Growing Financial Concerns Among Canadians Over Rising Mortgage Payments
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A recent survey conducted by the Angus Reid Institute indicates that a growing number of Canadians are facing financial difficulties with their monthly mortgage payments. Approximately 15% of respondents expressed that they find the financial aspect of their mortgage "very difficult," marking an increase from 11% in June and 8% in March. This rise in mortgage-related financial stress is accompanied by concerns about potential increases in payments when they come up for renewal with their lenders. Despite expectations that the Bank of Canada will maintain its key interest rate at 5%, 79% of those surveyed are worried about facing higher payments during their mortgage renewal.
The survey also revealed differences in the perceptions of variable-rate and fixed-rate mortgage holders. Those with variable-rate mortgages were less likely to find their monthly payments easy to manage but were also less concerned about what the next mortgage renewal might entail, compared to those with fixed-rate mortgages.
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