CMHC Releases 2025 Mortgage Consumer Survey: Key Trends in Canada’s Housing Market

The Canada Mortgage and Housing Corporation (CMHC) has published its 2025 Mortgage Consumer Survey (MCS), shedding light on how Canadians navigate the increasingly complex housing and mortgage landscape. Based on feedback from more than 4,000 recent mortgage consumers, the report highlights changes in homebuyer behaviour and sentiment, financial strategies, and other key insights.

Positive Homebuyer Attitudes Despite Financial Pressures

The 2025 CMHC Mortgage Consumer Survey reveals that despite rising costs and shifting market conditions, confidence in homeownership remains a defining characteristic across all buyer groups – first-time homebuyers, repeat buyers, renewers, and refinancers.

A resounding 79% to 82% of all respondents believe that homeownership continues to be a sound long-term financial investment. This sentiment reflects both an enduring trust in real estate as a wealth-building asset and a collective optimism about the future value of Canadian homes. In fact, 70% to 75% of respondents said they expect the value of their home to increase over the next 12 months.

Confidence extends beyond market outlook to the mortgage process itself. Approximately 72% to 75% of mortgage consumers across the board said they felt confident that they secured the best mortgage deal for their needs. 

First-Time Buyers: Stretching Budgets but Maintaining Optimism

The survey found that 65% of first-time buyers paid the maximum amount they could afford, reflecting a market where affordability continues to challenge new entrants. Many leaned on financial gifts (used by 41%) and alternative savings sources, including the FHSA (38%), to meet their down payment needs.

However, this group remains notably optimistic. A striking 79% of first-time buyers view their home purchase as a good investment, while 74% feel they secured a favourable mortgage deal.

Repeat Buyers and Renewers: Showing Confidence Amidst Affordability Factors

Repeat buyers similarly faced affordability concerns. 40% reported paying the maximum they could afford, often motivated by life changes, upsizing, or investment goals. Still, 80% of them see homeownership as a worthwhile investment, and 72% feel confident in their mortgage choices.

Renewers made up the largest segment of survey respondents; they demonstrated the highest level of confidence in the market. 82% believe homeownership is a good investment, and 75% are optimistic about the value of their home rising. 

Refinancers: Rebuilding Financial Health

Refinancers, often navigating debt management or planning for home upgrades, also expressed strong confidence. 79% still view their home as a valuable long-term asset, and 72% believe they got the best possible mortgage arrangement.

This group reported the highest use of credit to manage expenses, with 29% using one credit device to pay off another, underscoring a growing reliance on debt restructuring. Still, the majority anticipate future home value appreciation and are heavily engaged in home improvement planning, with 77% planning renovations in the next five years.

Changing Dynamics in the Homebuying Process

One of the major takeaways from the 2025 survey is that Canadian homebuyers are becoming more confident and better informed. A remarkable 86% of buyers said they felt prepared during the mortgage process, with 73% stating they understood the terms and conditions of their mortgage contract before signing.

Emphasis on Sustainable Housing

The survey noted increased consumer interest in energy efficiency and green housing features. Around 25% of recent buyers said they considered energy-efficient features when purchasing a home, with many indicating a willingness to pay more for properties that would save on long-term utility costs.

Mortgage Brokers Continue to Play a Strong Role

Mortgage brokers continue to be a key touchpoint in the homebuying journey. In 2025, 42% of mortgage consumers used a broker, a slight increase from previous years. Among broker users, satisfaction remained high—91% said they were satisfied with the service provided. Consumers cited access to better mortgage rates and ease of comparison as the top reasons for choosing a broker.

Interestingly, loyalty to lenders and brokers remains fluid. Only 46% of consumers said they would definitely use the same mortgage professional again, suggesting that service quality and rate competitiveness are more important than brand loyalty.

Financial Readiness and Stress Testing

Financial stress is still a concern for many homebuyers. About 39% of mortgage consumers found the mortgage qualification process stressful, particularly first-time buyers and those purchasing in more expensive markets. Awareness of the mortgage stress test is high—88% of respondents were familiar with the test, and most said it influenced their buying decisions.

That said, consumers are becoming more proactive. Nearly two-thirds said they made a budget before buying, and 70% said they had a financial buffer in case of interest rate increases or unexpected costs.

Growing Awareness of Interest Rates and Terms

With rising interest rates being a top concern in 2025, Canadians are paying closer attention to mortgage terms. Fixed-rate mortgages remain the most popular, but there is growing interest in variable-rate options due to potential long-term savings. More than 50% of consumers said they considered both options before making a final decision.

Also notable is the increased attention to prepayment privileges and penalties. This suggests a more financially savvy borrower base that is focused on long-term flexibility and cost efficiency.

The CMHC’s 2025 Mortgage Consumer Survey reveals a maturing mortgage market where Canadian homebuyers are increasingly informed, digitally savvy, and financially cautious, although still positive about the benefits of homeownership. While challenges such as housing affordability and stress testing remain, the survey suggests that consumers are adapting by doing their homework, seeking professional advice, and planning carefully for the future.