Vast majority of Canadians impacted by rising interest rates: poll

The vast majority of Canadians, over 70 per cent, say they are impacted by the escalating interest rates, especially homeowners who have a mortgage or loan on their residence, according to a new poll.

The Maru Public Opinion poll found 35 per cent of homeowners with a mortgage or loan don’t believe they will be able to ride out the latest Bank of Canada prime lending rate hike to 4.5 per cent for more than nine months. They would be forced to sell or vacate their home.

The other 65 per cent said they should be able to ride it out for as long as it takes

Half of homeowners without a mortgage or loan say they have been affected by the rising rates as well.

The Bank of Canada announced its eighth interest rate hike on Wednesday of a quarter of a percentage point, bringing it to 4.5 per cent, the highest it’s been since 2007.

Officials also said if economic developments stay in line with its current projections, the central bank expects to hold its key interest rate at its current level.

Only 29 per cent of those polled said that the rising interest rates have not really had an impact on them, but close to 40 per cent said it’s caused anxiety.

Another 22 per cent said it has caused very serious pressures while 11 per cent of Canadians said the rates have caused drastic financial adjustments and lifestyle changes.

The poll was conducted on Jan. 23-24 using 3,074 randomly selected Canadian adults who are Maru Voice Canada online panelists and has a margin of error of plus or minus 1.8 per cent, 19 times out of 20. Within this group, 1,920 Canadians who own their home were interviewed for a corresponding estimated margin of error of plus or minus 2.2 per cent.

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