Almost all — 92% — have taken measures to battle food inflation
Nearly two-thirds, or 65%, surveyed in Canada say their housing costs — both mortgages and rent — make it hard to buy food for their families.
The new Angus Reid Institute poll results come as the Bank of Canada announced last week it was hiking its benchmark rate by a quarter of a percentage point to 0.50%.
The survey found 58% of Canadian mortgage holders say their payments take up the majority of their budget while 74% of renters say the same of their rent.
Almost all — 92% — have taken measures to battle food inflation with 72% getting rid of takeout meals and 62% making the move to buy cheaper brands.
For the 70% who say their rent or mortgage causes them to spend less elsewhere, they say an unexpected expense of more than $1,000 wouldn’t be possible to pay within their budget.
The survey also found 83% of renters with a child under age 13 say rent eats into their monthly budget. It wasn’t much better for households without young children, as 71% said the same.
The poll found 51% of those who say rent or mortgage isn’t problematic still stress over money, while for the rest of mortgage and renters, 87% experience financial stress.
The Angus Reid Institute surveyed 1,622 Canadian adults online from Feb. 11-13 with a margin of error of +/- 2.5 percentage points, 19 times out of 20.