Mortgages are by far the largest debt Canadian households carry. This page brings together the main measures of how much Canadians owe on them: total outstanding mortgage debt, the average mortgage balance, how balances differ by age and province, the mix of fixed and variable mortgages, and the wave of renewals at higher rates. For what a typical mortgage costs each month rather than what is owed, see the average mortgage payment in Canada. This page is part of our housing market analysis.
Total mortgage debt outstanding
Credit bureau TransUnion counts every mortgage account on its files. In the second quarter of 2026:
| Measure | Value | Change from a year earlier |
|---|---|---|
| Total outstanding mortgage balances | $1.93 trillion | 3.9% |
| Number of mortgage accounts | -0.2% | |
| Average outstanding balance per mortgage | $293,270 | 4.2% |
| Average balance on newly issued mortgages | $354,683 | -2.4% |
Source: TransUnion, Q2 2026 Credit Industry Insights Report.
Statistics Canada’s national accounts measure household debt from the other side. Residential mortgages made up almost three-quarters of household debt in the second quarter of 2026, and households took on $19.4 billion of new net mortgage borrowing in that quarter, seasonally adjusted (source). Set against the $8,523.3 billion value of households’ homes in the same quarter, TransUnion’s $1.93 trillion of mortgage balances is about 23% of it (computed); how much of household wealth is tied up in housing is covered in household net worth trends.
Average mortgage balance
Two sources give an average, and they measure different things. TransUnion’s $293,270 (the second quarter of 2026) is the average per mortgage account. Statistics Canada’s Survey of Financial Security (SFS) counts families: in 2023, 36.5% of Canadian families had a mortgage on their home, with a median balance of $200,000 and an average of $253,400 among those families. Counting mortgages on cottages and rental properties as well, 39% of families had a mortgage, with a median of $205,000 ($219,500 in 2019, in 2023 dollars).
The median is the middle family among those with a mortgage; the average is pulled up by the largest balances.
By age
| Age of main earner | Families with a mortgage on their home | Median balance | Average balance |
|---|---|---|---|
| Under 35 | 36.4% | $225,000 | $278,600 |
| 35 to 44 | 55.9% | $231,000 | $301,000 |
| 45 to 54 | 55.2% | $200,000 | $254,200 |
| 55 to 64 | 34.2% | $160,000 | $217,200 |
| 65 and over | 14.3% | $100,000 | $141,000 |
| All ages | 36.5% | $200,000 | $253,400 |
Source: Statistics Canada, table 11-10-0016-01, Survey of Financial Security, 2023. Balances are for families that have a mortgage on their principal residence.
By province
| Province | Families with a mortgage on their home | Median balance | Average balance |
|---|---|---|---|
| Newfoundland and Labrador | 38.2% | $130,000 | $152,300 |
| Prince Edward Island | 39.0% | $120,000 | $180,000 |
| Nova Scotia | 31.7% | $103,000 | $144,900 |
| New Brunswick | 38.0% | $105,000 | $120,600 |
| Quebec | 35.0% | $150,000 | $178,400 |
| Ontario | 35.6% | $250,000 | $312,900 |
| Manitoba | 41.1% | $168,000 | $174,900 |
| Saskatchewan | 38.5% | $170,000 | $178,700 |
| Alberta | 46.1% | $214,000 | $235,900 |
| British Columbia | 33.0% | $254,000 | $333,400 |
| Canada | 36.5% | $200,000 | $253,400 |
Source: Statistics Canada, table 11-10-0016-01, Survey of Financial Security, 2023.
Balances follow home prices, so the average mortgage in British Columbia and in Ontario is above the national average.
By lender and mortgage type
The Canadian Bankers Association’s members, the six largest banks and several others, held 4,911,806 residential mortgages at July 31, 2026, of which 0.29% were three or more months in arrears. Credit unions, mortgage finance companies and private lenders hold the rest. The arrears figures by province and over time are in mortgage defaults and arrears in Canada.
On mortgage type, the Bank of Canada estimates that five-year fixed-rate mortgages make up around 40% of all mortgages. In the SFS, one-fifth of families with a mortgage on their home had a variable rate in 2023, at a median interest rate of 5.7%.
The renewal wall
A Canadian mortgage term is usually shorter than its amortization, so the balance is renewed several times at whatever rates apply then. Five-year mortgages taken out in 2020 and 2021 come up for renewal in 2025 and 2026. The Bank of Canada’s analysis of bank data:
| Measure | Bank of Canada estimate |
|---|---|
| Share of all outstanding mortgages renewing in 2025 or 2026 | about 60% |
| Share of those renewing who face a higher payment | about 60% |
| Average payment change vs December 2024, renewing in 2025 | 10% higher |
| Average payment change vs December 2024, renewing in 2026 | 6% higher |
| Five-year fixed holders renewing in 2026, average payment change | 20% higher |
| All mortgage holders facing an increase by the end of 2026 | about one-third |
| All mortgage holders facing a decrease by the end of 2026 | close to one-quarter |
Source: Bank of Canada, Staff Analytical Note 2025-21, which assumes rates follow market expectations and every borrower renews into the same type and term of mortgage.
How much a particular payment changes at renewal depends on the old rate, the new rate and the remaining amortization; the mortgage payment shock calculator works through it, and the mortgage renewal guide covers the options at renewal.
Household debt and debt-to-income
Mortgages are most of what Canadian households owe. Statistics Canada’s ratio of household credit market debt to disposable income was 176.4% in the second quarter of 2026; that ratio, and the debt families carry by age, province and type, are covered in average household debt in Canada.
Where the figures come from
| Source | What it measures | How often |
|---|---|---|
| TransUnion | Mortgage accounts and balances on its credit files | Quarterly |
| Statistics Canada, national balance sheet | Household mortgage and total debt, value of homes | Quarterly |
| Statistics Canada, Survey of Financial Security | Mortgages held by families, by age and province | Every three to four years |
| Canadian Bankers Association | Mortgages at member banks and the number in arrears | Monthly |
| Bank of Canada | Renewal analysis and financial stability reports | Periodic |
Related pages
Sources
The figures and rules on this page come from these sources, last checked against them between September 25, 2026 and October 6, 2026. How we check facts.
- Bank of Canada: How will mortgage payments change at renewal? An updated analysis
- Canadian Bankers Association: Number of Residential Mortgages in Arrears, month ended July 31, 2026
- GlobeNewswire: Canadian consumer debt reaches record 2 64 trillion as financial realities differ across households
- Statistics Canada: Statistics Canada
- Statistics Canada: Assets and debts held by economic family type, by age group, Canada, provinces and…
- Statistics Canada: The Daily — Survey of Financial Security, 2023
- Statistics Canada: Household sector credit market summary table, seasonally adjusted estimates
- Statistics Canada: Financial indicators of households and non-profit institutions serving households,…