Survey shows economic uncertainty is weighing on mortgage holders and hopeful buyers
A new survey from TD Bank Group highlights the uncertainty many Canadians face in navigating the mortgage market amid fluctuating economic conditions, with expert advice emerging as an essential resource for homebuyers and homeowners alike.
The survey, conducted by The Harris Poll Canada, shows that Canadians remain split on expectations for interest rates, despite the Bank of Canada keeping rates steady in recent months. About 32% of respondents expect rates to rise, 27% anticipate a decline, and 29% believe rates will stay unchanged.
“With so much uncertainty around what comes next, Canadians are thinking carefully about how best to approach their mortgage,” said Patrick Smith, vice-president of product management, real estate secured lending at TD. “Expert advice can help bring clarity to that complexity, so Canadians can make confident, informed choices aligned with their needs and long-term goals.”
Economic pressures are also weighing heavily on mortgage decisions. Nearly one-third of Canadians surveyed said tariffs had prompted them to reassess their mortgage strategy. Of those, 31% reported tariffs had affected their borrowing capacity, while 28% said tariffs made them reconsider taking out a mortgage altogether. Another 28% said tariffs influenced their choice of lender.
Beyond tariffs and interest rates, affordability remains a significant challenge. More than a quarter of Canadians, or 27%, said they are unsure how to improve affordability, while 23% reported facing unexpected costs during the mortgage process.
Despite these challenges, trust in expert support remains strong. The survey found that 88% of Canadians consider access to professional advice important when making mortgage decisions, underscoring the role of personalized guidance in navigating complex conditions.
The survey included 942 homeowners and 223 Canadians planning to buy a home within the next two years. Results were weighted by age, gender, region, and education to reflect the national population, with a margin of error of ±3.2% for homeowners and ±6.6% for prospective buyers.
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