Quick Answer: Are Canadians Worried About Their Mortgage Payments in 2026?
- 39% of mortgage holders are worried about payments in 2026, down 14 points from 53% in 2025.
- Renewers feel the most pressure, with payments up about $375 per month on average.
- National 90-day arrears sit near 0.24%, still low by historical standards.
- Acting 6 to 12 months before renewal typically gives you the most options.
You Opened Your Renewal Letter and Your Stomach Dropped
You opened the envelope, saw the new monthly number, and felt your chest tighten. Maybe you have watched your payment creep up on a variable rate and wondered whether you are the only one feeling stretched. You are not.
A large share of Canadian homeowners are asking the same quiet question right now: can I keep affording this? It is one of the most common worries in the country, and there is solid national data that puts your situation in context.
The good news hiding inside that data is that the worry is easing. More Canadians felt confident about their mortgages this year than last. This guide walks you through what the latest numbers say, helps you see where you fit, and lays out practical moves you can make calmly, often well before any payment is at risk.
Quick Start: Pick Your Path
Not every reader is in the same spot. Use this quick guide to jump to what matters most for you.
What the CMHC 2026 Survey Actually Found
The CMHC Mortgage Consumer Survey is an annual national study, run since 1999, that measures how recent buyers, renewers, and refinancers feel about their mortgages. The 2026 edition, released in May, polled more than 4,100 Canadians who completed a mortgage in the previous 18 months.
The headline is a story of recovery, not crisis. The share of people worried about payments fell sharply, and most respondents said they feel well equipped to make mortgage decisions. You can read the full survey breakdown for the segment-by-segment detail.
Confidence is not uniform, though. Fewer Canadians now expect their home value to rise over the next year (68%, down from 74%), even as a large majority (81%) still call homeownership a good long-term investment.
Where You Sit: Worry by Mortgage Situation
Your level of worry probably depends on which mortgage situation you are in, because the pressure is not spread evenly.
Renewers, whose mortgage term is ending and who must sign a new one, report the most strain. Recent buyers tend to feel steadier, having qualified at today’s rates from the start. Refinancers, who change their mortgage to access equity or better terms, sit somewhere in between. If your stress feels overwhelming rather than manageable, this guide on mortgage payment stress goes deeper.
| Your situation | Typical pressure | What is driving it | Best first step |
|---|---|---|---|
| Recent buyer | Lower | Qualified at today’s rates from the start, so the payment is already priced in. | Build a small payment buffer and review your renewal date. |
| Renewer | Highest | Renewing from roughly 2% toward about 4%; renewers report about $375 more per month. | Shop the whole market 6 to 12 months before renewal. |
| Refinancer | Moderate | Accessing equity or restructuring debt rather than facing a forced payment jump. | Compare total cost over the term, not just the headline rate. |
Why Renewers Are Feeling the Most Pressure
Here is the math behind the stress. A homeowner who signed a fixed mortgage near 2% may now be renewing into a rate closer to 4%. Even with the same balance, the monthly payment can rise noticeably.
This is not a small group. Roughly 1.15 million Canadian mortgages are set to renew in 2026, most originally taken at ultra-low rates. That is a large part of why renewal worry shows up so strongly in the national mood.
One term worth knowing is the trigger rate. On a variable mortgage with fixed payments, the trigger rate is the point where your payment no longer covers the interest, and your lender may ask you to increase it. The most reliable way to see your real numbers is to run them. Use our mortgage payment calculator before you sign anything.
Your Step-by-Step Plan If You’re Worried About Payments
Worry feels lighter when it becomes a plan. Here is a calm, ordered roadmap you can follow, ideally 6 to 12 months before your renewal date.
- 1Open the letter earlyYour lender typically sends a renewal offer weeks before your term ends. Reading it early gives you time to act instead of react.
- 2Shop the whole marketA current lender’s first offer is rarely its best, and other lenders may price lower. A renewal is one of the easiest moments to switch.
- 3Ask how to lower the paymentExtending your amortization, the total time to pay off the loan, can reduce monthly payments, though it may cost more interest over time.
- 4Ask about the Canadian Mortgage CharterThis federal set of expectations describes relief measures lenders may offer borrowers at risk. It is not a guarantee, but it is worth raising.
- 5Talk to an independent brokerA broker compares many lenders at once and is typically paid by the lender, so the guidance is usually free to you. Here is why working with a broker helps when money is tight.
How Canadians Are Coping With Higher Payments
Worry is not the same as paralysis. The survey shows most Canadians are actively adjusting, which is part of why confidence improved.
Many are trimming non-mortgage spending first. In the 2026 survey, 31% of mortgage consumers said they have cut or plan to cut expenses like dining out, travel, and entertainment to protect their payments.
Others are reshaping their debt. If you carry higher-interest balances on credit cards or lines of credit, rolling them into your mortgage or a consolidation loan can lower your total monthly outflow. You can explore how to consolidate higher-interest debt and compare the math.
Common Mistakes to Avoid Right Now
- Signing the first renewal offer automatically. Auto-renewing without comparing is the most common and costly mistake. A few minutes of shopping can save thousands.
- Assuming the stress test still blocks a switch. The mortgage stress test is an OSFI rule requiring you to qualify at the greater of your contract rate plus 2% or 5.25%. As of late 2024, uninsured borrowers switching lenders at renewal no longer need to requalify under it.
- Ignoring the renewal letter until the deadline. Late action quietly removes your best options.
- Focusing only on the rate. Penalties, prepayment terms, and flexibility can matter just as much.
- Waiting until a payment is missed to ask for help. Lenders typically have more room to help before you fall behind, not after.
- Forgetting the cost of debt outside the mortgage. High-interest balances often hurt more than the mortgage itself.
If that stress-test change surprised you, here is the detail on the change for uninsured switchers.
Where a Mortgage Broker Fits In
When money feels tight, a second set of expert eyes can change the outcome. Because brokers are usually paid by the lender that funds your mortgage, their help is generally free to you, which matters most in exactly the situations that cause the most worry.
At Pegasus, Razi Khan, Founder and Mortgage Broker at Pegasus, has spent more than 20 years guiding Canadians through complex files, from first-time purchases to refinancing and alternative lending. The point of a broker is simple: more options, less guesswork, and a calmer path through a stressful moment.
Frequently Asked Questions
Are Canadians worried about their mortgage payments in 2026?
What percentage of Canadians are worried about their mortgage right now?
Why are mortgage renewals causing so much stress this year?
How much are mortgage payments going up when people renew?
Is it normal to feel stressed about my mortgage?
What should I do if I am worried I cannot afford my renewal?
Can a mortgage broker actually lower my monthly payment?
What is the Canadian Mortgage Charter and can it help me?
Have a question not covered here? Browse our full mortgage FAQ.
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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 (39% vs 53% worry, $375 renewer increase, 81%/68% confidence, 31% cutting expenses) — cmhc-schl.gc.ca
- CMHC Residential Mortgage Industry Report / Equifax Canada — national 90-day arrears about 0.24% in Q4 2025, below the roughly 0.28% pre-pandemic level — cmhc-schl.gc.ca
- CMHC — 2026 mortgage renewal wave analysis (about 1.15 million mortgages renewing) — cmhc-schl.gc.ca
- OSFI — B-20 stress test and late-2024 removal of requalification for uninsured switchers at renewal — osfi-bsif.gc.ca
- Government of Canada — Canadian Mortgage Charter — canada.ca