How many households are struggling to cover monthly mortgage payments?
Housing affordability continued to strain Canadians in 2024, and 2025 appears set to extend the challenge, according to a new survey highlighting the widening gap between what people can comfortably pay for housing and their actual costs.
The survey, conducted by pollster Leger for the mortgage comparison site EveryRate.ca, revealed that two-thirds of respondents said they could manage monthly housing costs of $1,749—5% below the national average monthly mortgage payment of $1,829, as reported by Canada Mortgage and Housing Corp. (CMHC). Notably, nearly 40% of participants said they could afford no more than $1,000 a month for housing.
Even higher-income households, those earning more than $100,000 annually, are feeling the financial strain, a report from the Financial Post highlighted. The survey found that 42% of respondents in this bracket cannot comfortably manage payments exceeding $1,749 per month.
“What stood out to me in this survey was that even households earning over $100,000 a year are feeling the pinch, with nearly half unable to comfortably afford housing above $1,749 per month,” noted Andy Hill, mortgage broker and co-founder of EveryRate.ca.
The survey, which sampled 1,500 Canadians, found that a little over half of participants earned $60,000 or more, the majority had post-secondary education, and 63% were homeowners.
“That shows how pervasive this affordability crisis has become; it’s not just affecting low-income Canadians,” Hill added.
First-time buyers hit hard
National mortgage averages obscure the true extent of the crisis, EveryRate.ca noted, as they fail to account for disparities between homeowners with existing, stable mortgages and new buyers grappling with elevated home prices and higher interest rates.
“This makes the market seem more affordable than it actually is for most people,” EveryRate.ca said. First-time homebuyers are particularly vulnerable, the survey found, as they face steeper financial challenges.
Do you have something to say about this story? Share your thoughts in the comments below.
