Story perspectives
Canadians Brace for Higher Mortgage Payments, Cut Spending
6/6/2025
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Story summary
- 45% of Canadian homeowners anticipate increased mortgage payments upon renewal, affecting their lifestyle.
- 73% intend to cut daily spending to manage costs.
- Despite a 225 basis point rate cut by the Bank of Canada, mortgage rates are still above pre-pandemic levels.
- 43% of homeowners are pausing renovations, while 29% are contemplating downsizing.
- 55% of prospective buyers are reducing expenses to save for a home.
