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Mortgage holders say they can make higher payments as Canadians cut spending: survey [Video]

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A Bank of Canada survey finds Canadians are increasingly cutting back on spending while mortgage holders remain confident they can keep up with higher payments when their loans renew.

The central bank released its fourth-quarter consumer expectations and business outlook surveys Monday, revealing how Canadians are faring amid higher borrowing costs and rising prices.

Roughly two-thirds of consumers said they were reducing spending or planning to do so because of their expectations for interest rates and inflation.

“While many Canadians are experiencing rising levels of financial stress, this stress is higher among those who typically live paycheque to paycheque,” the Bank of Canada said.

Survey results from the Bank of Canada say people with mortgages feel they can handle higher monthly payments. (Paul Chiasson/The Canadian Press)

The central bank said financially vulnerable households typically hold less than two weeks worth of expenses in liquid assets, frequently run out of money …

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