Seven in 10 recent buyers say they wouldn’t have been able to purchase their home without financial help, most often from family, according to Mortgage Professionals Canada’s latest consumer survey.
The 2025 State of the Housing Market report paints a picture of growing strain as affordability gaps widen. Conducted by Bond Brand Loyalty, the survey draws from a national sample of 2,000 Canadians, including both mortgage holders and prospective buyers.
The findings suggest that homeownership is becoming increasingly out of reach for those without intergenerational support, with down payment assistance now viewed by many not as a “nice-to-have,” but a requirement.
“Down payment assistance is no longer a backup plan—it’s a requirement for many Canadians hoping to buy,” said MPC President and CEO Lauren van den Berg. “These findings confirm what brokers across the country are seeing every day: consumers are under pressure, and they need expert, transparent advice to find a way forward.”
Brokers growing in importance as mortgage decisions get more complex
With borrowing costs still elevated and mortgage renewals looming, about a third of Canadians regularly turn to mortgage brokers for expert advice. However, intent to work with a broker has risen, with two-thirds of those surveyed saying they’re likely to work with a mortgage broker next time they need a mortgage.
Broker use remains especially strong among first-time buyers, with 36% saying they used a broker. Similarly, 35% of those who bought in the past two years are more inclined to have used a broker, as are those between the ages of 18-54 (34%).
Regionally, Alberta leads the pack with a 37% broker share, followed by Ontario at 33%.
Among those who’ve already worked with a broker, 81% say they’d do it again. And according to the survey, broker clients consistently feel more confident in their mortgage decisions than those who go directly to a bank.
Renovation plans, rental income now core to homeownership strategy
In addition to financial help from family, more Canadians are leaning on other strategies to afford homeownership, including renovations and rental income.
Over 70% of homeowners surveyed said they’ve recently renovated or plan to, while a growing share of buyers say they rely on rental income to help cover their mortgage payments.
Younger borrowers were also more likely to make extra payments or increase payment frequency, particularly those with variable-rate mortgages.
The survey also found broad support for new income verification tools to strengthen trust in the system. A majority of Canadians back more secure ways to verify income directly with the Canada Revenue Agency, a policy MPC has been pushing for.
“Canadians are concerned about mortgage fraud,” van den Berg said. “It artificially inflates home prices and makes it harder for honest, hardworking Canadians to compete. We’ve urged the government to enable income verification in a way that’s safe, fast, and fair.”
The federal government committed to delivering such a tool in its 2024 Fall Economic Statement, noting that the CRA had begun working with mortgage lenders and other financial sector partners to design and implement it. While rollout was originally expected to begin in early 2025, no launch date has been confirmed.
A deep-dive into the survey results…
The mortgage market
Mortgage types
- 70% of mortgage holders had fixed-rate mortgages in 2024 (unchanged from 2023)
- 75% said their rate has always been fixed
- 10% said they locked in from a variable rate within the past 12 months
- 22% of mortgages have variable or adjustable rates (-1 pt. from 2023)
- 16% of variable-rate borrowers said they switched from a fixed rate within the past 12 months.
- 4% of borrowers have a combination of fixed and variable, known as “hybrid” mortgages (+1 pt.)
Penalties
- 10% of respondents said they paid a penalty when breaking their most recent mortgage (unchanged from last year)
- $6,732: The average penalty paid in 2024 (+$3,221 from the prior year)
Renewals
- 74% of mortgage holders expect to renew their mortgage within the next three years (up from 70% in 2023)
- 29% expect to renew within the next this year
- 21% of those facing renewal who have high anxiety (9 or 10 out of 10) about renewing at a higher rate (down from 22% in 2023 and 23% in 2022)
- 59% of those facing renewal still face anxiety (6-10 out of 10) about renewing at a higher interest rate
HELOCs
- 43% of current borrowers say they have access to a Home Equity Line of Credit (HELOC)
- 51% of borrowers with access to a HELOC have never borrowed against it
- $127,626: The average amount of home equity the average borrower has access to via their HELOC
- $26,740: The average amount borrowed from their HELOC
Most common uses for HELOC funds include:
- 45%: For home renovation (+11 pts. from prior year)
- 35%: For debt consolidation and repayment (+2 pts.)
- 30%: To make a purchase, such as car or education (+7 pts.)
- 18%: For investments (+3 pts.)
- 11%: To gift or lend to family members (+3 pts.)
Actions to accelerate mortgage repayment
- 40% of mortgage holders have taken action to shorten their amortization periods (+ pts.)
- 16% increased the amount of their payment (+1 pt.)
- $1,040: The average increase in monthly payment
- 21% made at least one lump-sum payment (+4 pts.)
- $23,666: The average lump-sum mortgage payment made
- 10% increased their payment frequency (+2 pts.)
- 16% increased the amount of their payment (+1 pt.)
Use of mortgage professionals and lenders
Broker share
- 32% of mortgage borrowers used the services of a mortgage broker when they obtained their mortgage
- 36% of first-time buyers used a mortgage broker
- 35% of those who purchased within the last two years
- 37% of those in Alberta
- 34% of those between the ages of 18 and 34
- 34% of those between the ages of 35 and 54
- 81% of mortgage broker clients say they’re likely to use a broker again (vs. just 58% of bank customers)
Broker intent is on the rise
- 81% of broker clients say they’re likely to use a broker again
- 68%: Among all borrowers, the percentage who said they are likely to use a broker for their next mortgage (+6 pts.)
- 19% are very likely (+1 pts)
Current lender type
- 53%: One of Canada’s big banks
- 25%: Non-bank lender or small bank lender
- 13%: Mortgage Investment Corporation (MIC)
- 4%: Credit union, life insurance or trust company
- 4%: Private lender
Consumer sentiment
- 44% of Canadians think now is a good time to buy in their community (+15 pts. from 2023)
- 35% of non-owners who say they will never be able to buy a home (-16 pts. from 2023)
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consumer survey mortgage consumer survey mortgage professionals canada mpc semi-annual state of the housing market survey state of the mortgage market
Last modified: July 17, 2025