How much total mortgage debt do Canadians owe?

As of early 2026, total outstanding residential mortgage debt in Canada exceeds $2.1 trillion. This represents the single largest component of Canadian household debt, accounting for roughly 75% of all household liabilities. The total has grown significantly from approximately $1 trillion in 2010, driven by rising home prices, population growth, and expanded access to mortgage credit.

What is the average mortgage balance in Canada?

The average outstanding mortgage balance in Canada is approximately $275,000–$290,000 as of 2026. However, this varies enormously by region — average balances in Toronto and Vancouver exceed $400,000, while in Atlantic provinces and the Prairies, averages are $180,000–$220,000. New mortgages originated in 2025–2026 have much higher average balances (~$350,000–$400,000) than the overall stock.

What is the household debt-to-income ratio in Canada?

Canada's household debt-to-disposable-income ratio is approximately 175%–180%, meaning Canadians owe roughly $1.75–$1.80 for every dollar of annual disposable income. This is among the highest in the developed world. Mortgage debt is the primary driver, accounting for about three-quarters of total household debt.

Is Canadian mortgage debt too high?

That depends on several factors. On one hand, Canada's debt levels are high by international standards and leave households vulnerable to rate increases and economic shocks. On the other hand, Canadians have significant home equity (real estate assets exceed mortgage debt by a wide margin), default rates remain very low (~0.2%), and the stress test ensures borrowers can handle higher rates. Risk depends heavily on individual circumstances and the economic outlook.

Canadian Mortgage Debt Statistics (2026): How Much Canadians Owe

Canada has one of the highest levels of household mortgage debt in the developed world. Understanding the data — how much Canadians owe, who owes it, and what risks that creates — is essential for anyone making mortgage decisions.

Total mortgage debt outstanding

The headline number

Year	Total Residential Mortgage Debt	Annual Growth
2005	$650 billion	—
2010	$1.01 trillion	~8% per year
2015	$1.30 trillion	~5% per year
2019	$1.56 trillion	~4% per year
2020	$1.68 trillion	+7.7% (COVID stimulus)
2021	$1.87 trillion	+11.3% (record home sales)
2022	$2.01 trillion	+7.5%
2023	$2.07 trillion	+3.0% (slowdown from rate hikes)
2024	$2.10 trillion	+1.5% (rates elevated)
2025	$2.14 trillion	+1.9%
2026 (est.)	$2.18 trillion	~2% (gradual recovery)

Sources: Bank of Canada, CMHC, Statistics Canada. 2026 is an estimate based on growth trends.

Growth in context

Mortgage debt has more than tripled since 2005. The key drivers:

Driver	Contribution
Home price appreciation	Largest factor — average home price doubled from 2005 to 2025
Population growth	Canada’s population grew from 32M to 41M
Longer amortizations	30-year amortization availability increased average balance
Investor activity	Growing investor share means more mortgages per buyer cohort
Low rates (2009–2022)	Made larger mortgages affordable, encouraging price growth

Average mortgage balance

National average

Metric	Amount (2026 est.)
Average outstanding mortgage balance	~$280,000
Average new mortgage (2025 originations)	~$375,000
Median outstanding mortgage balance	~$240,000
Average insured mortgage (new)	~$320,000
Average uninsured mortgage (new)	~$430,000

By province

Province	Average Outstanding Balance (approx.)	Average New Mortgage (approx.)
British Columbia	$380,000	$500,000+
Ontario	$350,000	$470,000
Alberta	$260,000	$340,000
Quebec	$210,000	$290,000
Manitoba	$190,000	$260,000
Saskatchewan	$185,000	$250,000
Nova Scotia	$195,000	$280,000
New Brunswick	$160,000	$230,000
Newfoundland	$155,000	$220,000
PEI	$170,000	$250,000

The gap between “average outstanding” and “average new mortgage” reflects that the outstanding stock includes older, smaller mortgages, while new originations reflect current home prices.

Household debt ratios

Debt-to-disposable-income

Canada’s headline household debt ratio:

Year	Debt-to-Disposable Income	Context
2000	110%	Pre-housing boom
2005	130%	Housing market accelerating
2010	161%	Post-GFC, rates at historic lows
2015	171%	Steady climb
2019	176%	Pre-pandemic
2021	181%	Peaked — massive housing activity
2023	177%	Declined slightly as rate hikes slowed borrowing
2025	175%	Stabilizing
2026 (est.)	175%–180%	Depends on rate trajectory and income growth

International comparison

Country	Household Debt-to-Disposable Income
Switzerland	~210%
Australia	~190%
Canada	~175%
South Korea	~170%
United Kingdom	~145%
United States	~100%
Germany	~85%

Canada ranks among the most indebted households in the developed world. The US deleveraged significantly after the 2008 crisis — Canada did not.

Mortgage debt service ratio

The debt service ratio (DSR) measures the share of household income going to mortgage payments:

Period	Mortgage DSR (% of disposable income)	Context
2010–2019	6.0%–6.5%	Low rates kept payments manageable despite growing balances
2020–2021	5.5%–6.0%	Ultra-low rates reduced payment burden
2022–2023	7.5%–8.5%	Rate hikes increased payment burden sharply
2024–2025	7.0%–7.5%	Rate cuts provided some relief
2026 (est.)	6.5%–7.0%	Continued normalization

Who holds Canadian mortgage debt

By lender type

Lender Type	Market Share (approx.)	Total Mortgage Assets
Big Six banks	~75%	~$1.6 trillion
Credit unions	~12%	~$260 billion
Mortgage finance companies	~5%	~$110 billion
Life insurance companies	~3%	~$65 billion
Securitized (NHA MBS/CMB)	~3%	~$65 billion
Private/alternative lenders	~2%	~$40 billion

By mortgage type

Mortgage Type	Share of New Originations (approx.)
Fixed rate	~70%
Variable rate	~25%
Hybrid/other	~5%

The fixed-rate share surged after the 2022–2023 rate hiking cycle. Variable-rate share was over 55% in 2021 when rates were at historic lows.

By insurance status

Status	Share of Outstanding Mortgages
Insured (CMHC, Sagen, Canada Guaranty)	~35%
Uninsured	~65%

The uninsured share has grown as rising home prices push more buyers above the insured purchase price cap (now $1.5M).

Mortgage renewal wall

One of the most significant data points for 2025–2027 is the “renewal wall” — the volume of mortgages that were originated at ultra-low rates (2020–2021) now coming up for renewal at much higher rates.

Renewal volume

Renewal Year	Estimated Volume	Average Rate When Originated	Current Renewal Rate	Payment Increase
2025	~$400 billion	2.0%–3.0% (5-yr fixed)	4.0%–5.0%	+25%–40%
2026	~$450 billion (peak)	1.5%–2.5% (5-yr fixed)	3.5%–4.5%	+30%–50%
2027	~$350 billion	2.0%–3.5% (5-yr fixed)	3.5%–5.0%	+15%–35%

Payment shock example

Mortgage	Original (2021)	Renewal (2026)	Change
Balance	$400,000	$360,000 (after 5 years of payments)	−$40,000
Rate	2.14% (5-yr fixed)	4.39% (5-yr fixed)	+2.25%
Monthly payment	$1,722	$1,977	+$255/month (+15%)
Annual cost increase	—	+$3,060/year	—

For borrowers who took variable-rate mortgages in 2021 at ~1.5% and now renew at 4%+, the shock is larger.

Mortgage debt and home equity

While debt levels are high, Canadians also hold significant home equity:

Metric	Amount (2026 est.)
Total residential real estate value	~$7.5 trillion
Total mortgage debt	~$2.18 trillion
Total home equity	~$5.3 trillion
Average equity per homeowner	~$530,000
Average loan-to-value (outstanding mortgages)	~50%

The average Canadian homeowner with a mortgage has substantial equity — the risk is concentrated among recent buyers who purchased at peak prices with minimum down payments.

Equity distribution

Equity Level	Share of Mortgage Holders (est.)
75%+ equity (LTV under 25%)	~30% (long-term owners)
50–75% equity (LTV 25–50%)	~25%
25–50% equity (LTV 50–75%)	~25%
Under 25% equity (LTV 75–95%)	~15% (recent buyers)
Negative equity (LTV over 100%)	~5% (concentrated in weakest markets)

Risk indicators to watch

Indicator	Current Level	Risk Threshold	Status
Household debt-to-income	~175%	>200% = elevated systemic risk	Elevated but stable
Mortgage DSR	~6.5–7.0%	>10% = severe stress	Manageable
Mortgage arrears rate	~0.20%	>0.5% = rising stress	Very low
Housing price-to-income ratio	~7–8x (national avg)	Historical norm: 3–5x	Significantly elevated
Price-to-rent ratio	~25–30x (major cities)	International norm: 15–20x	Elevated
Investor share of purchases	~25–30%	>30% = speculative risk	Worth monitoring

Key data sources

Source	What It Publishes	Frequency
Bank of Canada	Total household credit, mortgage credit, financial stability review	Monthly (credit), biannual (FSR)
CMHC	Mortgage data, housing starts, arrears, HPI	Monthly and quarterly
Statistics Canada	National balance sheet, debt-to-income, wealth survey	Quarterly
OSFI	Regulated lender mortgage data, capital adequacy	Quarterly
Canadian Bankers Association	Mortgage arrears data	Monthly
CREA	Home sales, prices (MLS HPI)	Monthly

The bottom line

Canada has $2.18 trillion in mortgage debt — the largest household liability by far
Debt ratios are among the highest globally — ~175% of disposable income
The renewal wall is the near-term risk — $450B+ renewing in 2026 at sharply higher rates
Home equity provides a buffer — $5.3 trillion in equity means most homeowners are not at risk
Risk is concentrated — recent buyers with high LTV in expensive markets face the most pressure
Arrears remain very low — Canadian mortgage borrowers have been remarkably resilient