A new national survey surfaces the full price Canadians are paying beyond the monthly payment
Rising mortgage renewal rates are hindering the financial goals of one in five Canadian Millennials and Gen X borrowers, according to new survey data that puts hard numbers to the cost pressures reshaping household finances.
The Great Delay 2026, commissioned by estate-planning platform Willful and conducted by Angus Reid Forum among 1,501 Canadian adults from September 1 to 10, found that 64% of respondents with housing payments saw those costs rise over the past year.
Nationally, 15% of Canadians identified rising mortgage renewal rates as a barrier to their financial goals, climbing to 25% among the “sandwich generation,” defined as those with at least one living parent and a child of any age.
Nearly half of that cohort, 48%, carry a mortgage, compared with 35% of Canadians overall.
“Canadians got more done with their money this year, and they still feel worse off,” said Erin Bury, CEO and co-founder of Willful.
The data arrives as brokers continue to navigate the tail end of Canada’s mortgage renewal wave, as holders of five-year terms originated at pandemic-era lows in 2020 and 2021 confront today’s substantially higher rates.
Mortgage payments squeeze household budgets
Nationally, 40% of Canadians say their position has worsened year over year, up from 37% in 2025, and 47% dipped into savings to cover everyday costs.
On average, respondents said they would need $818 more each month to reach their financial goals.
Notably, 22% of Canadians and 25% of the sandwich generation identified lower interest rates as the single change most likely to help them get there, making rate relief the second most commonly cited factor after a drop in everyday costs and inflation.
The survey’s generational mortgage data is particularly striking for brokers. Among all Canadian generations, Millennials and Gen X carry the highest mortgage rates – 45% and 47% respectively – yet represent the groups most squeezed by the renewal cycle.
Millennials face a particular bind: 45% hold a mortgage and 34% have a child under 18, making them among the most financially exposed households in the country. Only 17% have a will.
Homeownership aspirations are also being deferred, with 13% of Canadians delaying a home purchase in 2026, rising to 23% of Millennials.
The pressure is most acute within the sandwich generation. Nearly half, 48%, carry a mortgage compared with 35% of Canadians overall, and 25% cite rising mortgage renewal rates as a direct barrier to their goals, compared with 15% nationally.
With debt repayment costs up for 49% of that group against 44% of Canadians overall, 88% say they would need more monthly income to meet their goals.
Of those, 71% need at least $500 more per month, and 41% need $1,000 or more.
Lauren van den Berg, president and chief executive officer of Mortgage Professionals Canada (MPC) in Ottawa, drew a direct line from the data to the broker’s role.
“Renewal pressure is not just about interest rates,” she said in a Mortgage Professionals Canada survey on borrowers most exposed to payment shock.
“It is about how much room households have to absorb a higher payment. This research shows many borrowers are approaching renewal with thin payment buffers, which makes early advice, careful planning and access to the right mortgage options more important than ever.”
What brokers are hearing from renewal clients
Sarah Albert, a broker with Premiere Mortgage Centre in New Brunswick, told Canadian Mortgage Professional in August that the renewal cycle has generated a surge in refinancing as clients work to absorb higher costs.
“We have a ton of refinances right now,” Albert said.
“We’re basically resetting mortgages to 25, 30 years, consolidating some debt and actually saving them some money each month where they can kind of maintain their lifestyle.”
Albert stressed that the most effective tool for brokers navigating client renewal anxiety is direct, personal engagement – not digital workarounds.
“I have a lot of clients that are calling right now… We’re seeing a lot of panic,” she said.
“And then when they talk to us, they’re like, ‘Oh, I’m not a bad client.’ I keep saying to them, ‘You’re a better client than you think you are. You’re human. We just need to reset this and learn this lesson, and I’ve got you.’”
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