Homeowners managing higher mortgage payments despite concerns: survey

TORONTO — Most Canadian homeowners are currently dealing with increased mortgage payments, according to a recent survey conducted by Royal LePage. The report indicates that 38 per cent of Canadians anticipate their mortgage to rise upon renewal, a significant decline from the early 2025 figure of 57 per cent. Of those expecting a higher payment, a majority, 76 per cent, believe it will strain their finances, with over half indicating they would cut discretionary spending to cope.

However, a notable 74 per cent of those with an upcoming renewal stated they would not alter their living arrangements. Royal LePage's CEO, Phil Soper, noted that while concerns about higher rates are widespread, many households have managed the transition successfully thus far. No major default crisis has emerged, contrary to fears.

Eight per cent of respondents extended their amortization period, and six per cent missed or deferred at least one mortgage payment during their current term, with 19 per cent of those in arrears for 90 days or more. The Bank of Canada has kept its overnight lending rate at 2.25 per cent since October 2025, an increase from the pandemic-era ultra-low 0.25 per cent rate but still below the five per cent level seen in 2023.

The survey, carried out by Burson using Leger Opinion's online panel, polled 1,127 Canadians between July 20 and August 6. However, the Canadian Research Insights Council, an industry organization promoting polling standards, cautions that online surveys like this one cannot be assigned a margin of error due to lack of random sampling.