Is the Canadian dream of homeownership still alive? We break down the latest CMHC Mortgage Consumer Survey, revealing how first-time buyers are really getting into the market.

• First-time buyers now make up 12% of mortgages (up from 10%), with over half using co-buyers and receiving family gifts averaging $74,000 ($150,000 in Ontario/B.C.).
• 65% of first-time buyers are at their budget maximum, with fewer using savings for emergencies (50% vs. 78% last year).
• Most buyers remain optimistic: 80% see homes as good investments, and 74% expect values to rise next year.

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Total household debt in Canada has reached $2.55 trillion, with non-mortgage debt averaging $21,859 per consumer. The situation is particularly concerning in Ontario, where mortgage delinquency rates have increased by 71.5% year-over-year.

• A "mortgage renewal wall" is approaching, with about 60% of all outstanding mortgages coming up for renewal in the next couple of years, facing significantly higher interest rates (4-5% range compared to previous sub-2% rates).
• Nearly a third of mortgage renewers are using debt to pay off other debt, while younger borrowers and lower-income households are showing increasing signs of financial stress.
• Credit card spending has decreased to its lowest since March 2022, suggesting cautious consumer behavior, but payment rates are falling, especially among Canadians under 35.

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We discuss the Bank of Canada's Financial Stability Report (FSR) for May 2025, which examines the current state of Canada's financial system and housing market. Here are three key points:

• The housing market shows high debt levels, with Canadians carrying approximately $1.73 in debt for every $1 of disposable income, making them vulnerable to economic shocks.
• Interest rates have decreased from their peak, creating a more positive outlook for borrowers, though they won't return to pandemic-era lows. TD forecasts this could help revitalize the housing market in 2025.
• About 60% of Canadian mortgages are due for renewal in 2025-2026, with most borrowers facing higher payments than their previous rates, though increases will be less severe than initially feared.

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