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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 2020, Canada has roughly $1.36 trillion in outstanding mortgages, with the average loan size over the last year being $297,792. The average loan amount across Canada rose by 7.01% in Q3 2020 when compared to Q3 2019, with new loan amounts in British Columbia increasing the most from an average of $376,343 to $417,004, an increase of 10.80%.

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

While the average value of new mortgages was up over the last 12 months, over the last year the average monthly mortgage payment amount dropped by, wait for it, one whole dollar or a drop of 0.07%. Newfoundland and Labrador saw their prices fall by the most with the average repayment dropping -5.62%, from $1,104 in Q3 2019 to $1,042 in Q3 of 2020.

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

Over the last 12 months, Canada has a mortgage delinquency rate of 0.29%, which is the same as it was 12 months ago. Saskatchewan has a delinquency rate of 0.72%, which is actually down from 0.73% 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$441,438,588,621
Québec$210,031,605,155
British Columbia$189,545,738,373
Alberta$119,219,852,115
Manitoba$22,204,454,377
Saskatchewan$20,162,477,685
Nova Scotia$12,138,267,325
Newfoundland and Labrador$7,515,063,256
New Brunswick$5,646,550,655
Prince Edward Island$1,838,390,293
Other Cities$330,272,306,759
Northwest TerritoriesN/A
NunavutN/A
YukonN/A

Outstanding mortgage debt in large cities

CityOutstanding loan amountRegion
Montréal$128,351,555,258Québec
Ottawa-Gatineau$48,382,434,947Québec
Toronto$303,827,715,674Ontario
Calgary$66,400,086,133Alberta
Edmonton$52,819,765,982Alberta
Vancouver$152,477,296,718British Columbia

Outstanding mortgage debt in medium-sized cities

CityOutstanding loan amountRegion
Halifax$12,138,267,325Nova Scotia
Québec City$21,139,563,581Québec
Oshawa$17,249,077,578Ontario
Hamilton$30,567,930,203Ontario
St. Catharines-Niagara$11,507,344,602Ontario
Kitchener-Cambridge-Waterloo$18,662,637,054Ontario
London$14,735,076,381Ontario
Windsor$8,477,159,925Ontario
Winnipeg$22,204,454,377Manitoba
Regina$9,291,946,257Saskatchewan
Saskatoon$10,870,531,428Saskatchewan
Victoria$18,191,306,483British Columbia

Outstanding mortgage debt in small cities

CityOutstanding loan amountRegion
St. John’s$7,515,063,256Newfoundland and Labrador
Charlottetown$1,838,390,293Prince Edward Island
Moncton$3,269,928,111New Brunswick
Saint John$2,376,622,544New Brunswick
Saguenay$3,912,667,555Québec
Sherbrooke$5,280,523,775Québec
Trois-Rivières$2,964,860,039Québec
Kingston$5,678,796,446Ontario
Peterborough$4,312,252,282Ontario
Brantford$4,855,645,724Ontario
Guelph$5,610,812,968Ontario
Barrie$8,638,845,858Ontario
Greater Sudbury$4,358,082,563Ontario
Thunder Bay$2,957,211,363Ontario
Kelowna$9,741,604,421British Columbia
Abbotsford-Mission$9,135,530,751British Columbia
Other Cities$330,272,306,759N/A

Image: Getty

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