Nearly half of mortgage holders say they are going deeper into debt to keep up home loan payments amid increased cost of living and higher interest rates, according to a survey report by the Financial Consumer Agency of Canada (FCAC).
In a survey that examines the financial well-being of Canadians, FCAC researchers found that homeowners with mortgages reported having more debt, which increased 16.1 percent to almost 47.7 percent from August 2020 to December 2022.
