Young homeowners are more financially stressed

Almost six in 10 Canadians with a mortgage are financially stressed, and young homeowners are the most stressed. In a new Ledger survey, 68 percent of respondents between the ages of 18 and 34 who have a mortgage They are saying that they are under severe or some pressure financially to pay their mortgage loan installments. Last week, the Bank of Canada lowered its main interest rate.

Although the sharp increase in interest rates has pushed inflation to the central bank's two percent target, it has put pressure on Canadian families and strained the economy.

Among the respondents, 77% have fixed rate loans. Among these people, 43% say that they will renew their loan this year or next year.

Two-thirds of respondents who plan to renew their mortgage in the next two years say they plan to choose a fixed-rate mortgage. But younger respondents say they are more likely to choose a variable rate mortgage.

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