The Canadian Real Estate Investor Podcast

The Mortgage Renewal Wave Is Here… But It’s Not What You Think

Published February 20, 2026 · 2184

Topics: Mortgages

Show Notes

Nick & Dan are joined by Tania Bourassa-Ochoa, Deputy Chief Economist at CMHC, who authored the recent report on the mortgage renewal wave.

Over 1.5 million Canadians have already renewed at higher rates, with another million coming. While Toronto arrears have quadrupled, nationally only 0.25% of mortgages are in arrears.

  • 1.5 million households renewed, 1 million more coming — the largest renewal wave in modern Canadian history⁠⁠​
  • Toronto and Vancouver are most stressed, particularly pandemic buyers, but most Canadian homeowners are still paying⁠⁠​
  •  Despite rising arrears, only 0.25% of mortgages nationally are in arrears — this isn't a nationwide housing collapse⁠⁠

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