Most borrowers stayed on track, but many did it by cutting elsewhere
Canadian homeowners largely kept up with their mortgages, but growing numbers did so by tightening every other part of their budgets, True North Mortgage’s new 2026 Mortgage Sentiment Survey suggested.
The survey, conducted online by Angus Reid between January 14 and 27, 2026, polled 1,056 Canadian residents and said the results were representative of the national population.
More than four in five respondents with a mortgage never missed a payment, and 11% always paid on time but “had difficulties getting the money” together.
Still, 36% said it has been at least “somewhat challenging” to meet mortgage obligations over the past year, while 7% found it “very challenging.”
Homeownership sentiment and affordability pressures
Canadians remained attached to the idea of owning, even as many felt locked out. The survey found 62% of respondents agreed that “homeownership in Canada is a stable, long-term investment,” while 38% said homeownership was “no longer a stable investment.”
At the same time, 42% viewed homeownership as “out of reach,” and 53% called it “a challenge, but achievable.”
To keep up with payments, 36% said mortgage costs led them to delay vacations or travel, 31% put off home repairs or renovations, and 27% postponed retirement saving or investing.
Affordability and financial planning dominated decision‑making: 55% cited monthly payment size as the biggest influence when selecting or renewing a mortgage, 41% highlighted expectations around interest rates, and 35% pointed to both predictable payments and total interest paid over the life of the loan.
Meanwhile, RBC’s latest Spring Home Ownership Poll revealed that Canadians have not let a jittery rate environment shake their belief in homeownership, even as decisions around timing, product and renewal felt more fraught. Sixty-seven percent said they have always dreamed of buying a home, up from 62% a year earlier.
Renewal worries shift from cliff to grind
When asked about their biggest concern at renewal, 36% chose “uncertainty about where interest rates are headed.”
Another 16% worried about “higher monthly payments than expected,” 10% about choosing between fixed and variable rates, and 9% about “locking in at the wrong time or for the wrong term length.”
Current rates manageable – for now
Three quarters of surveyed borrowers said their mortgage rate was at least manageable, with 43% describing it as “manageable for my financial situation” and 30% saying they had “the best rate available.”
However, 19% said their rate “may be challenging to pay if my financial situation changes,” and 8% reported that it was already challenging and would require spending cuts.
The report also characterized Canada as having “the least affordable housing in the G7.”
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