Mortgage renewal costs weigh on Canadians’ financial goals: survey
One in five Canadian Millennials and Gen X respondents say rising mortgage renewal rates are holding back their financial goals, according to a new survey commissioned by Willful.
Rising renewal rates were holding back financial goals for 15% of Canadians overall, climbing to 25% among the “sandwich generation,” defined in the report as those with at least one living parent and a child of any age.
The online estate-planning platform’s The Great Delay 2026 report found that among respondents with housing payments, 64% said those payments increased this year.
“Canadians got more done with their money this year, and they still feel worse off,” Willful said in its report.
Seventy-seven per cent completed a financial task such as saving, paying down debt or contributing to a TFSA, up from 66% last year. Yet 40% said their financial position had worsened, compared with 37% in 2025.
Nearly half of Canadians, 47%, said they had used savings to cover day-to-day expenses. That share reached 52% among the sandwich generation, who were also more likely to carry a mortgage: 48%, compared with 35% of Canadians overall.
Twenty-two per cent of Canadians said lower interest rates would help them reach their financial goals, while 13% had delayed buying a home this year, rising to 23% of Millennials.
The survey was conducted Sept. 1–10 among 1,501 Canadian adults who are members of the Angus Reid Forum.
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Last modified: November 2, 2026
