Apr 1, 2026
Canadian homeowners are still keeping up with their mortgage payments, but for many, doing so is becoming increasingly challenging.
A new survey from True North Mortgage found that 83% of Canadians say they have never missed a mortgage payment, even as higher interest rates and rising living costs continue to put pressure on household budgets.
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“Even as Canadians face rising household costs, from groceries to credit and potentially higher mortgage payments, homeowners overall remain financially prepared to meet their mortgage obligations,” said Dan Eisner, CEO of True North Mortgage, in a statement.
Payment resilience holding, but pressure building
The survey illustrates that while most borrowers are still managing, they’re doing so with less room to spare.
According to the findings, 36% of mortgage holders said they found it challenging to make payments over the past year, suggesting that while defaults remain low, financial flexibility is tightening.
The report shows that most homeowners say their current mortgage rate is manageable. About 73% reported being comfortable with their payments, while 19% said they could face difficulty if their financial situation changes, and 8% said they are already struggling and adjusting their spending to keep up.
That pressure is starting to show up in day-to-day decisions. Among those surveyed:
- 36% delayed or skipped travel or vacations
- 31% postponed home repairs or renovations
- 27% reduced or delayed retirement savings
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Interest rate uncertainty driving renewal concerns
With more than one million mortgages expected to renew in 2026, uncertainty around interest rates is a major concern for many Canadians.
The survey found 36% of mortgage holders identified interest rate uncertainty as their top worry when renewing, reflecting ongoing questions about where borrowing costs are headed.
Other concerns include the possibility of higher-than-expected payments, choosing between fixed and variable rates, and locking in at the wrong time.
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Many of these mortgages were taken out during the low-rate period of 2021, when borrowing costs were near historic lows. As a result, many homeowners will see a noticeable increase in payments when they renew.
And recent comments from the OFSI suggest that while most borrowers are expected to manage, a smaller group could face more serious strain.
OSFI head Peter Routledge said as many as 30,000 to 150,000 households could be particularly vulnerable at renewal, especially those with high debt levels and limited equity. “Those folks are going to struggle,” he said, while noting the broader financial system is expected to absorb the pressure.
Affordability remains a barrier, but demand persists
Affordability continues to shape the outlook for both current and prospective homeowners. According to the survey, 78% of Canadians say affordability and financial planning are key concerns when buying or renewing a mortgage, with monthly payment costs identified as the most important factor.
For those trying to qualify, budget strain is the top concern, followed by interest rate uncertainty and income-related challenges.
At the same time, attitudes toward homeownership remain mixed. While 62% of Canadians still see owning a home as a stable long-term investment, a growing share say it may be out of reach. The survey also found that 42% of respondents believe homeownership is financially unattainable, while just 5% describe it as easily achievable.
The picture that emerges is one where Canadians are still committed to homeownership, but facing a growing challenge to manage the financial realities.
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Leslie Kennedy served as an editor at Thomson Reuters and for Star Media Group, followed by a number of years as a writer and editor and content manager in marketing communications, before returning to her editorial roots. She is a graduate of Humber College’s post-graduate journalism program and has been a professional writer and editor ever since.
Managing Money • Mar 31
