A significant share of homeowners are unable to handle further price increases, new poll finds
As much as 81% of Canadians are concerned about current inflation trends, while 10% said that they are already unable to handle further price increases, according to a new survey conducted by Leger for BNN Bloomberg and RATESDOTCA.
This worry is particularly widespread among homeowners earning less than $60,000 annually, with 89% saying that inflation trends represent a significant threat to their finances.
Fears were also apparent among those earning $60,000 – $100,000 annually (79%) and among those earning more than $100,000 a year (77%).
“The surging cost-of-living has pushed the Bank of Canada to rapidly increase interest rates this year, including a full-point hike in July,” BNN Bloomberg said in the poll’s data release. “That has put pressure on homeowners, especially those who are renewing their mortgages or have variable-rate loans.”
Approximately 54% of Canadian homeowners said that they could sustain themselves at current inflation levels for seven months or longer, while 13% said that they could sustain themselves at current trends for one to six months. Another 23% of respondents admitted that they don’t know how long they could last under current conditions.
Data from Statistics Canada showed that inflation spiked by 7.6% annually in July.