This Valentine’s Day, Canadian hearts are caught in a tug-of-war between love and financial responsibility. A survey by 360Lending, a leading mortgage brokerage, has unveiled startling insights into how rising interest rates and mortgage pressures are affecting relationships from coast to coast.
Cash vs. cupid: The ultimate showdown
When faced with the choice of celebrating Valentine’s Day or saving for a mortgage or down payment, a whopping 67.3% of Canadians opted to put their love lives on hold. Among them, 52.1% resolutely said “yes,” while 15.2% hesitated with a “maybe.” It seems that for many, the allure of homeownership is eclipsing the romance of candlelit dinners and heart-shaped chocolates.
Bad romance? The mortgage dilemma
In the past 12 months, 52.1% of Canadians have tightened their purse strings when it comes to their partners. The culprit? Mortgage or rent payments. Lovebirds are scaling back on date nights, thoughtful gifts, and spontaneous getaways, all in the name of financial prudence.
Love on the rocks: When bills interfere with hearts
The survey reveals that 49.2% of Canadians have felt the strain of higher mortgage or rent payments on their love lives. Whether it’s a whispered argument over bills or a missed anniversary due to budget constraints, financial stress is leaving its mark on relationships.
Limited engagement: Marriage vs. mortgages
Forget the white wedding dress and the bouquet toss. A staggering 80% of Canadians would rather stash away their hard-earned cash for a down payment on a home or condo than walk down the aisle. It seems that commitment is taking a back seat to real estate dreams.
Interest rate hikes: The silent romance killers
What sacrifices are Canadians making to afford their mortgages? The answers are as varied as the colours of a sunset:
- 23.63% have grounded their wanderlust, opting out of travel.
- 17% have become homebodies, rarely venturing out.
- 10.8% bid farewell to Netflix and Chill, cancelling streaming services.
- 8.92% navigate the city on public transit, forsaking car ownership.
- 8.51% have put family planning on hold.
- 6.90% have become connoisseurs of budget-friendly meals, surviving on Kraft Dinner.
“We’re seeing that higher mortgage rates are seriously costing Canadians love, relationships, and generally joy,” says Ringo So, Mortgage Agent and Managing Partner of 360Lending. “The reality is that Canadians have more options than they think. Homeowners need to speak with a mortgage professional if their monthly mortgage payments are mucking up their lives (romantic and otherwise).”
So, this Valentine’s Day, as you gaze into your partner’s eyes, remember that love isn’t just about hearts and flowers—it’s also about interest rates and down payments. And according to 360Lending’s survey, the mortgage market might just be the ultimate matchmaker or heartbreaker.
