Business
Canadians dealing with interest rate increases and bracing for a recession by delaying home purchases and tightening up holiday spending
Canadians dealing with interest rate increases and bracing for a recession by delaying ho...
About this update from Dye & Durham Ltd.
[{"type":"text","content":"\n \n \n \n Canadians dealing with interest rate increases and bracing for a recession by delaying home purchases and tightening up holiday spending\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 Half (47%) of Canadians expecting to delay making a real estate transaction or major purchase in the next 12 months due to rising interest rates\n \n \n \n \n Three-in-ten (30%) believe\n \n Canada\n \n is already in a recession, while half (53%) say we're about to enter one\n \n \n \n \n More than half (57%) expect to spend less money this holiday season than last year\n \n \n \n \n Half (48%) do not believe interest rate increases have been effective in slowing inflation\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Oct. 25, 2022\n \n \n /CNW/ - The significant spike in\n \n Canada's\n \n key interest rate has already had a considerable cooling effect on Canadian spending, and many are bracing for an even more challenging 2023 with no end to rate hikes in sight.\n \n \n \n \n \n \n \n \n \n According to a new survey of 1,515 Canadians conducted by Dye & Durham among members of the online Angus Reid Forum, this year's swift and sustained rise in interest rates has caused one-in-three (33%) Canadians to delay making a real estate transaction or major purchase. One-in-ten (9%) say they have delayed buying a house this year, while the same proportion (10%) expect to delay purchasing one in the next year. Sellers are bracing for a shock as well, as nearly one-in-five (17%) Canadians expect their home will never reach the same value it did prior to 2022's interest rate increases.\n \n \n Economic uncertainty is weighing on the minds of many Canadians. More than half (53%) of Canadians believe the country is about to enter a recession, while three-in-ten (30%) believe we are already in a recession. Concerns about the strength of the economy are already weighing on consumer spending plans for the remainder of 2022, with the majority of Canadians (57%) saying they are planning to spend less this holiday season than they did last year...