Canadian mortgage statistics

As of the last census, Canada’s housing stock numbers almost 15.5 million homes. Buying a home is the most expensive purchase most Canadians will make – but what does the state of Canada’s mortgage debt actually look like? On this page, we cover the average loan size for first home buyers and others, the number of loans written each month and the average mortgage size for each state.

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What is the average value of a new mortgage loan in Canada?

As of Q3 in 2022, Canada has roughly $1.75 trillion in outstanding mortgages, with the average loan size over the last year being $363,654. The average loan amount across Canada decreased by 2% in Q3 2022 when compared to Q3 2021, with new loan amounts in British Columbia decreasing the most from an average of $501,262 to $487,366, a decrease of 3%.

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Average monthly mortgage debt repayments

Over the last year, the average monthly mortgage payment amount increased by 18%. New Brunswick saw its prices increase by the most with the average repayment increasing 24%, from $933 in Q3 2021 to $1,161 in Q3 of 2022.

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Mortgage delinquency rates around Canada

Canada has a mortgage delinquency rate of 0.14% in Q3 of 2022. Saskatchewan has a delinquency rate of 0.52%, which is actually down from 0.53% this quarter last year.

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Outstanding mortgage debt

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Image: Getty