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Canadian mortgage statistics

Discover average mortgage sizes around Canada and much more with our comprehensive guide to 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 Q2 in 2021, Canada has roughly $1.49 trillion in outstanding mortgages, with the average loan size over the last year being $328,195. The average loan amount across Canada rose by 18.37% in Q2 2021 when compared to Q2 2020, with new loan amounts in British Columbia increasing the most from an average of $397,863 to $481,526, an increase of 21.03%.

To make the table less unwieldy, we’ve averaged the average value of new mortgage loans between quarter four and quarter three of the following year.

Region2012Q4/2013Q32013Q4/2014Q32014Q4/2015Q32015Q4/2016Q32016Q4/2017Q32017Q4/2018Q32018Q4/2019Q32019Q4/2020Q3
British Columbia$292,776.75$310,348.25$331,905.00$376,751.25$370,990.50$379,016.00$366,959.00$398,765.50
Ontario$237,153.25$247,950.75$263,112.50$287,205.25$323,612.75$322,235.75$327,462.50$357,210.75
Alberta$280,623.00$292,987.50$304,831.00$300,730.50$302,825.25$304,423.25$294,695.25$297,792.00
Canada$217,407.00$227,513.75$243,139.25$262,214.00$277,607.25$279,944.50$272,440.50$294,606.00
Saskatchewan$214,081.75$225,630.50$231,055.00$231,090.25$234,759.50$232,037.00$221,468.75$225,882.50
Manitoba$182,226.50$190,570.50$196,407.25$200,261.50$208,198.00$213,253.50$214,565.50$220,391.75
Nova Scotia$161,305.75$163,015.75$167,642.50$172,047.75$184,164.25$186,066.75$183,082.00$194,593.00
Prince Edward Island$135,461.50$140,835.25$146,334.50$158,407.75$170,685.75$179,695.75$182,846.25$193,274.25
Québec$155,621.25$159,631.75$164,200.75$169,309.25$172,830.75$179,928.25$179,057.00$193,072.50
Newfoundland and Labrador$187,010.25$195,248.75$197,857.50$198,589.00$195,410.25$193,602.00$189,752.00$190,917.25
New Brunswick$126,224.25$128,933.50$132,683.50$136,481.00$141,250.50$143,153.25$143,647.25$150,921.75

Average monthly mortgage debt repayments

Over the last year, the average monthly mortgage payment amount increased by 6.42%. Prince Edward Island saw its prices increase by the most with the average repayment increasing 9.22%, from $1,030 in Q2 2020 to $1,125 in Q2 of 2021.

Once again to make the table less unwieldy, we’ve averaged the figures between quarter four and quarter three of the following year.

Region2012Q4/2013Q32013Q4/2014Q32014Q4/2015Q32015Q4/2016Q32016Q4/2017Q32017Q4/2018Q32018Q4/2019Q32019Q4/2020Q3
British Columbia$1,485.75$1,542.50$1,567.75$1,716.50$1,714.50$1,858.50$1,848.50$1,883.00
Ontario$1,306.00$1,327.25$1,347.75$1,422.25$1,565.25$1,652.50$1,695.00$1,726.00
Alberta$1,479.50$1,526.00$1,515.00$1,467.50$1,474.25$1,573.00$1,569.75$1,506.50
Canada$1,194.75$1,224.75$1,249.75$1,304.25$1,368.25$1,455.25$1,445.00$1,465.75
Saskatchewan$1,194.25$1,292.25$1,266.75$1,253.00$1,252.25$1,311.25$1,268.50$1,226.50
Manitoba$1,032.75$1,048.00$1,058.00$1,058.50$1,079.00$1,157.25$1,179.00$1,154.75
Newfoundland$1,081.25$1,109.50$1,091.50$1,076.75$1,060.00$1,109.50$1,108.00$1,062.00
Nova Scotia$962.25$965.00$964.75$975.75$1,011.00$1,070.50$1,062.50$1,057.50
Prince Edward Island$820.50$861.00$856.50$873.00$924.25$1,014.25$1,032.50$1,052.00
Québec$897.75$908.00$905.00$913.25$928.50$996.50$1,009.75$1,029.50
New Brunswick$801.00$801.25$802.75$809.75$825.50$868.00$874.00$864.25

Mortgage delinquency rates around Canada

Canada has a mortgage delinquency rate of 0.22% in Q2 of 2021. Saskatchewan has a delinquency rate of 0.57%, which is actually down from 0.76% this quarter last year.

Once again to make the table less unwieldy, we’ve averaged the figures between quarter four and quarter three of the following year.

Region2012Q4/2013Q32013Q4/2014Q32014Q4/2015Q32015Q4/2016Q32016Q4/2017Q32017Q4/2018Q32018Q4/2019Q32019Q4/2020Q3
Canada0.360.350.350.350.330.290.300.29
Newfoundland0.220.240.350.450.470.570.640.66
Prince Edward Island0.520.590.630.690.590.460.380.28
Nova Scotia0.560.650.680.720.670.560.530.47
New Brunswick0.620.700.780.810.750.620.610.55
Québec0.340.360.410.430.400.350.380.36
Ontario0.300.280.260.220.170.140.140.14
Manitoba0.270.260.290.340.350.310.350.37
Saskatchewan0.340.330.410.550.640.670.740.74
Alberta0.500.390.330.440.530.480.510.51
British Columbia0.430.420.380.300.220.170.170.18

Outstanding mortgage debt

Outstanding mortgage debt grouped by region

RegionOutstanding mortgage debt
Ontario$464,487,194,412
Québec$219,297,461,091
British Columbia$196,250,575,512
Alberta$119,722,656,107
Manitoba$23,556,949,072
Saskatchewan$20,468,763,676
Nova Scotia$12,686,125,982
Newfoundland and Labrador$7,627,851,431
New Brunswick$5,873,580,379
Prince Edward Island$1,952,585,792
Other Cities$354,202,333,360
Northwest TerritoriesN/A
NunavutN/A
YukonN/A

Outstanding mortgage debt in large cities

CityOutstanding loan amountRegion
Montréal$133,859,313,750Québec
Ottawa-Gatineau$50,974,089,113Québec
Toronto$319,010,235,772Ontario
Calgary$66,492,957,380Alberta
Edmonton$53,229,698,727Alberta
Vancouver$157,367,019,832British Columbia

Outstanding mortgage debt in medium-sized cities

CityOutstanding loan amountRegion
Halifax$12,686,125,982Nova Scotia
Québec City$21,895,930,805Québec
Oshawa$18,214,283,249Ontario
Hamilton$32,457,207,340Ontario
St. Catharines-Niagara$12,149,327,611Ontario
Kitchener-Cambridge-Waterloo$19,735,161,505Ontario
London$15,573,461,881Ontario
Windsor$8,999,127,747Ontario
Winnipeg$23,556,949,072Manitoba
Regina$9,412,854,517Saskatchewan
Saskatoon$11,055,909,159Saskatchewan
Victoria$19,050,620,423British Columbia

Outstanding mortgage debt in small cities

CityOutstanding loan amountRegion
St. John’s$7,627,851,431Newfoundland and Labrador
Charlottetown$1,952,585,792Prince Edward Island
Moncton$3,417,766,411New Brunswick
Saint John$2,455,813,968New Brunswick
Saguenay$4,022,734,401Québec
Sherbrooke$5,487,996,092Québec
Trois-Rivières$3,057,396,930Québec
Kingston$5,965,526,358Ontario
Peterborough$4,559,376,104Ontario
Brantford$5,182,996,604Ontario
Guelph$5,880,247,412Ontario
Barrie$9,156,991,303Ontario
Greater Sudbury$4,513,853,961Ontario
Thunder Bay$3,089,397,565Ontario
Kelowna$10,224,502,409British Columbia
Abbotsford-Mission$9,608,432,848British Columbia
Other Cities$354,202,333,360N/A

Image: Getty

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