Seven in 10 current consumers say they wouldn’t have been capable of buy their residence with out monetary assist, most frequently from household, in accordance with Mortgage Professionals Canada’s newest shopper survey.

The 2025 State of the Housing Market report paints an image of rising pressure as affordability gaps widen. Carried out by Bond Model Loyalty, the survey attracts from a nationwide pattern of two,000 Canadians, together with each mortgage holders and potential consumers.

The findings recommend that homeownership is turning into more and more out of attain for these with out intergenerational help, with down fee help now seen by many not as a “nice-to-have,” however a requirement.

“Down fee help is not a backup plan—it’s a requirement for a lot of Canadians hoping to purchase,” stated MPC President and CEO Lauren van den Berg. “These findings verify what brokers throughout the nation are seeing on daily basis: shoppers are beneath strain, and so they want knowledgeable, clear recommendation to discover a means ahead.”

Brokers rising in significance as mortgage choices get extra complicated

With borrowing prices nonetheless elevated and mortgage renewals looming, a few third of Canadians recurrently flip to mortgage brokers for knowledgeable recommendation. Nonetheless, intent to work with a dealer has risen, with two-thirds of these surveyed saying they’re more likely to work with a mortgage dealer subsequent time they want a mortgage.

Dealer use stays particularly sturdy amongst first-time consumers, with 36% saying they used a dealer. Equally, 35% of those that purchased previously two years are extra inclined to have used a dealer, as are these between the ages of 18-54 (34%).

Regionally, Alberta leads the pack with a 37% dealer share, adopted by Ontario at 33%.

Amongst those that’ve already labored with a dealer, 81% say they’d do it once more. And in accordance with the survey, dealer shoppers persistently really feel extra assured of their mortgage choices than those that go on to a financial institution.

Renovation plans, rental earnings now core to homeownership technique

Along with monetary assist from household, extra Canadians are leaning on different methods to afford homeownership, together with renovations and rental earnings.

Over 70% of house owners surveyed stated they’ve not too long ago renovated or plan to, whereas a rising share of consumers say they depend on rental earnings to assist cowl their mortgage funds.

Youthful debtors have been additionally extra more likely to make further funds or enhance fee frequency, notably these with variable-rate mortgages.

The survey additionally discovered broad help for brand spanking new earnings verification instruments to strengthen belief within the system. A majority of Canadians again safer methods to confirm earnings instantly with the Canada Income Company, a coverage MPC has been pushing for.

“Canadians are involved about mortgage fraud,” van den Berg stated. “It artificially inflates residence costs and makes it more durable for trustworthy, hardworking Canadians to compete. We’ve urged the federal government to allow earnings verification in a means that’s secure, quick, and truthful.”

The federal authorities dedicated to delivering such a instrument in its 2024 Fall Financial Assertion, noting that the CRA had begun working with mortgage lenders and different monetary sector companions to design and implement it. Whereas rollout was initially anticipated to start in early 2025, no launch date has been confirmed.

A deep-dive into the survey outcomes…

The mortgage market

Mortgage sorts

70% of mortgage holders had fixed-rate mortgages in 2024 (unchanged from 2023)
- 75% stated their charge has at all times been fastened
- 10% stated they locked in from a variable charge throughout the previous 12 months
22% of mortgages have variable or adjustable charges (-1 pt. from 2023)
- 16% of variable-rate debtors stated they switched from a hard and fast charge throughout the previous 12 months.
4% of debtors have a mixture of fastened and variable, often known as “hybrid” mortgages (+1 pt.)

Penalties

10% of respondents stated they paid a penalty when breaking their most up-to-date mortgage (unchanged from final yr)
$6,732: The typical penalty paid in 2024 (+$3,221 from the prior yr)

Renewals

74% of mortgage holders anticipate to resume their mortgage throughout the subsequent three years (up from 70% in 2023)
- 29% anticipate to resume throughout the subsequent this yr
21% of these going through renewal who’ve excessive anxiousness (9 or 10 out of 10) about renewing at the next charge (down from 22% in 2023 and 23% in 2022)
59% of these going through renewal nonetheless face anxiousness (6-10 out of 10) about renewing at the next rate of interest

HELOCs

43% of present debtors say they’ve entry to a Residence Fairness Line of Credit score (HELOC)
51% of debtors with entry to a HELOC have by no means borrowed towards it
$127,626: The typical quantity of residence fairness the typical borrower has entry to through their HELOC
$26,740: The typical quantity borrowed from their HELOC

Most typical makes use of for HELOC funds embrace:

45%: For residence renovation (+11 pts. from prior yr)
35%: For debt consolidation and reimbursement (+2 pts.)
30%: To make a purchase order, reminiscent of automotive or schooling (+7 pts.)
18%: For investments (+3 pts.)
11%: To reward or lend to relations (+3 pts.)

Actions to speed up mortgage reimbursement

40% of mortgage holders have taken motion to shorten their amortization durations (+ pts.)
- 16% elevated the quantity of their fee (+1 pt.)
  - $1,040: The typical enhance in month-to-month fee
- 21% made no less than one lump-sum fee (+4 pts.)
  - $23,666: The typical lump-sum mortgage fee made
- 10% elevated their fee frequency (+2 pts.)

Use of mortgage professionals and lenders

32% of mortgage debtors used the companies of a mortgage dealer after they obtained their mortgage
- 36% of first-time consumers used a mortgage dealer
- 35% of those that bought throughout the final two years
- 37% of these in Alberta
- 34% of these between the ages of 18 and 34
- 34% of these between the ages of 35 and 54
81% of mortgage dealer shoppers say they’re probably to make use of a dealer once more (vs. simply 58% of financial institution clients)

Dealer intent is on the rise

81% of dealer shoppers say they’re probably to make use of a dealer once more
68%: Amongst all debtors, the proportion who stated they’re probably to make use of a dealer for his or her subsequent mortgage (+6 pts.)
- 19% are very probably (+1 pts)

Present lender sort

53%: Certainly one of Canada’s large banks
25%: Non-bank lender or small financial institution lender
13%: Mortgage Funding Company (MIC)
4%: Credit score union, life insurance coverage or belief firm
4%: Non-public lender

Client sentiment

44% of Canadians assume now is an effective time to purchase of their neighborhood (+15 pts. from 2023)
35% of non-owners who say they are going to by no means be capable of purchase a house (-16 pts. from 2023)

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shopper survey mortgage shopper survey mortgage professionals canada mpc semi-annual state of the housing market survey state of the mortgage market

Final modified: July 17, 2025