How Much Mortgage Debt Does Canada Have? The 2026 Numbers
Canada’s total mortgage debt outstanding reached $2.442 trillion in June 2026, up 4.24% from $2.343 trillion a year earlier, according to CMHC’s citation of Statistics Canada data. This page sets out every verifiable figure behind that headline, with the publisher and as-of date attached to each one. CMHC’s underlying dataset runs about seven months behind, so we say that plainly rather than let the numbers look more current than they are.
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How much mortgage debt does Canada have outstanding?
Canada’s total mortgage debt outstanding was $2.442 trillion in June 2026, up 4.24% from $2.343 trillion a year earlier. The figure comes from CMHC’s Quarterly Data Snapshot, published 27 August 2026, citing Statistics Canada Table 36-10-0639-01. Statistics Canada itself could not be reached to verify the number directly, so it should be read as CMHC’s citation rather than a Statistics Canada release.
That $2.442 trillion is the broadest number on this page. It covers all outstanding residential mortgage debt tracked in Canadian household credit liabilities, across every lender type, not just one channel.
We can only confirm this figure through CMHC’s citation. Statistics Canada’s own site was unreachable when we checked it, so we attribute the number as “CMHC, citing Statistics Canada” and let the attribution carry that uncertainty.
| Measure | Amount | As-of | Publisher |
|---|---|---|---|
| Total household mortgage debt outstanding | $2.442 trillion, +4.24% y/y from $2.343T | June 2026 | CMHC, citing Statistics Canada Table 36-10-0639-01 |
| Residential mortgages at chartered banks only | $1,632,150 million (insured $378,001M, uninsured $1,254,149M) | July 2026 | Bank of Canada (primary) |
| Mortgages at CMHC-reporting lenders | $2.130 trillion across 6,820,496 loans (insured 1,920,785, 28.2%; uninsured 4,899,711) | Q1 2026 (31 March) | CMHC (primary) |
The citable fact: Canada’s total mortgage debt outstanding was $2.442 trillion in June 2026, up 4.24% year over year, as cited by CMHC from Statistics Canada Table 36-10-0639-01.
How much of that debt sits at the chartered banks, and how much is insured?
Chartered banks alone held $1,632,150 million in residential mortgages in July 2026, split into $378,001 million insured and $1,254,149 million uninsured, per the Bank of Canada. Across all CMHC-reporting lenders, insured mortgages make up 28.2% of loans by count (1,920,785 of 6,820,496) as at Q1 2026. Most Canadian mortgage debt, by both dollars and loan count, is uninsured.
The split matters because insured and uninsured mortgages carry different qualifying rules and different risk for the lender. Default insurance applies mainly to higher-ratio purchases, and our page on CMHC mortgage insurance cost covers the premium tiers in detail.
Chartered banks are only one channel. Credit unions, mortgage finance companies and other non-bank lenders also hold mortgage debt, which is one reason the CMHC-reporting total of $2.130 trillion sits below the $2.442 trillion national figure: the two measures do not cover the identical universe of lenders.
| Source | Insured | Uninsured | As-of |
|---|---|---|---|
| Bank of Canada (chartered banks only) | $378,001 million | $1,254,149 million | July 2026 |
| CMHC (all reporting lenders, by loan count) | 1,920,785 loans (28.2%) | 4,899,711 loans | Q1 2026 |
The citable fact: At CMHC-reporting lenders, insured mortgages account for 28.2% of outstanding loans by count as at Q1 2026, while the majority of mortgage debt by dollar volume is uninsured.
What is the average mortgage size in Canada right now?
Pekoe’s calculation on CMHC’s Q1 2026 data puts the average purchase mortgage at $347,282 and the average renewal or refinance at $300,808. Across all originations the average works out to $313,460, and the average outstanding balance across the whole book is $312,355. These are our own arithmetic on CMHC’s primary loan counts and dollar totals, not a figure CMHC itself publishes.
CMHC publishes the underlying loan counts and dollar totals by quarter. It does not publish an average mortgage size directly, so every number in this section is Pekoe’s own division of CMHC’s dollars by CMHC’s loan count for Q1 2026.
| Category | Average | Underlying CMHC data |
|---|---|---|
| Purchase | $347,282 | $70,849,400,081 over 204,011 loans |
| Renewal or refinance | $300,808 | $150,713,136,665 over 501,027 loans |
| All originations | $313,460 | $221.0 billion over 705,038 loans |
| Outstanding balance, whole book | $312,355 | $2.130 trillion over 6,820,496 loans |
Show the math: average mortgage sizes, Q1 2026
The citable fact: Pekoe’s calculation from CMHC’s Q1 2026 data shows the average Canadian purchase mortgage at $347,282, against $300,808 for a renewal or refinance in the same quarter.
How much is the average monthly mortgage payment, and how fast is it rising?
The average Canadian mortgage payment was $1,867 a month in Q1 2026, up 3.84% from $1,798 a year earlier. The figure comes from CMHC’s Quarterly Data Snapshot, published 27 August 2026, quoting credit bureau Equifax, so it should be treated as a secondary source rather than CMHC’s own survey.
A 3.84% rise in average payment over one year outpaces typical wage growth. It reflects both the renewal wave moving borrowers off older, lower-rate terms and continued new lending at current qualifying levels.
Show the math: average payment growth, Q1 2026 vs Q1 2025
The citable fact: The average Canadian mortgage payment rose 3.84% year over year to $1,867 in Q1 2026, per CMHC’s citation of Equifax data.
How much new mortgage lending happened over the past year?
CMHC-reporting lenders extended $912 billion in total mortgage value between Q2 2025 and Q1 2026 inclusive, the most recent four full quarters CMHC has reported. That figure includes both purchase originations and renewal or refinance lending across the industry CMHC tracks.
Set alongside the $221.0 billion in Q1 2026 originations alone, the $912 billion trailing-year total shows how much of overall lending volume is renewal and refinance activity rather than new purchases. Renewals and refinances outnumbered purchase loans more than two to one by count in Q1 2026 (501,027 against 204,011).
The citable fact: CMHC-reporting lenders extended $912 billion in total mortgage value across the four quarters from Q2 2025 through Q1 2026.
What share of new mortgage lending is fixed versus variable?
In July 2026, 59.2% of residential mortgage funds advanced by chartered banks were fixed-rate ($33,453 million) and 40.8% were variable ($23,063 million), out of $56,518 million advanced that month. On the stock of all outstanding balances, variable-rate mortgages make up a smaller 35.7% share, a different, slower-moving measure than the monthly flow figure above.
“Funds advanced” means new chartered-bank lending in the month, and it includes refinances, not purchases alone. The shares above are Pekoe’s own calculation, our sum of the Bank of Canada’s component vectors, because the percentages printed on the Bank’s own summary page did not reconcile with the underlying series.
The single largest term bucket is fixed, three-to-under-five-year, at 35.4% of funds advanced in July 2026. For context, CMHC’s own February 2026 data, an older vintage than the Bank of Canada series, put variable at 42% and fixed five-year-or-more at 11% of new mortgages.
| Measure | Variable | Fixed | As-of | Source |
|---|---|---|---|---|
| Funds advanced in the month (flow), chartered banks | 40.8% ($23,063M) | 59.2% ($33,453M) | July 2026 | Bank of Canada, shares derived by Pekoe |
| Outstanding balances (stock) | 35.7% | rest of book | July 2026 | Bank of Canada, derived by Pekoe |
| New mortgages, older vintage | 42% | 11% (5yr+ fixed only) | Feb 2026 | CMHC (secondary) |
This page covers the statistic only. For help weighing fixed against variable for a specific file, see our full breakdown of fixed versus variable mortgages in Canada.
The citable fact: Fixed-rate mortgages made up 59.2% of residential mortgage funds advanced by chartered banks in July 2026, against 40.8% variable, a Pekoe calculation on Bank of Canada data.
What share of insured mortgages carries an amortization over 25 years?
66.7% of insured mortgages carried an amortization longer than 25 years as at Q4 2025, per CMHC’s Residential Mortgage Industry Report. In the same period, Canadian household debt-to-income sat at 173.3, meaning households owed roughly $1.73 for every dollar of disposable income.
Extended amortizations lower the monthly payment but increase total interest paid over the life of the loan. Two in three insured mortgages now stretch past the traditional 25-year benchmark.
The citable fact: 66.7% of insured Canadian mortgages had an amortization beyond 25 years as at Q4 2025, while household debt-to-income stood at 173.3, both per CMHC’s Residential Mortgage Industry Report.
How does mortgage delinquency vary by lender type?
As at Q1 2026, chartered bank mortgages had a 90-plus day delinquency rate of 0.28%, credit unions 0.14%, other non-bank lenders 0.26%, and mortgage investment entities 2.25%. Mortgage investment entities run a delinquency rate roughly eight times higher than chartered banks, reflecting the higher-risk borrower profile that segment typically serves.
Delinquency by lender type is the clearest risk signal CMHC publishes at the current quarter. It also helps explain why mortgage investment entities price and underwrite differently from a chartered bank.
| Lender type | 90+ day delinquency rate |
|---|---|
| Chartered banks | 0.28% |
| Credit unions | 0.14% |
| Other non-bank lenders | 0.26% |
| Mortgage investment entities | 2.25% |
The citable fact: Mortgage investment entities carried a 2.25% delinquency rate as at Q1 2026, against 0.28% at chartered banks, per CMHC’s Residential Mortgage Industry Report.
Is there reliable data on loan-to-value at origination?
No. CMHC’s own dataset carries a loan-to-value category for mortgage originations, but every cell is reported as zero for Q1 2026, and the last period with any populated values was Q1 2025, where only two cells had data. There is no current, usable origination loan-to-value series to quote.
A separate CMHC series does report loan-to-value on outstanding balances as at Q1 2026. That series covers only about 39% of the $2.130 trillion book ($839.9 billion), so it is not representative of the full market and should not be read as an origination figure.
| LTV band | Share of covered balances |
|---|---|
| 0 to 65% | 41.3% |
| 65 to 75% | 14.6% |
| 75 to 80% | 11.4% |
| 80% and above | 32.8% |
No current figure for loan-to-value at origination appears on this page, because the series that would support one is not populated. If that changes, it will be added here with its source and date.
The citable fact: CMHC publishes no usable loan-to-value-at-origination series for Q1 2026; its only current LTV data covers outstanding balances and represents about 39% of the mortgage book.
How current is this data, and why does the lag matter?
CMHC’s mortgage industry data runs about a seven-month lag, so the Q1 2026 figures on this page, covering averages, insured share, amortization and delinquency, will not update again until CMHC’s next quarterly release. Bank of Canada figures run closer to current: the chartered-bank balance figures are current to July 2026, and the fixed-versus-variable series lags only a few weeks.
Every number on this page labelled “as at Q1 2026” reflects data roughly seven months old at the time of writing, not a live snapshot. Readers comparing these figures against a fresh renewal decision should confirm nothing has shifted materially since Q1 2026 before treating them as current.
The citable fact: CMHC’s underlying mortgage industry dataset runs about a seven-month lag, so every Q1 2026 figure on this page will not be refreshed until CMHC’s next quarterly release.
Does any of this data differ between Ontario and Alberta?
No. None of the national figures on this page break out by province; CMHC and the Bank of Canada report these specific totals, averages and shares nationally only. What does differ provincially is licensing: Pekoe Mortgages is licensed in Ontario under FSRA Licence #13321 and in Alberta under RECA.
A borrower in Kitchener-Waterloo and a borrower in Canmore are counted inside the same $2.442 trillion national total, the same average mortgage sizes, and the same fixed-versus-variable split described above. A provincial breakdown of these specific figures was not available from CMHC or the Bank of Canada for this page.
What is provincial is oversight. Ontario brokerages answer to the Financial Services Regulatory Authority of Ontario under the Mortgage Brokerages, Lenders and Administrators Act. Alberta brokerages answer to the Real Estate Council of Alberta. See our Alberta versus Ontario mortgage rate comparison for what actually changes province to province.
The citable fact: The national mortgage debt figures on this page are not broken out by province; Pekoe Mortgages operates under FSRA Licence #13321 in Ontario and RECA licensing in Alberta.
What else do borrowers ask alongside mortgage debt data?
These three questions come up constantly alongside the figures on this page.
- What is the mortgage stress test, and how does it use these debt figures?
- What happens if you do nothing when your mortgage comes up for renewal?
- Calculate your own renewal payment shock before your term ends
The full set lives on the Ask a Broker hub.
Frequently asked questions
What is Canada’s total outstanding mortgage debt in 2026?
Canada’s total mortgage debt outstanding reached $2.442 trillion as of June 2026, up 4.24% from $2.343 trillion a year earlier. The figure is cited by CMHC from Statistics Canada Table 36-10-0639-01.
How is mortgage debt split between insured and uninsured?
Among all CMHC-reporting lenders, 1,920,785 loans are insured and 4,899,711 are uninsured as at Q1 2026, putting insured mortgages at 28.2% of loans by count. At chartered banks alone, Bank of Canada data puts insured balances at $378,001 million against $1,254,149 million uninsured in July 2026.
What is the average mortgage size in Canada?
Pekoe’s calculation on CMHC’s Q1 2026 data puts the average purchase mortgage at $347,282 and the average renewal or refinance at $300,808. Across all originations the average works out to $313,460, and the average outstanding balance on the whole book is $312,355.
Why isn’t the $2.442 trillion figure attributed to Statistics Canada directly?
Statistics Canada’s website was unreachable during our research, so the figure reaches us only through CMHC’s citation in its Quarterly Data Snapshot, published 27 August 2026. We attribute it as CMHC citing Statistics Canada rather than as a direct Statistics Canada release until it can be verified at source.
How much is the average monthly mortgage payment in Canada?
CMHC, quoting Equifax, puts the average monthly mortgage payment at $1,867 in Q1 2026, up 3.84% from $1,798 a year earlier. This is a secondary, credit-bureau sourced figure rather than CMHC’s own survey data.
Is Canada’s mortgage market mostly fixed or variable rate?
In July 2026, 59.2% of residential mortgage funds advanced by chartered banks were fixed-rate and 40.8% were variable, a Pekoe calculation on Bank of Canada data. On the stock of all outstanding balances, the variable share is smaller, at 35.7%.
Is there current data on loan-to-value at origination?
No usable series exists. CMHC’s origination loan-to-value dimension is zero across every cell for Q1 2026, and the last period with any data at all was Q1 2025, where only two cells were populated.
How old is CMHC’s mortgage industry data?
CMHC’s residential mortgage dataset runs about a seven-month lag, so the Q1 2026 figures on this page will not refresh until CMHC’s next quarterly release. Bank of Canada figures are more current, typically only a few weeks behind.
What share of insured mortgages has an amortization longer than 25 years?
66.7% of insured mortgages carried an amortization beyond 25 years as at Q4 2025, per CMHC’s Residential Mortgage Industry Report. Household debt-to-income stood at 173.3 in the same period.
Does mortgage delinquency differ by type of lender?
Yes. As at Q1 2026, chartered banks had a 0.28% delinquency rate, credit unions 0.14%, other non-bank lenders 0.26%, and mortgage investment entities 2.25%, according to CMHC’s Residential Mortgage Industry Report.
Does this debt data break out by province?
No, these are national totals reported by CMHC and the Bank of Canada. What differs provincially is oversight: Pekoe operates under FSRA Licence #13321 in Ontario and RECA licensing in Alberta.
Is the chat on this page an AI bot?
No. Pekoe’s chat connects you to a real, licensed broker during business hours, and outside those hours a licensed broker replies directly rather than a scripted assistant answering on their behalf.
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