Star Metro - Survey: Most Canadians Surveyed are Keeping up with Mortgage Payments, Though One-third Say It’s Been Challenging

CALGARY, AB / ACCESS Newswire / March 24, 2026 / Canada's mortgage renewal wave is well underway, with over one million mortgages set to renew in 2026, likely at higher rates. Yet most Canadian mortgage holders remain reliable in meeting their mortgage payment obligations.

The 2026 Mortgage Sentiment Survey conducted by True North Mortgage found that the majority of respondents (83%) have never missed a mortgage payment.

However, the financial landscape is getting more challenging for some Canadians as household budgets strain. The Canada Mortgage and Housing Corporation found that national mortgage arrears have been steadily increasing since late 2023, and True North Mortgage's survey found that more than one-third (36%) of Canadian mortgage holders reported some challenges making their mortgage payments this past year.

Despite rising financial pressure, Canadians remain strong, responsible mortgage holders.

"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," says Dan Eisner, CEO of True North Mortgage. "Canadian mortgage arrears are still in line with historical norms and lower compared to other international markets, where mortgage arrears cause concern closer to 0.6%. We're still a ways off from that point."

As the spring real estate market approaches and the 2026 renewal wave unfolds, Canadians are considering how they'll manage home and mortgage costs. Key themes and findings from the report include:

Interest rates dominate renewal conversations

Canada's mortgage renewal wave following the pandemic-induced low-rate period was expected to be a shock for homeowners, with some referring to it as a renewal cliff or wall. A large share of these mortgages originated in 2021, when rates were closer to a historic low of 2%.

Uncertainty about where interest rates are headed remains the top concern for Canadian mortgage holders with an upcoming renewal (36%) - understandable, given ongoing economic volatility and geopolitical tensions that continue to cloud the outlook for 2026 mortgage rates.

Canadian mortgage holders also identified concerns such as facing higher-than-expected payments (16%), choosing between fixed and variable mortgages (10%), and locking in at the wrong time or for the wrong term length (9%).

Current mortgage rates mostly manageable

Most Canadian mortgage holders say their current mortgage rate is manageable (73%). However, some households report less financial flexibility: 19% say payments could become difficult if their finances change, while 8% say their rate is already challenging and they'll need to adjust spending to keep up with monthly payments.

Affordability is putting pressure on Canadians

Most Canadians (78%) identified affordability and financial planning as key concerns when buying a home with a mortgage or renewing their mortgage. Among this group, the most influential factors were monthly payment affordability (55%), expectations around interest rates (41%), consistent or predictable payment size (35%), and total interest paid over the life of the mortgage (35%).

Some households reported making sacrifices over the past year to keep up, which impacted their spending in other areas. For example, 36% delayed or avoided vacations and travel, while 31% avoided home repairs or renovations, and 27% delayed or avoided retirement savings or investments.

Budget strain a top concern for those looking to qualify

For Canadians looking to qualify for a mortgage, 21% say budget strain is their biggest concern, followed by uncertainty around interest rates (15%), difficulty qualifying based on income (12%), and economic uncertainty affecting financial stability (11%).

Homeownership is still considered a stable long-term investment

From a long-term perspective, 62% of Canadians say homeownership remains a stable investment, while 38% disagree.

It's well known in Canada that first-time homebuyers face greater challenges entering the housing market due to higher home prices, rents and other job and affordability pressures. Current economic uncertainty probably isn't helping.

A majority of those surveyed see homeownership in Canada as a financial challenge, but still doable (53%). However, a notable 42% feel that homeownership is financially beyond reach. Just 5% of those surveyed consider homeownership 'achievable' - reflecting the growing difficulty of entering the market, even as many Canadians remain determined to pursue it.

"Housing is a cornerstone of the Canadian economy," says Eisner. "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."

For media inquiries, please contact:

Rachel Caria
Category Communications
[email protected]

About True North Mortgage

Since 2006, True North Mortgage has transformed the way Canadians access mortgages, combining bank-level trust with salaried brokers, storefront locations, and online options nationwide. With over $33 billion in funded mortgages so far, True North Mortgage delivers a seamless, client-first experience, leveraging its in-house lender, THINK Financial, to provide Canadians with trusted, competitive, and tailored mortgage solutions.

True North Mortgage blends AI-driven tools with human expertise to make mortgages simpler, faster, and more transparent. By integrating technology with personalized guidance, its brokers can help Canadians make informed decisions with the best possible mortgage outcomes.

To learn more, visit: www.truenorthmortgage.ca

Survey Methodology

These are the findings of a study/survey conducted by True North Mortgages from January 14- 27, 2026, among a representative sample of n=1,056 online residents of Canada who are members of the Angus Reid Forum who either currently own a home with a mortgage or were about to purchase a home. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 3.0 percentage points, 19 times out of 20.

SOURCE: True North Mortgage

View the original press release on ACCESS Newswire

M.Johnson--SMC