Canada’s Mortgage Risk Shifts

Consumer debt in Canada reached $2.68T, including $1.97T in mortgages, with balances ↑~4% yearly as higher renewal activity kept mortgage debt expanding.
Affordability stayed tight despite softer home values and higher rates, so ~7 in 10 borrowers bought with co-borrowers, often reflecting growing family support.
Borrowers shifted toward flexibility: ~3 in 4 new mortgages used variable-rate or short-term products, leaving brokers with a more constant renewal cycle.
National property values ↓~3%, and mortgage delinquency among balances ran ~30% higher yearly, making renewal planning and refinancing strategy more important for borrowers.
Looking ahead, benchmark rate is projected to rise, housing starts are declining, and return-to-office could shift demand toward urban centres, lifting broker value in 2027.