Canada isn't in a mortgage crisis – but 'the pressure on homeowners is real'

Canada's mortgage debt reached $2.4 trillion with a slight rise in 90-plus-day delinquency rates to 0.24%. While overall arrears remain low, stress is growing in areas like Toronto and Vancouver. Many homeowners face higher renewal rates than their original mortgages, prompting increased lender shopping. Early review of options, comparing offers, and considering factors beyond rates—such as term length and penalties—are advised to manage financial strain effectively.