Many B.C. residents are making big sacrifices to pay their mortgage
Nearly 40 per cent of B.C. mortgage holders found it hard to make their mortgage payments over the past year, according to a survey from True North Mortgage.
While B.C. residents have strong payment histories — 88 per cent haven’t missed a mortgage payment — the survey found that 38 per cent struggled with doing so over the past year.
Some B.C. residents said they had to make sacrifices to keep up with their mortgage: over 40 per cent delayed or avoided vacations, one-third avoided home repairs or renovations, and 33 per cent delayed or avoided retirement savings or investments.
At a national level, 83 per cent of Canadian mortgage holders have never missed a payment.
“Even as Canadians face rising household costs — from groceries to credit and potentially higher mortgage payments — homeowners overall remain financially prepared to meet their mortgage obligations,” said Dan Eisner, CEO of True North Mortgage.
Mortgage rates renewing
With over one million mortgages set to renew in 2026 — and experts predicting rates will be higher — 34 per cent of B.C. mortgage holders said that interest rate uncertainty was their top concern with renewing a mortgage.
“Canada’s mortgage renewal wave following the pandemic-induced low-rate period was expected to be a shock for homeowners, with some referring to it as a renewal cliff or wall,” reads a release from True North.
Many Canadians got their mortgages in 2021, when rates were closer to a historic low of two per cent.
“Uncertainty about where interest rates are headed remains the top concern for Canadian mortgage holders with an upcoming renewal (36 per cent) — understandable, given ongoing economic volatility and geopolitical tensions that continue to cloud the outlook for 2026 mortgage rates.”
While the majority (68 per cent) of B.C. residents said that their current mortgage rate is manageable, 24 per cent of B.C. households said their mortgage payments could become challenging if their finances changed, and seven per cent said they found it already challenging.
“Most British Columbians (77 per cent) identified affordability and financial planning as key factors when selecting or renewing a mortgage,” reads the report.
For B.C. residents who are looking to qualify for a mortgage, 23 per cent said that budget strain is their biggest concern, 13 per cent said it was difficult to qualify based on their income, 11 per cent cited uncertainty around interest rates, and 11 per cent said changes in employment status.
Despite the affordability challenges associated with homeownership, a recent RBC poll found that many B.C. residents see it as both a major life goal and a sign of financial independence.
While 63 per cent of current homeowners in B.C. are concerned about covering the costs of owning a home, over a third of B.C. residents expect to buy a condo or a house in the next two years.
B.C. home sales have been sluggish so far in 2026, with sales in February 33 per cent lower than the 10-year average.