High interest rates and mortgage costs are having an impact on Canadian finances, and Cupid.
A recent survey by Mortgage and finance firm, 360Lending, found 80 per cent of Canadians would rather save money for a down payment on a home than get married.
Another two-thirds of respondents said they would skip Valentine’s Day to save money for a mortgage downpayment.
The Bank of Canada has raised interest rates by 4.75 per cent since January 2021. The result has been a dramatic rise in mortgage costs. Adding fuel to the fire is the rising price of homes and home-affordability in the Canadian housing market.
“We’re seeing that higher mortgage rates are seriously costing Canadians love, relationships, and generally joy,” said Ringo So, Mortgage Agent and Managing Partner of 360Lending.
The survey asked if higher mortgage or rent payments have negatively affected their love life in the past 12 months, and a combined 49.2 per cent of Canadians said yes.
It isn’t just mortgages on the rocks. The survey found 23.6 per cent of Canadians are not traveling, while 10.8 per cent say they have cancelled streaming services.
The survey interviewed 1,000 Canadians across all provinces, and was commissioned by 360Lending.