Two in three respondents say that higher interest rates have impacted their personal spending negatively (36%) or somewhat negatively (28%), which is an increase since the last wave in February 2019, where two in five said it impacted their spending negatively (20%) or somewhat negatively (22%). Younger Canadians aged 18 to 34 were more likely to say the higher rates affected their spending negatively (49%) than older Canadians aged 55 plus (24%).
When asked what they would suggest to someone they knew if they had a down payment and financing in place to buy a house, Canadians are split between suggesting to wait (44%) or to buy a home now (40%), while 16 per cent are unsure. Older Canadians aged 55 plus are more likely to suggest buying now (46%) than younger Canadians aged 18 to 34 (36%). Residents of Quebec are more likely to suggest waiting (52%) than residents of B.C. (38%) and Atlantic Canada (31%).
Nanos conducted an RDD dual frame (land- and cell-lines) hybrid telephone and online random survey of 1,096 Canadians, 18 years of age or older, between May 31st and June 3rd, 2023 as part of an omnibus survey. Participants were randomly recruited by telephone using live agents and administered a survey online. The margin of error for this survey is ±3.0 percentage points, 19 times out of 20.
This study was commissioned by Bloomberg News and the research was conducted by Nanos Research.
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