More than half of Canadians, or 51 per cent, would miss mortgage payments within three months if they lost their primary source of income, according to a new survey conducted by Leger on behalf of online mortgage marketplace ratefilter.ca.

Other findings show that sixteen per cent of mortgage holders would fall behind on their payments within 30 days. Canadians spend an average 37 per cent of their pre-tax income on housing, with 62 per cent exceeding the Canadian Mortgage and Housing Corporation’s (CMHC) recommended guideline of spending no more than 30 per cent.

“These statistics corroborate what we’ve been hearing anecdotally from Canadians who are struggling to make ends meet due to higher interest rates,” said Andy Hill, co-founder of ratefilter.ca “Many Canadians feel like they’re at a breaking point due to higher interest rates. Even if the Bank of Canada pauses its rate hike, these borrowers will still be dealing with rates at a 20-year high.”

The online survey is based on results from a representative sample of 1,548 adult Canadians (including 1,028 homeowners and 650 mortgage holders) from October 13-16, 2023.

This news item has been updated