A decade of rate hikes and price growth has pushed monthly payments up by more than $1,000 in most markets, Zoocasa finds
Some Canadian homebuyers are now paying nearly three times more each month than they would have a decade ago.
Recent data from Zoocasa Canada, which compared average home prices and corresponding mortgage payments across 22 major Canadian cities from 2015 to 2025, found that the average monthly payment increased by more than $1,000 in most major Canadian cities during that period – and in some cases, they've nearly tripled.
Calculations were based on a 5-year fixed mortgage rate (2.43% in 2015 and 3.84% in 2025) with a minimum down payment and 25-year amortization.
Across all cities, the average increase in monthly payments came in at $1,670. In many markets, the rise was far steeper, particularly in Ontario, where secondary cities posted some of the most dramatic shifts.
Hardest hit cities
Windsor-Essex ranked highest for percentage change, with average mortgage payments tripling from $903 to $2,794 over the decade. The region’s average home price more than doubled during that time, reaching $549,119 in 2025.
In Kitchener-Waterloo, home prices also more than doubled—driving up average payments by $2,471, the largest dollar jump outside the Greater Toronto and Vancouver areas. That increase exceeded those seen in Vancouver and Hamilton-Burlington, two markets traditionally considered among the country’s most expensive.
Toronto, however, still tops the list for the highest dollar increase overall. Monthly mortgage payments rose by $2,745, pushing the average payment to $5,563. While home prices have softened from their pandemic-era peak, affordability remains strained.
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Though Vancouver continues to have the highest average home price at $1.26 million, its decade-over-decade payment increase was more moderate by comparison. Average mortgage costs rose from $3,884 to $6,279—an increase of roughly 62%.
Meanwhile, Prairie cities and parts of Atlantic Canada posted far smaller jumps. Regina, for instance, had the smallest increase of all 22 cities reviewed—just $408 more per month compared to 2015. However, even that difference could present serious budget pressures for many households, especially in sectors with slow income growth.
Zoocasa noted that trade workers now need more than 15 years to save for a 20% down payment, while service industry workers may need over 30 years. “For these professionals, every extra dollar makes a difference,” the report said.
Other cities with increases under $1,000 included Edmonton, Saskatoon, Winnipeg, and Newfoundland & Labrador, though the latter was assessed on a provincial average due to data limitations.
The report also highlights some signs of relief. After peaking at 5.49% in October 2023, average fixed mortgage rates have been below 4% since early 2025.
“Whether they fall further will depend on bond yields and broader inflation trends,” the report said.
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