TORONTO — Happy Valentine’s Day? Canadian mortgage brokerage 360Lending is questioning whether serious financial stress from increased interest and mortgage rates could be collectively “killing the mood” across the country.
To find out how badly, 360Lending commissioned a survey of 1,000 Canadians from coast to coast and asked some real relationship questions.
Key findings of the survey:
1) Cash is cancelling Cupid:
Asked if they would rather skip Valentines’ Day with their partner to save for a mortgage or down payment, a combined 67.3 per cent said they would. 52.1 per cent said “yes” and 15.2 per cent said “maybe.”
Almost half of Canadians (44.5 per cent) would rather save the money for a down payment on a house or condo than “be in love.”
2) Bad romance?
A combined 52.1 per cent of Canadians say they have chosen to spend less on their romantic partner because of mortgage or rent payments in the past 12 months.
3) Love on the rocks:
Asked if higher mortgage or rent payments have negatively affected their love life in the past 12 months, a combined 49.2 per cent of Canadians said yes, (35.2 per cent) or maybe, (14 per cent).
4) Limited engagement:
A whopping 80 per cent of Canadians said they’d rather save the money for a down payment on a home or condo than get married.
5) Interest rate hikes are cancelling Canadian joy:
Asked what Canadians have done to afford their mortgage …
- 23.63 per cent said they aren’t travelling.
- 17 per cent said they never go out.
- 10.8 per cent are having no Netflix and Chill – they cancelled streaming services.
- 8.92 per cent are only taking public transit.
- 8.51 per cent aren’t having kids.
- 6.90 per cent are “Living on Kraft Dinner.”
“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 reality is that Canadians have more options than they think. Homeowners need to speak with a mortgage professional if their monthly mortgage payments are mucking up their lives (romantic and otherwise.)”
