Yes, many Canadians are worried about their mortgage payments. According to the CMHC 2026 Mortgage Consumer Survey, 39% of Canadian mortgage holders remain concerned about making their payments — down from 53% in 2025, but still nearly 4 in 10 households. The pressure is concentrated among renewers, who are absorbing an average payment increase of $375 per month. If you are feeling stressed about your mortgage, your situation is widespread, manageable, and not yet a crisis — national 90-day arrears remain at 0.24%, below pre-pandemic levels.
If you are worried about your mortgage, you are in the majority — and the minority
If you have opened your renewal letter and felt your stomach drop, or watched your monthly payment quietly grow and wondered whether you are the only one feeling stretched, take a breath. You are not.
The CMHC 2026 Mortgage Consumer Survey reports that 39% of Canadian mortgage holders still worry about making their payments. That is nearly 4 in 10 households. If you are one of them, your situation is widespread, recognized by the country’s housing agency, and understood by lenders.
Here is the other side of the same coin. The 2026 figure is down sharply from 53% a year earlier, and actual default risk is still historically low — national 90+ day arrears were 0.24% in the fourth quarter of 2025, below the 0.28% pre-pandemic baseline.
This article walks you through what the survey actually found, who in Canada is most worried right now, why the worry rate dropped, and the concrete steps you can take if you are in the 39%.
Quick start: pick your path
Not every reader is in the same situation. Skip to the section that fits you best.
If you are renewing in the next 12 months and worried about the new payment, go straight to the roadmap below. Renewers are feeling the most pressure, with an average payment increase of $375 per month.
If you are on a variable rate and watching your interest portion grow, focus on the common mistakes section and run the numbers before you switch products.
If you have already missed a payment, or you are within days of doing so, contact your lender today. The Canadian Mortgage Charter gives you real options that many homeowners do not know exist.
If you are simply researching to understand whether your stress is normal, read on. The data may surprise you.
What the CMHC 2026 survey actually says, in plain English
The CMHC 2026 Mortgage Consumer Survey polled more than 4,100 Canadians who had bought, renewed, or refinanced a mortgage in the 18 months before January 2026. It is the most comprehensive snapshot of Canadian mortgage holders published this year.
Here are the five findings that matter most if you are worried about your own payments.
Mortgage payment worry dropped. The share of mortgage holders concerned about making their payments fell from 53% in 2025 to 39% in 2026 — a 14-point improvement. But 39% is still close to 4 in 10 households.
Renewers carry the heaviest load. Among Canadians who renewed in the past 18 months, 35% said they felt increased financial pressure from interest rate changes. Their monthly payment went up by an average of $375.
Households are adapting. About 31% of mortgage holders have cut or plan to cut spending in other categories to keep their mortgage current — dining out, entertainment, travel, and personal care were the most common.
Confidence in long-term homeownership held up. Even with payment stress, 81% of mortgage holders still see a home as a sound long-term investment.
Fewer buyers expect short-term price gains. Only 68% expect their home value to climb in the next 12 months, down from 74% in 2025.
Pegasus Mortgage Lending Center Inc. FSRA Lic # 11479
Who is most worried — and who is just fine
Not everyone in the survey is feeling equal pressure. Three groups have emerged in the 2026 data.
| Segment | Typical situation | Share | First action |
|---|---|---|---|
| Comfortable | Locked in at a manageable rate; payments fit the budget; savings cushion intact. | ~61% | Stay the course; review at next renewal. |
| Pressured | Making payments on time but feeling the squeeze; cutting other spending to keep up. | ~31% | Run a renewal calculator and start shopping 6-12 months before renewal. |
| Struggling | Real difficulty meeting payments; sharp spending adjustments; risk of missed payments. | ~8% | Call your lender now and ask about Canadian Mortgage Charter options. |
If you recognize yourself in the Pressured row, you are in the largest at-risk group, and there are concrete steps in the roadmap below. If you are in the Struggling row, do not wait to act. Even one early conversation with your lender can preserve options that a missed payment may close off. For a deeper walk-through of how to handle a sharp payment increase, see the Pegasus payment shock survival guide.
Pegasus Mortgage Lending Center Inc. FSRA Lic # 11479
Why mortgage worry dropped 14 points — and why that might miss the point
The 14-point drop from 53% to 39% did not happen by accident. Four factors explain it.
Interest rates stabilized. After the Bank of Canada cutting cycle through 2024 and 2025, fixed rates eased from their peaks. Many renewers in early 2026 are signing at rates lower than they feared.
More homeowners shopped around. A growing share of renewers compared multiple offers instead of auto-signing with their bank. Shopping more than one lender at renewal often produces a noticeably lower payment.
Households cut other spending. The 31% who reduced dining, entertainment, travel, and personal care expenses freed up cash to meet the mortgage payment.
The Canadian Mortgage Charter gave borrowers options. This 2024 federal framework sets the expectation that federally regulated banks offer relief — extended amortization, capitalized interest, or temporary payment deferrals — to borrowers under stress. The Charter applies primarily to federally regulated banks; provincially regulated credit unions and some monoline lenders are not bound by it, though many offer similar accommodations.
The survey result is real. But it should not be mistaken for an all-clear. 39% is still nearly 4 in 10 Canadians, and the renewal wave has another year to run.
Your step-by-step roadmap if you are in the 39%
If you are in the worried 39%, here is a six-step plan to take control before stress becomes a real problem.
- 1Run the numbers before anything elseBefore you change products or call anyone, calculate what your new payment will actually be. Use a renewal calculator and try several rate scenarios. The number on paper is often less frightening than the number in your head.
- 2Contact your lender early, not lateCall your bank or current lender six to twelve months before your renewal date. Early conversations preserve options. If you wait for the renewal letter, you have already lost negotiating leverage.
- 3Compare what a broker can show youAn independent mortgage broker can typically compare offers across 50 or more lenders — banks, credit unions, trust companies, and monolines — in one application. Razi Khan, Founder and Mortgage Broker at Pegasus, has spent more than 20 years helping Canadians shop the full lender market at renewal. For most residential mortgages in Canada, the broker is paid by the lender, so working with a broker is generally free to the borrower.
- 4Ask about Canadian Mortgage Charter relief optionsIf your lender is a federally regulated bank and your payment will be a real strain, ask about extending your amortization, capitalizing missed interest, or a temporary payment deferral. These options exist under the Canadian Mortgage Charter and the bank is expected to consider them in good faith.
- 5Look at debt consolidation if other debts are part of the stressIf credit card balances or car loans are squeezing your budget alongside the mortgage, debt consolidation — rolling high-interest debt into a refinanced mortgage — may free up monthly cash flow. Compare the total interest, not just the monthly payment, before signing.
- 6Decide before the renewal date, not afterYour renewal date is a deadline, not a starting line. Make your product and lender decision in the 60 to 90 days before it, not the week of. In Quebec, mortgage transactions close in front of a notary, which can add days to the closing window — start the comparison process earlier.
Common mistakes Canadians make when mortgage payment stress hits
When mortgage stress hits, the wrong move can lock in months of unnecessary pain. These are the six most common mistakes — and what to do instead.
- Signing the bank’s first renewal offer. The first offer is rarely the best one. Ask for the bank lowest rate, then compare to at least one other lender before you sign.
- Waiting until after a missed payment to call. A missed payment shrinks your options. Call before you miss — even a 30-day heads-up gives your lender room to help.
- Dropping to interest-only with no exit plan. Interest-only periods reduce monthly stress but extend the total cost of the mortgage. Use them only with a documented plan to return to principal-and-interest payments.
- Refinancing to a longer amortization without comparing total interest. Stretching from 25 to 30 years lowers your monthly payment but can add tens of thousands in interest. Run both numbers.
- Switching to variable to chase a lower headline rate. Variable rates can fall further — or rise. If your budget cannot handle a 1.5 to 2 percentage point increase, fixed is typically the safer choice.
- Ignoring the renewal letter. Treat the letter as your starting gun. The day it arrives, set a date 60 days before renewal to finalize your decision, and understand what happens if the renewal gets denied.
Pegasus Mortgage Lending Center Inc. FSRA Lic # 11479
Frequently asked questions
Are most Canadians worried about their mortgage payments right now?
How much have mortgage payments gone up for people renewing in 2026?
What should I do if I am worried I might not be able to make my next mortgage payment?
How many Canadians are actually missing mortgage payments?
Is it normal to feel stressed about a mortgage renewal?
Will my bank actually help me if I tell them I cannot afford my mortgage?
Should I switch from fixed to variable to lower my mortgage payment?
How do I know if I should be talking to a mortgage broker instead of my bank?
You are not alone, and you are not stuck.
Compare offers across 50+ lenders with an independent broker — for most residential mortgages in Canada, the broker is paid by the lender, so working with one is generally free to the borrower.
Get an instant pre-approvalPrefer a different starting point? You can submit a mortgage application or start a no-pressure conversation instead.
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 — official press release, May 20, 2026. cmhc-schl.gc.ca/media-newsroom/news-releases/2026/cmhc-2026-mortgage-consumer-survey
- CMHC In-House podcast — 2026 Mortgage Consumer Survey. cmhc-schl.gc.ca/observer/2026/in-house-2026-mortgage-consumer-survey-canada
- CMHC 2025 Mortgage Consumer Survey. cmhc-schl.gc.ca/…/2025-mortgage-consumer-survey
- CMHC Residential Mortgage Industry Data — Q4 2025 arrears figures. cmhc-schl.gc.ca/…/residential-mortgage-industry-data
- True North Mortgage 2026 Mortgage Sentiment Survey (via Canadian Mortgage Trends, March 2026). canadianmortgagetrends.com/…
- Canadian Mortgage Professional (MPA Magazine) on CMHC 2026 survey. mpamag.com/ca/…
- OSFI Guideline B-20 — Residential Mortgage Underwriting Practices and Procedures. osfi-bsif.gc.ca/…/residential-mortgage-underwriting-practices-procedures-guideline-b-20
- Government of Canada — Canadian Mortgage Charter (Department of Finance). canada.ca/…/canadian-mortgage-charter