August 22, 2024 — Pollara Strategic Insights’ new report, “The Politics of Interest Rates”, analyzes survey data from over 9,500 Canadians to shed new light on the divide that is increasingly defining our country and politics: home ownership. Housing consistently tops Canadians’ priorities, and this study shows that not only do homeowners think differently from renters – but there is a massive gulf in attitudes between home owners who have paid down their mortgage and those still making monthly payments.
The Pollara study shows housing pressures are crushing renters and interest rates are squeezing mortgage payers. While the majority of owners no longer paying mortgages feel financially secure or getting ahead, mortgage payers and renters feel like they are falling behind.
Not only that, but mortgage holders more exposed to high interest rates, such as those with variable rate mortgages, are feeling worse about their finances.
| Housing Status | Feel positive about finances | Feel negative about finances |
|---|---|---|
| Mortgage paid off | 66% | 33% |
| Have mortgage | 40% | 56% |
| Variable rate | 35% | 64% |
| Fixed rate | 42% | 57% |
| Renters | 31% | 67% |
Pollara’s study also shows how mortgage status has become one of the defining demographics of our politics. Liberal support sits significantly lower among homeowners still paying down their mortgage (21%) than among those who have paid their mortgage off (28%). It dips even further among homeowners affected most by high interest rates, such as those with variable rate mortgages (17%), those who renewed in the past year (20%), and those planning to renew in the next year (18%).
For complete housing analysis and profiles, you can read full report details here.
