High Interest Rates Take a Toll on Canadians’ Love Lives

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The Debt Dilemma

In an unexpected twist, love is being tested by something far less romantic: rising interest rates. According to a 360 Lending survey, nearly half of Canadians now say that their love lives are suffering due to financial stress from increased borrowing costs.

More than 52% of people surveyed admitted they’re spending less on their partners—not because the love is gone, but because their budgets are tighter. High rent, growing mortgage payments, car loans, and credit card bills are piling up. For many couples, it’s not about grand gestures anymore; it’s about staying afloat.

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Date Night Dilemmas

The impact on romance is tangible. A whopping 67.3% of survey respondents said they would consider skipping Valentine’s Day celebrations to save for a mortgage down payment. Forget roses and restaurant reservations—date nights are getting replaced with budget-friendly alternatives, like home-cooked dinners and board game nights.

This frugality doesn’t necessarily mean love is lost. Some couples are finding new ways to connect without spending. But for others, the pressure to save can strain the emotional connection.

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Mortgage Renewal Blues

For those whose mortgage terms are up for renewal, the pain is very real. Over 40% of Canadian mortgage holders have already renewed at higher rates—leading to steeper monthly payments. This added financial burden can throw off entire household budgets, delay big plans like weddings or travel, and spark conflict between partners.

The challenge isn’t just affording the new payments. It’s about learning to navigate financial stress as a couple, especially when priorities clash.

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Love in the Time of Inflation

Inflation doesn’t just hit the grocery store. It weighs heavily on emotional choices, too. Many couples are faced with hard questions: Do we get married or keep saving? Do we start a family or invest in a property?

The juggling act between building a future and managing today’s costs is pushing many Canadians to delay traditional relationship milestones. With housing prices still high and interest rates putting monthly budgets under pressure, financial caution is overtaking spontaneity.

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nesto’s Take

Data from nesto supports this trend. Between February 2023 and February 2024, 76% of nesto’s mortgage applicants were single. Among solo applicants, 81% identified as single, and only 19% were married.

Interestingly, co-applicants (those applying with a partner) were more likely to be married—64% of them. Yet solo applicants typically contributed larger down payments than those applying jointly.

This points to a growing culture of financial independence, where people prioritize homeownership over tying the knot. In Quebec, where common-law relationships are more culturally accepted, over half of nesto applicants were in such arrangements—further showing that couples may be adjusting relationship labels to fit their financial reality.

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The Ripple Effect

Beyond skipped date nights and delayed proposals, high interest rates have emotional consequences. Financial stress is one of the leading causes of relationship breakdowns. The survey found that 44.5% of Canadians prioritize saving for a home over being in love.

When bills mount and budgets shrink, arguments follow. Mental health suffers. Sleep is lost. The pressure to “make it work” becomes immense, especially when the dream of homeownership feels just out of reach.

But here’s the good news: Canadians are adapting. Many are reimagining what romance looks like and finding new paths forward that put financial health and emotional well-being side by side.

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Final Thoughts

Love and mortgages might not seem like they go hand-in-hand, but in Canada’s current economic climate, they’re deeply intertwined. Rising interest rates are reshaping how couples plan their lives, budgets, and futures.

If you’re feeling the squeeze, you’re not alone. At Mortgage.Expert, we help Canadians explore smart mortgage solutions that align with their financial goals—as individuals or as partners. Whether you’re single, in love, or somewhere in between, we’ll help you make mortgage decisions that work for your life today and tomorrow.

Book a consultation and let’s create a mortgage plan that supports your love life—not competes with it. 📈💔