Mortgage Payments are straight up wildin' across Canada 💸🏠📉
Mortgage payments have nearly tripled in these Canadian cities since 2015. Okay, so, mortgage payments in Canada are NOT chill. They've like, almost TRIPLED in some cities since 2015. Toronto's also dealing with mad delinquencies. Trade workers and service industry peeps tryna save for a down pay
TL:DR
Okay, so, mortgage payments in Canada are NOT chill. They've like, almost TRIPLED in some cities since 2015. Toronto's also dealing with mad delinquencies. Trade workers and service industry peeps tryna save for a down payment are straight up struggling. Fixed mortgage rates have been under 4% since early 2025. It's a whole mess.
The Deets
Yo, fam, listen up! The housing market in Canada is doing the most right now. Word on the street is that mortgage payments have gone totally bonkers in the past decade. Like, we're talking a major glow-down. According to Zoocasa Canada, monthly payments have jumped by an average of $1,670 across 22 major cities. That's a lot of bread!
Some cities are getting hit harder than others. Windsor-Essex is seeing the biggest percentage jump, payments literally tripled. Toronto's got the highest dollar increase, and Kitchener-Waterloo is also feeling the pain. Vancouver's got the highest average home price. Regina's chilling a bit more, but, like, everywhere it seems, people are having a tough time saving up for a down payment.
But that's not even the half of it! The delinquency rate in Toronto has more than tripled in the past few years, hitting a multi-decade high. People just aren't paying their mortgages, and it's becoming a major issue. Sales are down, inventory's up, but prices are still sky-high. It's giving struggle city.
On the bright side, fixed mortgage rates have been below 4% since early 2025, but honestly, it might be too little too late for some people. This whole situation is sus, and we need to keep an eye on it, no cap.
Abbreviations Glossary
| Abbreviation | Full Form |
|---|---|
| Wildin' | Acting crazy, going out of control. |
| Glow-down | A decline, the opposite of a glow-up. |
| Doing the most | Exaggerated or dramatic. |
| Sus | Suspicious. |
| No cap | Seriously, no lie. |
| Giving | The vibe is/the situation is. |
| Bread | Money. |