Business
Amid economic uncertainty majority of Canadian homeowners express confidence in managing mortgage payments and budgets
Amid economic uncertainty majority of Canadian homeowners express confidence in managing mortgage...
About this update from Canadian Imperial Bank Of Commerce
[{"type":"text","content":"\n\n\n\n Amid economic uncertainty majority of Canadian homeowners express confidence in managing mortgage payments and budgets\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 24, 2025\n \n\n /CNW/ - A new CIBC poll finds that amidst the volatility in inflation and higher costs of living, mortgage holders are taking proactive measures to mitigate financial strain, with the majority feeling confident in their ability to handle their mortgage payments and make their budgets work.\n \n\n\n\n\n\n\n\n\n In fact, 64% of variable rate mortgage holders remain unaffected, reporting little to no impact on their standard of living, as do 59% of those expecting higher renewal rates.\n \n\n \"As mortgage rates are declining, it's encouraging to see that despite continued financial pressures, the majority of homeowners remain confident in their ability to manage their living expenses,\" said\n \n Daniel Rethazy\n \n , Senior Vice-President, Personal Lending, CIBC.\n \n\n\n Homeowners determined to navigate budget challenges amidst fluctuating economic conditions\n \n\n\n Six in 10 homeowners renewing their mortgage in the next two years anticipate higher interest rates, with the average expected increase between 1% and 2%. Amidst this backdrop, mortgage holders have a number of key concerns including inflation and living costs (94%), broader economic conditions (89%), interest rates (85%) and potential US tariffs (80%), with concerns about election outcomes in\n \n Canada\n \n not far behind at 70%.\n \n\n Determined to make budgets work, over half of renewers expecting a higher rate are tightening their belts by opting for more affordable shopping options and cutting back on discretionary spending such as travel and entertainment (57%). Many are also shopping for better mortgage rates (42%), seeking additional income sources (24%), and making lump sum payments towards their mortgages (19%).\n \n\n \"At CIBC, we understand that navigating the current economic uncertainty and rising cost of living can create stress...