The Royal LePage 2026 Mortgage Renewal Survey explores Canadian mortgage holders’ plans for their upcoming renewals.
“The pandemic-triggered era of ultra-low rates came to an abrupt halt in early 2022, having lasted less than two years. While many Canadians who secured record-low mortgages during this period have already navigated their renewals, the final major group of rock-bottom rate holders are up for renewal, and understandably, they are concerned,” said Phil Soper, president and CEO, Royal LePage. “What we are finding in practice is that families are managing the transition. Borrowing rates have retreated significantly from their post-pandemic peaks, while salaries and wages have continued to appreciate. While some households are adjusting discretionary spending to accommodate higher monthly mortgage payments, the widespread default crisis many feared simply hasn’t materialised – a testament in large part to Canada’s prudent lending standards.”
Key highlights from the release include:
- 38% of borrowers expect their monthly mortgage payment to increase upon renewal; 31% anticipate their payments to stay approximately the same.
- Saskatchewan and Manitoba have the highest share of respondents expecting an increase in their monthly mortgage payment at renewal.
- Nationally, 43% of respondents say they feel about the same as they did at their previous renewal, while 35% say they feel more anxious.
- 76% of respondents who expect their mortgage payment to increase say it will put pressure on their household finances.
- Despite potential increases, 71% of Canadians with an upcoming mortgage renewal say they will not change their living arrangements to avoid higher monthly payments.
