The Canada Mortgage and Housing Corp. released the results of the survey on Wednesday that polled some 4,000 mortgage holders in January about how their attitudes have changed amid the rapid rise in interest rates over the past year.
The CMHC survey arrives as the Bank of Canada says it’s keeping its eye on the housing market, but isn’t yet seeing “alarm bells” that high interest rates will lead to a wave of Canadians defaulting on their mortgages.that while mortgage delinquencies have been ticking back up, they are normalizing to pre-pandemic levels.
Higher mortgage rates have affected how consumers are feeling about the mortgage process itself, the CMHC said, with perceptions dropping to their lowest levels in five years.
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