59% of people expect the Bank of Canada\u0027s latest interest rate hike to have a negative impact on their finances, a survey says. Read on
Three-in-five are expecting the rate increase to have a negative impact on their finances and one-third are bracing for “significant” challenges,Those paying a mortgage are experiencing the direct impact of increasing interest rates, with nearly two-in-five having trouble making their payments. Nine in 10 mortgage-holders are anticipating the latest increase will further exacerbate this pain.
Among the half who find their current mortgage payments “manageable,” a majority fear the rate hike will hinder their ability toThis advertisement has not loaded yet, but your article continues below.It’s not just homeowners who are finding it difficult to keep up with their payments. An even larger number of renters are struggling to pay their monthly rent, with two-thirds expecting their finances to worsen from the rate increase.
Unlike homeowners, renters are faced with the indirect impact of the central bank’s policy decisions as landlords pass on their increased mortgage costs to tenants. Competition for rentals is also increased as prospective homebuyers delay purchases and wait for interest rates to settle. As a result, enthusiasm for rate hikes is diminishing, with the percentage of Canadians who want rates to fall nearly tripling since May 2022.
But Canadians are still divided on how the Bank of Canada should proceed with interest rates for the rest of the year.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
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