What mortgage renewals are really costing Canadian borrowers
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.
