Houses for sale in Ottawa

By 2026, “nearly all” mortgages will see payments increase, the Bank said, with the median payment between now and that year expected to rise by about 20%. Payments have already increased for about one-third of mortgages compared with February 2022, it added.

Those looming spikes are expected to be manageable for most households, according to the Bank, with the stress test imposed on federally regulated financial institutions meaning their borrowers have already proven they can handle higher costs.

Still, it said that while many of those financial institutions have introduced relief options for Canadians struggling with their payments, “for some households, the combination of higher DSRs, lower home equity and longer amortization periods will reduce household flexibility in the event of added financial stress, such as reduced income.”

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