Canadians’ debt burden eases as incomes outpace borrowing
For mortgage professionals advising clients through the renewal cycle, the Q2 data offers a more encouraging backdrop, though conditions remain uneven at the borrower level.
Leah Zlatkin, licensed mortgage broker and expert at LowestRates.ca in Toronto, previously said: “Canada is not in a mortgage default crisis but the pressure on homeowners is real. Many borrowers are still renewing mortgages that were taken out when rates were much lower, and even a modest increase in the rate can change the household budget quickly.”
Brokers familiar with the ongoing financial pressure on Canadian homeowners heading into renewal will note that a falling national debt ratio does not eliminate the payment adjustment facing individual clients renewing at materially higher rates.
Household net worth eclipses $19 trillion
On the asset side, household net worth rose 2.9% to $19.1 trillion in Q2 2026, supported by strong equity market performance.
The ratio of financial to non-financial assets reached its highest level since 2000.
