As the last wave of mortgage renewals from the era of ultra-low interest rates comes, a new survey suggests most homeowners have been managing higher payments.
A Royal LePage report says mortgage delinquency rates in Canada remain remarkably low compared with other developed countries, though some households have felt stretched by rising monthly payments.
The survey suggests 38% of Canadians expect their mortgage to rise upon renewal, a drop from early 2025, when 57% of renewing homeowners expected their payments to rise.
Among those anticipating a higher monthly payment, 76% said it would place financial strain on their households and more than half said they would reduce discretionary spending to make ends meet.
However, nearly three-quarters of those with an upcoming renewal said they would not be changing their living arrangements.
Phil Soper, chief executive of Royal LePage, says while many homeowners are concerned about renewing at higher rates, in practice, families have so far managed the transition to higher monthly payments.
The widespread default crisis many feared simply hasn’t materialized, Soper added.
Eight per cent of respondents extended their amortization period, while 6% reported missing or deferring a mortgage payment at least once during their current term. Among those who missed a payment, 19% said their mortgage was in arrears for 90 days or more.
The Bank of Canada has maintained its overnight lending rate at 2.25% since October 2025, higher than its ultra-low 0.25% rate during the pandemic, but lower than the 5% level it hit in 2023.
The survey was conducted by Burson, using the Leger Opinion online panel. The poll of 1,127 Canadians was done between July 20 and Aug. 6.
The Canadian Research Insights Council, an industry organization that promotes polling standards, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.