North American Tracker (May 13, 2022): Mortgage Rates and Inflation

Posted on May 13th, 2022 in Surveys

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This survey is conducted in collaboration with the Association for Canadian Studies (ACS) and published in the Canadian Press. This series of surveys is available on Leger’s website.


Mortgage Rates and Inflation

  • If mortgage rates went up by 1%, 13% of Canadians and 10% of Americans who have a mortgage would either face a significant financial burden, have to consider selling their home or have to sell their home. These figures balloon if rates were to increase by 3%.
Impact of Increasing Mortgage Rates
  • The proportion of Canadians (85%) and Americans (88%) who indicate that inflation is a serious problem for their household has increased since our last survey published on March 17, 2022.
  • The top actions Canadians and Americans have taken due to rising inflation over the past few months are:
    • Buying less expensive items at the grocery store (65% of Canadians, 49% of Americans)
    • Eating at restaurants or ordering take-out less often (53% of Canadians, 41% of Americans)
    • Reducing food waste to make their money go further (46% of Canadians, 40% of Americans)

METHODOLOGY

This web survey was conducted from May 6 to 8, 2022 with 1,534 Canadians and 1,003 Americans, 18 years of age or older, randomly recruited from LEO’s online panel.

To view the May 13, 2022 report, CLICK HERE.

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