A recent survey conducted by the Angus Reid Institute has found that an increasing number of Canadians are struggling with the higher cost of mortgage debt, and anxiety levels are rising among those who are approaching mortgage renewal. The Bank of Canada has raised interest rates 10 times, reaching a 22-year high of 5%. The survey reveals that more Canadians are finding it difficult to make their monthly mortgage payments at the current interest rate. The number of mortgage borrowers who find their mortgage payments “very difficult” to pay has doubled since March, with 15% of borrowers reporting struggles compared to 8% in March. Homeowners on a variable-rate mortgage have seen their payments steadily increase, while those who took out a mortgage between 2018 and 2020 on a low fixed rate are also anxious about potential large payment increases during renewal. The survey also found that Canadians are increasingly negative about their financial situation, with 50% saying they are worse off financially than a year ago. Housing affordability is now a leading concern for Canadians, surpassing climate change. The rising cost of living is the top issue facing the country for two-thirds of Canadians.
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