New CMHC research unpacks impacts of mortgage renewal wave
OTTAWA, ON, Feb. 5, 2026 /CNW/ - Canada is in the middle of a major mortgage renewal wave that is reshaping household finances. More than 1.5 million households have already renewed their mortgages at a higher interest rate, and another million households are expected to renew this year. CMHC has noted that, while mortgage arrears have increased, they remain historically low. However, CMHC Deputy Chief Economist, Tania Bourassa-Ochoa finds that key factors, such as most borrowers extending their amortization periods, have helped keep mortgage arrears low.
In her latest research, Bourassa-Ochoa also unpacks how some regions, especially Toronto and Vancouver, and certain groups of borrowers, such as first-time buyers, have faced significantly higher financial stress than others.
"While most Canadians have been resilient in facing significantly higher interest rates at renewal, this comes at greater long-term expense, as the majority extended the length of their mortgages to lower their monthly payments and manage short-term household finances," said Tania Bourassa-Ochoa, Deputy Chief Economist at CMHC. "We are also seeing elevated financial stress for mortgage holders in Toronto and Vancouver, as well as pandemic-era first-time homebuyers, who have all seen the highest increases in arrears and carry more risk going forward."
Read the full article on CMHC's website: Mortgage Renewal Wave Strains Some Regions and Borrowers
Related links:
- 2025 Year-In-Review | CMHC
- In-House Podcast: Fall 2025 Residential Mortgage Industry Report | CMHC
- Toronto's 2025 condo market vs. the 1990s: Key differences | CMHC
- Condominium apartment market risks in Toronto and Vancouver | CMHC
- The way back to housing affordability episode| CMHC
CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. CMHC's mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating co-operation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
Follow CMHC on X, YouTube, LinkedIn, Facebook and Instagram.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
For more information, or to request an interview with Tania Bourassa-Ochoa please contact CMHC Media Relations: [email protected]
Share this article