Canadian homeowners managing higher mortgage payments

A Royal LePage report indicates that Canadian homeowners are largely managing the transition to higher mortgage payments following the era of ultra-low interest rates. Despite concerns regarding renewals, mortgage delinquency rates in Canada remain low compared to other developed nations.

According to the survey, 38 per cent of Canadians expect their mortgage payments to increase upon renewal, a decrease from 57 per cent reported in early 2025. While 76 per cent of those anticipating higher payments noted financial strain, and over half indicated they would reduce discretionary spending, nearly three-quarters of renewing homeowners stated they would not change their living arrangements.

Phil Soper, chief executive of Royal LePage, noted that the widespread default crisis many had anticipated has not materialized. The survey also found that 8 per cent of respondents extended their amortization periods, while 6 per cent reported missing or deferring a payment during their current term.