A new CIBC poll finds that amidst the volatility in inflation and higher costs of living, mortgage holders are taking proactive measures to mitigate financial strain, with the majority feeling confident in their ability to handle their mortgage payments and make budgets work.

Sixty-four per cent of variable rate mortgage holders remain unaffected, reporting little to no impact on their standard of living, as do 59 per cent of those expecting higher renewal rates.

The findings are from a sample of 1,500 Canadians aged 18-plus. They were interviewed online through an Ipsos poll ,conducted between January 20 and 28, 2025, on behalf of CIBC.

“As mortgage rates are declining, it’s encouraging to see that despite continued financial pressures, the majority of homeowners remain confident in their ability to manage their living expenses,” said Daniel Rethazy, Senior Vice-President, Personal Lending, CIBC.

Six in 10 homeowners renewing their mortgage in the next two years anticipate higher interest rates, with the average expected increase between 1 and 2 per cent. Mortgage holders have a number of key concerns including inflation and living costs (94 per cent), broader economic conditions (89 per cent), interest rates (85 per cent) and potential US tariffs (80 per cent), with concerns about election outcomes in Canada not far behind at 70 per cent.

More than half of renewers expecting a higher rate are opting for more affordable shopping options and reducing discretionary spending such as travel and entertainment. Many are also shopping for better mortgage rates (42 per cent), seeking additional income sources (24 per cent), and making lump sum payments towards their mortgages (19 per cent).