Most British Columbians feeling financial pinch during pandemic, poll finds

A new poll conducted by Insights West indicates the majority of British Columbians are starting to feel the economic pinch of the COVID-19 pandemic.

It’s been nearly two months since provincial health officer Dr. Bonnie Henry declared a public health emergency in B.C., and in that time, according to the survey, 54 per cent of British Columbians say their bank accounts have been negatively impacted by the COVID-19 pandemic and the associated safety measures put in place, including 11 per cent who say it has had a “major negative impact.”

According to the poll, 38 per cent of respondents say they have lost between $5,000 and $50,000 during the health crisis, while 26 per cent say they have lost under $5,000, seven per cent claim losses of between $50,000 and $100,000, and five per cent say the pandemic has cost them more than $100,000.

“The vast economic toll has yet to be fully felt in British Columbia” says Steve Mossop, president of Insights West. “We have only begun to measure the impact economically on individuals. The leading indicators are lagging and have not yet fully baked in the economic impact of the virus on the economy in B.C. yet.”

A large number of B.C. residents, 69 per cent, said they have noticed a negative impact on their savings or RRSP’s, while 40 per cent of business owners have seen a negative impact on the financial health of their business.

More than one-third (34 per cent) of property owners believe the pandemic has hurt the value of their homes, with 20 per cent saying it has affected their ability to pay their mortgage.

Most homeowners, 87 per cent, say they have managed to pay their mortgage payments since the crisis began, but 12 per cent say they’ve been forced to make deferral arrangements with their lender. Just one per cent of respondents admit to defaulting on their mortgages.

The poll indicates that while 41 per cent of renters say the pandemic had hurt their ability to pay their rent, only two per cent have failed to pay any rent. A total of 85 per cent of renters have paid their full rent.

The online survey was done May 6 and 7 among a sample of 747 B.C. residents and has a margin of error of plus or minus 3.6 percentage points.