connection with the suspected death of a person in a new 'suicide capsule.'
A mentally ill man who killed 10 people at a Colorado supermarket in 2021 was convicted Monday of murder and faces life in prison.
Israel and Hezbollah traded fire again on Tuesday -- including a new Israeli airstrike on Beirut -- as the death toll from a massive Israeli bombardment climbed to nearly 560 people and thousands fled from southern Lebanon with the two sides on the brink of all-out war.
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A federal inquiry into foreign interference is slated to hear today from parliamentary security officials including House of Commons sergeant-at-arms Patrick McDonell.
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A Soyuz capsule carrying two Russians and one American from the International Space Station landed Monday in Kazakhstan, ending a record-breaking stay for the Russian pair.
Beverly Glenn-Copeland says he's been diagnosed with dementia and will play his final concert tour dates over the next two weeks.
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The sexual assault trial for Canadian musician Jacob Hoggard, the former frontman for the band Hedley, is expected to begin in northern Ontario this week, following a jury selection process.
Cineplex Inc. has been ordered to pay a record $38.9 million fine after the Competition Tribunal found the theatre owner guilty of deceptive marketing practices.
Coca-Cola is discontinuing the production of its new Spiced flavour just six months after the soda hit shelves, marking the end of a disappointing attempt to attract younger drinkers.
B.C.’s Civil Resolution Tribunal has ordered WestJet to refund a family in full for their diverted flight and compensate them for associated costs.
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The City of Ottawa says it is recruiting a 'nightlife council' to aid the city's recently appointed nightlife commissioner.
The Boston Red Sox kept their playoff hopes alive on Monday by beating the Toronto Blue Jays 4-1 in the first of a three-game road series.
Surfer Mickey Brennan says he's 'amazed' to be alive after wiping out in a giant wave off Tasmania.
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Three people were killed Monday morning in a crash north of Wellesley.
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The Saskatchewan Government is fighting to have a Court of King's Bench decision reversed. A decision which would allow a constitutional challenge of its Parents' Bill of Rights.
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The Saskatchewan Ministry of Education says a woman facing an assault charge is no longer working at a private Christian school where the alleged incident took place.
We've all had neighbours we didn't like, but two people from Sault Ste. Marie have been awarded more than half a million dollars for the 'extreme' behaviour of the people who lived next to them.
Prime Minister Justin Trudeau said many Canadians are taking their cost-of-living frustrations 'out on me for understandable reasons,' during his U.S. late-night television debut on 'The Late Show' with Stephen Colbert Monday night.
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The calls are growing louder for city council to tighten the rules governing short-term accommodations, including those advertised on websites like Airbnb and Vrbo, after students arrived by the busload at a rented house in the Masonville neighbourhood.
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519 Meets organized a car rally in south London on Saturday in a Value Village parking lot, and it turned out to be their largest ever.
Weather warnings and weather statements have been issued for central Ontario.
Casino Rama announced three new performances will hit the stage this winter.
Tree lighting, horse-drawn rides and the Santa Claus parade all come packaged together in November.
Emergency crews are on scene of a multi-vehicle crash in Essex County.According to OPP, County Road 20 is closed between Iler road and McCormick Road in Harrow.
Lawyers can't agree on how much time they feel Ryan Turgeon should spend in jail. In April, the 39 year old was found guilty of sexual exploitation and making sexually explicit material available to a minor.
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B.C.’s Civil Resolution Tribunal has ordered WestJet to refund a family in full for their diverted flight and compensate them for associated costs.
BC Conservative leader John Rustad dropped a major policy plan Sunday, pledging to eliminate supervised drug consumption sites across B.C. and replace them with intake centres for treatment and recovery.
Mounties are asking witnesses to come forward after a woman was struck by a vehicle and seriously injured in a crosswalk in Nanaimo, B.C.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
A former Lethbridge pastor who bilked millions out of hundreds of southern Albertans has appealed his conviction and sentence.
Farmers in southern Alberta are working to wrap up harvest, with 80 per cent of major crops in the bin, according to the province's latest crop report.
Monday marked the official start of Reconciliation Week in Lethbridge.
We've all had neighbours we didn't like, but two people from Sault Ste. Marie have been awarded more than half a million dollars for the 'extreme' behaviour of the people who lived next to them.
Officials in the City of Timmins say the state of Municipal Road, which connects Timmins and Iroquois Falls, is well beyond the patch-up phase.
After playing the lottery for more than 40 years, a Greater Sudbury woman made a huge windfall playing a scratch ticket game.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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