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Canadians’ finances have come under increased pressure after the Bank of Canada introduced five rate hikes since mid-2017, in response to the stronger economy. Central bank governor Stephen Poloz kept his benchmark interest rate unchanged earlier this month at 1.75 per cent, but has signalled that more rate increases will still be necessary “over time.”

MNP’s latest survey also showed that half of Canadians surveyed said they believe they could be in financial trouble if rates continue to rise, up five percentage points from the previous poll.

“Higher interest rates combined with household expenses that outweigh income mean that some are unable to make any kind of meaningful reduction in their debt and, in fact, continue to take on more especially if they encounter unexpected expenses,” Bazian said.

Insolvency concerns rose across the country, with the exception of Atlantic Canadians, said MNP.

Saskatchewan and Manitoba residents were the most likely to be near insolvency, at 56 per cent, up eight percentage points from the previous poll, MNP said. Alberta residents were second at 48 per cent, up eight points. Ontario and Quebec followed at 46 per cent each, up six and five percentage points, respectively. Among residents surveyed in Atlantic Canada, 45 per cent said they were $200 or less away from the financial brink, but that marked a decrease of four percentage points from the September survey.

Ipsos, which conducts the quarterly poll for MNP, surveyed 2,154 Canadians online from Dec. 7 to Dec. 12.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.