Quick answer
In 2026, Canadian homebuyers are more confident than a year ago, but still cautious. CMHC’s 2026 Mortgage Consumer Survey found that 39% of mortgage holders worry about making their payments, down from 53% in 2025. Recent buyers took an average of 4.4 years to save a down payment, and 23% received a financial gift, with a median of $30,000. Homeowners who renewed saw their payments rise by about $375 a month on average. Most Canadians still call homeownership a good long-term investment (81%), even though fewer now expect their home’s value to rise over the next year (68%, down from 74%).
A snapshot of the Canadian homebuyer in 2026
Every year, Canada Mortgage and Housing Corporation (CMHC, the federal housing agency) asks thousands of recent buyers, renewers, and refinancers how they feel about their mortgage. The 2026 results, released in May, work like a mirror. They let you hold your own worries, savings, and plans up against what your neighbours are actually doing.
This year’s picture is quietly encouraging. More people feel steady about their payments than they did a year ago, even though buying a home in Canada has not become easy. If you have ever wondered whether you are behind, on track, or doing better than most, the data gives you a real answer. Here is what more than 4,100 Canadians told CMHC, and what it means for you.
Quick start: pick your path
The survey covers three very different groups, and your situation decides which findings matter most. Use this quick guide to jump to what fits you, then read on for the plain-English takeaway behind every number.
Focus on the down payment timeline and gift findings. Our first-time home buyer guide walks through the rest of the process.
The renewal findings matter most, since renewers felt the sharpest payment changes this year.
If you are happy in your home but want to access equity or fund a renovation, the refinancing findings are your section. Not sure which fits? Read straight through.
What the 2026 survey actually found
A mortgage consumer survey is a yearly study in which CMHC asks recent mortgage holders about their attitudes, behaviours, and expectations. CMHC has run it since 1999, and the 2026 edition surveyed more than 4,100 people who bought, renewed, or refinanced within the previous 18 months.
The headline this year is relief. Payment worry dropped 14 points in a single year. Even so, 39% is close to four in ten households, so the concern is real for many.
Confidence in the long game held firm. 81% of those surveyed said owning a home is a good long-term financial investment. At the same time, optimism about the next 12 months cooled, with 68% expecting their home’s value to rise, down from 74% a year earlier.
People are also adjusting. About 31% said they have cut or plan to cut spending elsewhere, such as dining out and travel, to keep their mortgage comfortable. To see how insurance affects the cost of a smaller down payment, read how CMHC mortgage insurance works. For a closer look at payment pressure specifically, see our deep dive on 2026 mortgage payment stress.
How long it takes Canadians to save a down payment
A down payment is the upfront cash you put toward a home, with the mortgage covering the rest. In Canada, you typically need at least 5% on the first $500,000 of a home’s purchase price. Saving that amount takes time.
The 2026 survey puts the average at 4.4 years, and first-time buyers often need longer because they have no existing home equity to draw on. If your own timeline feels slow, you are in good company.
Family help is common but not universal. Roughly one in four buyers received a gift toward their down payment, and the typical gift was $30,000. Lenders can accept gifted funds, but they usually ask for a signed gift letter confirming the money does not need to be repaid.
If you are still building your fund, the account you save in matters. Our guide on how to build your down payment with an FHSA or RRSP explains the tax-friendly options available to Canadians.
Who feels the most pressure: renewers, new buyers, and refinancers
A mortgage renewal happens when your term ends and you sign a new agreement to keep paying off the same loan, often at today’s rates rather than the rate you first locked in. That is why renewers stood out this year.
Many first signed during a period of lower rates, so renewing meant a noticeably higher payment. The average increase was around $375 a month, enough to reshape a household budget. First-time buyers, by contrast, were focused on getting in the door, after years of saving. Refinancers, who replace a mortgage to access equity or change terms, most often did so to fund renovations or strengthen their overall finances.
Knowing which group you belong to helps you prepare. If your renewal is coming, our guide on what homeowners need to know at renewal explains how to shop your renewal instead of simply signing what your current lender offers.
How to read these numbers against your own plan
Survey averages are useful only when you turn them into your own next step.
- 1Benchmark your savings timelineIf the average buyer needs about 4.4 years and you are partway there, you can estimate how close you are and what raising your monthly contributions might do.
- 2Pressure-test a renewal before it arrivesIf your term ends within a year, estimate your new payment at today’s rates and check whether your budget can absorb an increase like the $375 average others faced.
- 3Map the gapCompare what you can comfortably pay each month against what a home in your area may actually cost. A mortgage affordability calculator can translate your income and debts into a realistic price range in a few minutes.
- 4Factor in the stress testThe OSFI B-20 stress test is a federal rule requiring you to qualify at a rate higher than your actual contract rate, so the payment you must prove you can handle is larger than the one you actually pay. Planning around that higher number keeps your expectations grounded.
Where a broker fits when the data feels overwhelming
Survey numbers describe the average Canadian, but no one actually has an average mortgage. Your income, credit, down payment, and goals are specific to you, and that is where a broker helps.
A mortgage broker is a licensed professional who shops many lenders on your behalf, rather than offering products from a single bank. The service is typically free to you, because the lender pays the broker. Razi Khan, Founder and Mortgage Broker at Pegasus built the firm during the 2008 financial crisis specifically to help Canadians navigate hard markets and complex files. If your situation does not fit the survey’s tidy averages, that experience can matter. You can also read more about why work with a broker and what to expect.
Common mistakes Canadians make reading survey stats
It is easy to misread a survey, especially when the numbers touch something as personal as your home. Watch for these traps.
- •Treating averages as targets. The 4.4-year savings figure is a national average, not a deadline you are failing to meet.
- •Reading sentiment as a forecast. “68% expect prices to rise” reflects how people feel, not a forecast of where your home’s value is headed.
- •Assuming national numbers fit your city. Affordability pressure often runs higher in places like Toronto and Vancouver than the countrywide average suggests.
- •Forgetting the costs beyond the down payment. Closing costs, land transfer tax, and moving add up; our guide to the hidden costs first-time buyers miss covers them.
- •Comparing yourself to the wrong group. A renewer’s pressures are not a first-time buyer’s, so match the findings to your situation.
- •Panicking over payment worry. Four in ten households feeling concern is common, and national mortgage arrears remain very low.
Frequently asked questions
What did the CMHC 2026 Mortgage Consumer Survey actually find?
How long does it take to save for a down payment in Canada?
Are most Canadians worried about their mortgage payments right now?
How much more are people paying after renewing their mortgage in 2026?
How much do Canadian families usually gift toward a down payment?
Do Canadians still think buying a home is a good investment?
Is now a good time to buy a home in Canada?
What can I do if I’m worried about affording my mortgage?
The bottom line for 2026 homebuyers
The 2026 survey sends a steady message. Canadians are more confident than last year, saving patiently, and budgeting carefully to stay comfortable. If your own numbers do not match the averages, that is normal. The averages are a reference point, not a report card.
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About the author
Razi Khan
Founder, CEO & Licensed Mortgage Broker · Pegasus Mortgage Lending · Toronto, Ontario · FSRA Lic # 11479
Razi Khan is the Founder, CEO, and a licensed Mortgage Broker at Pegasus Mortgage Lending Center Inc., based in Toronto. With over 20 years of experience in the Canadian mortgage industry, Razi has personally guided more than 3,000 clients through some of the most complex and high-stakes financial decisions of their lives — from first-time purchases in the GTA to refinancing strategies, alternative lending solutions, and cross-border mortgages for Canadians buying in the United States.
Razi founded Pegasus in October 2008, launching the brokerage at the height of a global financial crisis. He works across the full spectrum of borrower profiles, with particular expertise in complex files including self-employed borrowers, credit-challenged clients, and investors building multi-property portfolios.
Learn more about Razi Khan →Sources & references
- CMHC — 2026 Mortgage Consumer Survey (news release, May 20, 2026) — https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2026/cmhc-2026-mortgage-consumer-survey
- CMHC / CNW — 2026 Mortgage Consumer Survey (full release detail) — https://www.newswire.ca/news-releases/cmhc-2026-mortgage-consumer-survey-885524338.html
- CMHC — In-House Podcast: 2026 Mortgage Consumer Survey — https://www.cmhc-schl.gc.ca/observer/2026/in-house-2026-mortgage-consumer-survey-canada
- CMHC — Mortgage Consumer Surveys (program overview) — https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/surveys/mortgage-consumer-surveys
- OSFI — Guideline B-20 (residential mortgage underwriting / qualifying-rate stress test) — https://www.osfi-bsif.gc.ca/