{"id":904654,"date":"2026-09-21T23:28:21","date_gmt":"2026-09-21T23:28:21","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/904654\/"},"modified":"2026-09-21T23:28:21","modified_gmt":"2026-09-21T23:28:21","slug":"more-than-one-in-three-mortgage-holders-report-financial-difficulty","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/904654\/","title":{"rendered":"More than one in three mortgage holders report financial difficulty"},"content":{"rendered":"

Higher mortgage payments are putting growing financial pressure on Canadian homeowners, according to new findings from the 2024 Canadian Housing Survey<\/a>, a joint initiative of Statistics Canada and Canada Mortgage and Housing Corp.<\/p>\n

Statistics Canada\u2019s analysis of the survey found that 26.1% of homeowners with a mortgage were living in unaffordable housing in 2024, up from 23.6% in 2022. Housing is considered unaffordable when shelter costs consume 30% or more of a household\u2019s before-tax income.<\/p>\n

More than one in three mortgage holders, or 36.2%, also reported experiencing financial difficulty because of higher mortgage payments over the previous 12 months, up from 28.3% in 2022.<\/p>\n

Among households that bought their first home between 2019 and 2023, 27.4% were living in unaffordable housing in 2024, while 34.1% said higher mortgage payments had caused financial difficulty, more than double the 16.4% reported among recent first-time buyers in 2018.<\/p>\n

Affordability dissatisfaction among the group also increased sharply, with 33.1% saying they were dissatisfied or very dissatisfied in 2024, compared with 13.4% in 2018.<\/p>\n

First-time buyers still stand apart<\/p>\n

A separate CMHC analysis<\/a> of the same survey found that recent first-time buyers remain relatively unlikely to be in core housing need.<\/p>\n

\u201cMortgage qualification requirements act as a strong affordability screen,\u201d CMHC said, adding that \u201conly households with sufficient income, stable employment and manageable debt loads can enter ownership.\u201d<\/p>\n

Just 4.6% of first-time homebuyers were in core housing need in 2024, compared with 6.0% of other homeowners and 22.1% of renters.<\/p>\n

\"\"<\/a><\/p>\n

Unlike the 30% affordability threshold, core housing need also considers housing adequacy and suitability, as well as whether a household could afford suitable alternative housing in its community.<\/p>\n

CMHC noted that recent first-time buyers tend to be 25 to 34 years old, have relatively high incomes and have an employment rate of about 91%. They are also more likely than other mortgage consumers to receive financial help from family or friends for a down payment.<\/p>\n

Mortgage costs drove the latest affordability deterioration<\/p>\n

Mortgage holders drove much of the deterioration in housing affordability between 2022 and 2024.<\/p>\n

Across all Canadian households, 23.2% were living in unaffordable housing in 2024, up from 22% two years earlier. Statistics Canada said the increase was driven by homeowners with mortgages, while the unaffordability rate among private-market renters was unchanged over the same period.<\/p>\n

Homeowners with mortgages also recorded the sharpest increase in dissatisfaction with affordability. Some 28.2% said they were dissatisfied or very dissatisfied in 2024, nearly matching the 28.9% rate among private-market renters, a group that has historically reported higher levels of dissatisfaction.<\/p>\n

The survey period captured the impact of borrowing costs that remained well above the ultra-low rates available during the pandemic. Statistics Canada noted that fixed-rate mortgages due for renewal in 2025 had originally been taken out when the Bank of Canada\u2019s policy rate was at or below 1%.<\/p>\n

\u201cHigher rates may continue to have an impact on affordability perceptions of mortgage holders in the future,\u201d the agency said.<\/p>\n

Visited 6 times, 6 visit(s) today<\/p>\n

affordability<\/a> affordability crisis<\/a> Canada Mortgage and Housing Corporation<\/a> canadian housing survey<\/a> CMHC<\/a> Dashboard<\/a> statcan<\/a> statistics canada<\/a><\/p>\n

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