The 2023 Mortgage Consumer Survey results are in!

Impact in Numbers: Rising Interest Rates

50% of respondents said that their financial situation was impacted by the rise in mortgage interest rates. This jumps to 74% when including those who anticipate being impacted soon. Negative impacts of rising interest rates are more prevalent among refinancers and respondents in Ontario and BC.

Rising Interest Rates and the Homebuying Process

• 31% of homebuyers changed their buying timeline due to the rise (for 26%, the purchase was sooner than expected, while 5% postponed their purchase).
• 46% of respondents said they must adjust their household budget.
  • 24% said that they have difficulty maintaining certain debt payments such as credit card (14%) and mortgage payments (10%).
  • Ontario residents, first-time buyers and respondents aged 35-44 are the 3 groups reported to be struggling the most to maintain their mortgage payments.
  • Half of them (23%) are not confident that their household will be able to manage the situation.

• 74% of mortgage consumers are impacted or anticipate being impacted by the rise of mortgage interest rates.
• Consumers were first made aware of the rise in multiple ways, here are the top 3:
  • Informed by their lender: 29%
  • Informed by their broker: 23% (for those who used one)
  • Noticed payment was higher than usual: 23%
• Debt consolidation became the top reason for refinancing existing mortgage.
• 49% of mortgage consumers impacted face difficulty maintaining certain debt payments, including mortgage payments.
• 46% of mortgage consumers must adjust their household budget due to mortgage payment increases.