Canadian Homeowners Ready to Weather Economic Storms Thanks to Supercharged Rainy Day Funds

Zolo survey shows 87% of Canadians have emergency funds.

TORONTO, Nov. 1, 2022 /CNW/ - Are Canadian homeowners ready to ride the wave of rising interest rates? Will they be prepared when their mortgage comes up for renewal?

In a new survey released by Zolo, one of Canada's most popular real estate marketplaces, 500 homeowners shared how they fared financially during the pandemic and whether they feel prepared for higher interest rates at mortgage renewal time.

87% of Canadians said that rising interest rates will at least somewhat impact their ability to afford their mortgage.

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30% of respondents would be able to go at least 30 days before running out of money to pay their bills (CNW Group/Zolo)

87% of Canadian Homeowners Have an Emergency Fund

The results highlight that Canadian homebuyers have used reduced travel and work-from-home opportunities presented during the pandemic to supercharge their savings. This focus on saving means many homeowners are in a stronger position to face economic uncertainty.

The survey revealed that:

• 83% of Canadians would be able to go at least 30 days before running out of money to pay their bills
• 24% of savers could go more than 180 days before running out of money
• 86% of Canadian homeowners have money saved for an emergency
• 28% of respondents have more than $10,000 saved

Emergency savings will be helpful to homeowners soon. Roughly half of the survey respondents reported having mortgages up for renewal in the next two years, and 87% of those respondents said that rising interest rates will at least somewhat impact their ability to afford their mortgage.

Generation Z is the Only Cohort That Feels Better Off Financially Post Pandemic

While Canadians proved to be good savers during the pandemic, few report feeling better off financially than before 2020.

• 44% of Canadian homeowners say they are worse off financially after the pandemic
• Generation Z is the only generation that feels better off after the pandemic
• Baby boomers face the least amount of struggle and have the largest emergency funds, with 36% saying they have more than $10,000 saved

About Zolo

Zolo is one of Canada's most popular national real estate marketplaces. Over 10 million home shoppers use Zolo each month to level up how they buy, sell, rent, and learn about real estate.

SOURCE Zolo

Press Contact: Jordann Kaye, Content Marketing Manager and Spokesperson, [email protected], Ph: 902-401-0610