New federal data shows 1 in 4 mortgaged homeowners now live in unaffordable housing
The share of mortgaged Canadian homeowners living in housing unaffordable to them rose in 2024, new federal data shows — and the implications for brokers managing clients under growing financial strain are considerable.
The 2024 Canadian Housing Survey, a collaboration between Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC), found that 23.2% of Canadian households spent 30% or more of their income on shelter costs last year, up from 22.0% in 2022.
The increase was driven almost entirely by mortgage holders. Some 26.1% of homeowners with a mortgage were living in unaffordable housing in 2024, up from 23.6% in 2022, while private-market renters saw no change in their unaffordability rate over the same period.
Nationally, renters (33.7%) remained more likely than owners (17.4%) to live in housing they cannot afford, but that ownership gap is narrowing as the rate cycle's toll accumulates.
Mortgage holders close the dissatisfaction gap
Financial pressure is registering in how Canadians feel about their housing costs. Some 23.3% of households were dissatisfied or very dissatisfied with housing affordability in 2024, up 8.8 percentage points from 14.5% in 2022 and more than double the 11.1% recorded in 2018.
Among mortgaged homeowners, that figure was 28.2%, nearly converging with private-market renters at 28.9%.
More than 1 in 4 households (27.9%) reported financial difficulty over the previous 12 months from increases in rent or mortgage payments, up from 22.6% in 2022.
Among mortgaged homeowners specifically, 36.2% cited financial difficulties stemming from higher mortgage payments, a 7.9 percentage point increase from 28.3% in 2022.
CMHC noted that many fixed-rate mortgages due for renewal in 2025 were originally locked in when the Bank of Canada's benchmark rate was at or below 1%.
Broker experience on the financial pressures shaping Canada's 2026 mortgage renewal landscape has been mixed. Taz Zaide, a Toronto-based broker with 6ix Mortgage Group, told Canadian Mortgage Professional in January that clients in his book had largely absorbed renewal pressure.
"Luckily, people coming up for renewal are not cash-strapped or in debt, at least from the portfolio of clients that we have. They've been able to manage and now they're just renewing regularly without needing to consolidate any money," he explained.
The CMHC survey, however, suggests that experience is not universal across Canadian households.
Drew Donaldson, Mortgage Broker and Principal at Donaldson Capital, says higher bond yields are creating pressure on mortgage rates, but he still expects a strong finish to the year for the housing market.https://t.co/q5VXAziOZB
— Canadian Mortgage Professional Magazine (@CMPmagazine) September 17, 2026
First-time buyers face steeper odds
The 2024 survey documents a sharp deterioration among recent first-time homebuyers (FTHBs). Some 10.6% of Canadian households — approximately 1.74 million — purchased their first home between 2019 and 2023, during a period of record-low borrowing costs.
By 2024, 34.1% of that cohort reported financial difficulties from higher mortgage payments, more than double the 16.4% recorded among FTHBs in 2018.
For brokers in Canada's most expensive markets, the challenge is acute. Dustan Woodhouse of Be The Better Broker, speaking to CMP in April about the good and bad news facing first-time homebuyers in Canada's 2026 housing market, described a profession increasingly forced to turn hopeful buyers away.
"In the GTA and the GVA, that's become very compromised. It's very, very difficult. You're saying no to many people who come through the door now, even with prices falling as they have," he said.
Dissatisfaction among this group climbed from 13.4% in 2018 to 33.1% in 2024. Discussion of the government's new amortization rules and their potential impact on housing affordability continues to define what support is available for incoming buyers.
Despite the grim figures, 85.5% of renters aged 25 to 39 said homeownership in the next five to 10 years was important or somewhat important to them. Yet median registered savings — across First Home Savings Accounts (FHSAs), Tax-Free Savings Accounts (TFSAs), and Registered Retirement Savings Plans (RRSPs) — stood at just $20,250 per young renter couple and $15,330 for singles.
For brokers advising younger clients, the CMHC data points to both the depth of the challenge and the persistence of homeownership intent. As rate cuts and new mortgage rule changes continue to reshape Canada's affordability outlook{target="_blank"}, those advisory conversations are only becoming more complex.
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