HomeMortgageYounger homeowners more likely to be financially stressed: survey

Younger homeowners more likely to be financially stressed: survey

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% of respondents between 18 and 34 years of age with a mortgage say they are very or somewhat financially stressed about their mortgages, compared with 62% 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…

Read more at www.canadianmortgagetrends.com

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