A new survey by Leger Marketing has found that Canadian homeowners are increasingly concerned about inflation, with 81% saying they are worried about the rising cost of living.
The survey, which was commissioned by RATESDOTCA, also found that 10% of Canadians have reached their financial limit and say they can’t handle any further rise in consumer prices.
The poll results come days after Statistics Canada reported that Canada’s inflation rate stood at 7.6% in July, the highest level in more than 30 years.
The survey suggests that Canadian homeowners earning less than $60,000 annually are the most concerned about inflation at 89%. However, 79% of respondents earning $60,000 to $100,000 annually said they are also concerned about inflation, while 77% of people earning more than $100,000 a year expressed worries about rising prices.
If inflation remains at current levels, 54% of respondents said they believe they could sustain themselves financially for seven months or more. A total of 13% of all homeowners who participated in the survey said they could sustain themselves at current inflation levels for one to six months.
According to the survey, 60% of homeowners are taking additional measures to cope with higher costs. Forty per cent said they have tapped their savings to help pay for increased costs; 15% took on extra work; and 13% have taken on debt through lines of credit and credit cards.
The survey was conducted from August 19 to 21 and polled 950 Canadian homeowners on how they are managing inflation and the rising cost of living.
