Market Memo: Mortgage Consumer Sentiment - May 2026

Canadian mortgage consumers appear to have a more positive and, perhaps, more realistic attitude about their financial situation. 

Optimism Improving 

The latest annual survey of mortgage consumers by the Canada Mortgage and Housing Corporation shows a marked improvement in confidence.  Respondents who said they have concerns about making their mortgage payments dropped to 39%, down from 53% in the 2025 survey. 

Consumers who renewed mortgages made up the biggest segment in the survey (66%).  A significant portion of them (35%) said they are feeling increased financial pressure due to rising interest rates, with their mortgage payments increasing by an average of $375 a month. 

Outside Help Remains Important 

Those who purchased a home, either for the first time or as repeat buyers, made up just 16% of this year’s survey.  Notable portions of both groups relied on gifts to enable their purchases but the numbers are down from last year.  For first timers, 27% received gifts, down from 34%.  Thirteen per cent of repeat buyers used a gift for their purchase, down from 15%.  Of those buyers 26% said they would not have been able to make their purchase without help, up from 19% in 2025.  The median amount of the financial assistance was $30,000. 

Consumers Adjusting 

Generally, Canadian mortgage consumers appear to be adjusting to rising interest rates and the new, global economic reality.  They have a sound understanding of their financial situation and what they can afford.  The CMHC survey indicates nearly a third (31%) are trimming or are planning to trim their non-mortgage expenses to reduce the risk of default.  Key items being cut back include dining out and take-out food, entertainment, vacations and shopping. 

“Mortgage consumers are proactively adjusting their monthly budgets to ensure they are better positioned to navigate their mortgage journey,” says CMHC’s Director of Lender Relations, Sam Carnovale. 

Safe as Houses 

Despite the challenges, 81% of mortgage consumers believe their home is a good long-term financial investment.  That optimism comes with an interesting caveat, though.  The number who think their home will increase in value over the next 12 months has dropped to 68%, down from 74% in the previous survey. 

Survey Methodology 

In January of 2026 CMHC polled more than 4,000 Canadians who had renewed or refinanced a mortgage or purchased a home in the previous 18 months. 

- First National LP