Homeowners Cutting Back on Spending, Plan to Look for Second Job: Bank of Canada Survey

Homeowners Cutting Back on Spending, Plan to Look for Second Job: Bank of Canada Survey
A person walks by a row of houses in Toronto on July 12, 2022. Cole Burston/The Canadian Press
Isaac Teo
Updated:
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Homeowners with variable-rate mortgages are cutting back on household spending and planning to look for a second job, according to a survey by the Bank of Canada (BoC).

The central bank said on June 30 that higher interest rates have weighed heavily on the finances of Canadians, with the impact “more acute” for homeowners with variable-rate mortgages, according to Blacklock’s Reporter.