A quarter of mortgage holders struggle to make monthly payments

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According to the Canada Mortgage and Housing Corporation, 24% of mortgage holders are struggling to make their monthly payments Blacklock’s Reporter.

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And just 55% said they expect their home to increase in value next year, compared to 84% last year.

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“The current economic context and increases in interest rates have had a significant negative impact on the financial situation of many consumers,” says the 2023 Mortgage Consumer Survey.

“A significant proportion of mortgage borrowers are struggling to make ends meet and meet their debt obligations, particularly those under the age of 35. This context also affects the general mood of the respondents.”

Leger Marketing surveyed 4,014 mortgage holders, including first-time borrowers and homeowners who renewed their loans at new CMHC rates, but who did not provide information about the cost of the survey.

“Perception is at its lowest,” wrote the Canada Mortgage and Housing Corporation.

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“This includes confidence in the mortgage buying process as well as the perceived benefits of home ownership. Respondents also have less confidence in their ability to make future mortgage payments.”

When asked if they agreed, “I am happy with the level of my current mortgage debt,” 66 said “yes,” compared to 84% last year.

When asked if they were “confident that I can make my future mortgage payments,” 78% agreed, compared to 90% last year.

According to CMHC, 49% of mortgage customers have had difficulty maintaining certain debts, including mortgage payments, and 46% of mortgage customers need to adjust their household budget.