Poll shows: Most Canadians feel anxious as Bank of Canada weighs rate cut on Sept. 17

In a recent Money.ca survey, more than 70% of readers confessed they were either slightly uneasy (36%) or deeply worried (34.8%) about the state of the Canadian economy. Turns out relatively few Canadians (just over 12%) reported feeling not too concerned while another 12% were cautiously optimistic. Surprisingly, 1 in 20 admitted that they simply tried not to think about it the country's economic situation.

These recent survey results reflect the cautious mood among Canadians, even as policymakers consider whether to cut the overnight rate on September 17. While, most analysts believe an incremental rate drop is likely — an effort to support economic growth amid slowing job numbers and weakening consumer spending — not everyone is convinced that now is the right time to acknowledge the nation's struggling economy.

How Canadians feel about the nation's economy

While a BoC rate cut could help ease budget constraints, most Canadians remain skeptical — and this skepticism will translate into consumer confidence and consumer spending for the remainder of 2025 and heading into 2026.

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A sign of fragile confidence

Economists have largely predicted that the BoC will lower its benchmark rate in September 2025, after months of holding the overnight rate steady at 2.75% A rate cut would reduce borrowing costs for variable-rate mortgages, lines of credit, personal and car loans and for business loans — but it also signals that Canada’s economic outlook has dimmed.

“We continue to think that a couple more interest rate cuts from the Bank of Canada are needed to accelerate the recovery, and assuming no fireworks in next week’s LFS figures, we forecast the first of those being delivered at the upcoming September meeting," explained CIBC Economist, Andrew Grantham in an article published by Mortgage Professional Magazine.

Still, there is no certainty of a rate cut despite the global and domestic turmoil, such as the trade war, that's directly impacted the nation's economic growth.

Why households are anxious

For many families, mortgage renewals remain a major pressure point. Even with a potential rate cut, homeowners renewing in 2025 are still facing significantly higher payments compared to five years ago. Renters, meanwhile, are grappling with record-high housing costs and limited supply.

On top of that, Canada’s labour market shed 66,000 jobs in August — after losing more than 41,000 jobs in July — which helps to fuel concerns about an economic slowdown. As a result, many MainStreet Canadians are starting feel the pressure of a weakening economy.

Still, many analysts point out that the BoC — and Canada's economy, as a whole — has time. As Sal Guatieri, economist with BMO, pointed out during an interview with Canadian Mortgage Professional: “Stubborn core inflation sets a high bar for another Bank of Canada rate cut, reducing the odds of a move on September 17.”

Survey methodology

The Money.ca survey was conducted through email in September 2025. Approximately 6,200 email newsletter subscribers, over the age of 18, were surveyed resulting in 167 responses. The estimated margin of error is +/- 5.5%, 17 times out of 20.

About Money.ca

Money.ca is a leading financial platform committed to providing individuals with comprehensive financial education and resources. As part of Wise Publishing, Money.ca is a trusted source of reliable financial news, expert advice, comparison tools and practical tips. Canadians get insight on a variety of personal financial topics, including investing, retirement planning, real estate, insurance, debt management and business finance.