Number of Canadians finding it ‘very difficult’ to pay mortgage has nearly doubled since March: poll

CP 24 ~ October 23rd, 2023

The number of Canadians who say they are finding it “very difficult” to make their monthly mortgage payment has grown in recent months, nearly doubling since March, according to a new poll published Monday.

The online Angus Reid survey, which polled 1,878 Canadians this month, found that 15 per cent of the mortgage holders surveyed are finding it “very difficult” to make their payments, up from eight per cent in March.

Among Ontario residents the percentage of mortgage holders who are finding it “very difficult” to meet their obligations is even higher at 16 per cent.

A sold sign is shown in front of west-end Toronto homes Sunday, May 14, 2017. THE CANADIAN PRESS/Graeme Roy

The percentage of respondents who find their mortgage payments “tough” was also higher among Ontario residents – 37 per cent compared to 30 per cent nationwide.

According to the survey, the current mortgage rates have four in five Canadian mortgage holders “worried” (40 per cent) or “very worried” (39 per cent) that their payments will increase when it comes time to renew with their bank.

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