Most Canadian homeowners are still meeting their mortgage obligations, but many are doing so under growing financial pressure, cutting back elsewhere to keep up.
True North Mortgage’s 2026 Mortgage Sentiment Survey, released today, found that 83% of Canadians have never missed a mortgage payment, even as borrowing costs rise. More than one-third (36%) of mortgage holders said they found it challenging to keep up with payments over the past year, pointing to mounting pressure on household budgets.
“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 CEO Dan Eisner in a statement.
Mortgage payments remain stable, even as household budgets tighten
While arrears remain low overall, many households are making significant adjustments to their spending to stay current on mortgage payments. Among those surveyed, 57% reported cutting back in other areas to keep up, including 36% delaying or avoiding travel, 31% postponing home repairs, and 27% reducing retirement savings or investments.
Ideal Mortgage Solutions
The data from True North Mortgage suggests that mortgage payments continue to be prioritized, even as mortgage holders are squeezed across spending categories. That pattern is consistent with what brokers are seeing on the ground, according to Chad Wilson, principal broker at Ideal Mortgage Solutions.
“We’re finding that most clients are expecting payment increases on their next renewal, fully understanding that the ‘pandemic rates’ they were paying were not a realistic expectation,” Wilson told Canadian Mortgage Trends.
“They’ve generally done a good job of planning for higher payments. Spending habits have changed — people are being less careless and more diligent with their budgets, which is a good thing.”
Affordability also remains a key concern. According to the survey, nearly 78% of Canadians said affordability and financial planning are central considerations when buying or renewing a mortgage, with monthly payment costs cited most often.
Interest rate uncertainty remains the top concern at renewal
With more than one million mortgages set to renew through 2026, uncertainty around interest rates is continuing to influence borrower behaviour. The survey found that 36% of mortgage holders identified uncertainty around interest rates as their top concern, making it the most common issue ahead of renewal.
That ranked ahead of concerns about higher payments, with 16% citing higher-than-expected payments as their primary concern.
Borrowers are also weighing product and timing decisions carefully. About 10% said choosing between fixed and variable rates was a concern, while 9% said they were worried about locking in at the wrong time or for the wrong term.
Affordability challenges persist even as confidence in housing holds
Despite ongoing pressure, nearly 62% of respondents said housing remains a stable investment, while 38% disagreed.
At the same time, access to homeownership is becoming more difficult. While 53% said it is still achievable with effort, a significant 42% said it is financially out of reach. Only 5% of respondents described homeownership as easily achievable.
“Housing is a cornerstone of the Canadian economy,” Eisner said. “While Canada has some of the least affordable housing among G7 countries, housing activity remains a major economic driver and job creator. Even as affordability pressures persist, homeownership remains a long-term goal for many Canadians.”
Additional findings
- 73% of mortgage holders say their current rate is manageable
- 19% say payments could become difficult if their finances change
- 8% already find their mortgage rate challenging
- Among prospective buyers, budget strain (21%) is the top barrier to qualifying
The survey, conducted online from Jan. 14 to 27, 2026, surveyed 1,056 Canadians and has a margin of error of ±3 percentage points.
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Last modified: March 24, 2026