A large number of Canadians want the Bank of Canada to press pause on additional interest rate increases as they fret about their finances, a new poll suggests.
Meanwhile, Canadians have never been so concerned about their finances, the poll said. Just over one quarter expect to be worse off by this time next year — a seven-point increase over last year, and a 13-year record, Angus Reid said. Their wallets have also taken a hit in the past 12 months. Thirty-six per cent said they are in worse financial straits compared to last year, the highest since 2010.
“ cutting back on discretionary expenditures, which of course, leads to an economy and business environment that grows more sluggish,” said Shachi Kurl, president of Angus Reid, in an interview with BNN Bloomberg on Tuesday. “If you’re in a home, if you’re carrying a mortgage, you’re worried abut the resale cost of the overall value of that home over the short and long term,” Kurl said. “All of that leading to a place where we are seeing 45 per cent of Canadians saying, ‘Look, let’s have the Bank of Canada wait and see a bit not be too exuberant about another interest rate hike.'”Article content
Source: Loan Digest (loandigest.net)
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