Housing & Mortgage Debt: Mortgages, Renting, and the Canadian Housing Market
How mortgages work, what happens when they don’t, and how renting and the housing market shape your biggest financial decisions.
Where are you with your housing costs?
Start with the situation that best matches yours.
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I'm choosing or renewing a mortgage
Compare mortgage options, understand rate changes and know what you qualify for.
Explore mortgage basics -
My mortgage is causing me stress
Understand foreclosure, liens and your options if payments are getting hard.
Get help with mortgage stress -
I rent
Rental market trends, your rights as a tenant and staying financially steady without owning.
Explore renting -
Housing costs are part of a bigger debt problem
If other debts are squeezing your mortgage or rent, it may help to look at the whole picture.
Explore debt-relief options
Mortgage Basics & Choosing a Mortgage
Choosing a mortgage, understanding rate changes, refinancing, and the rule changes (CMHC, mortgage stress test, the new Mortgage Charter) that affect what you qualify for.
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What to Consider When Choosing a Mortgage
The key choices, from term and rate type to amortization.
Read the guide - Start here
Mortgage renewal in Canada: What to know when rates are rising
How to prepare for renewal, and what to compare.
Read the guide
- How To Refinance Your Mortgage: A Refi Guide
- I'm a homeowner, what does the new Mortgage Charter mean for me?
- How Lenders Price Mortgage Rates: Financial History Matters
More on Mortgage Basics & Choosing a Mortgage6
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What is Foreclosure?
What foreclosure means, and how it can affect your credit.
Read the guide - Start here
Using a Home Equity Loan for Debt Consolidation
The pros and the risks of using your home to consolidate debt.
Read the guide
- Early warning signs: Consumer debt climbs before mortgage delinquency
- Understanding NOSIs and Liens: Protecting homeowners from financial stress
- Borrowing Against Equity in your Home
More on Mortgage Debt & Financial Stress4
Keep housing costs manageable in four steps
Whether you own or rent, a few habits help keep housing from crowding out everything else.
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Know what you can afford
Look at the full monthly cost, including property taxes, insurance and upkeep, not just the mortgage payment.
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Plan ahead for renewal
Check your renewal date early so a rate change doesn't catch you off guard.
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Watch the warning signs
Rising credit card balances or missed payments can be early signs your housing costs are stretching you too thin.
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Act early if payments get hard
Talk to your lender or get advice before you fall behind. You usually have more options early on.
Renting & the Housing Market
For Canadians who rent, or are deciding between renting and buying: rental market trends, tenant rights, and the broader housing policy context.
Housing costs and debt: what's the connection?
If mortgage or housing debt is part of a wider financial strain, our free evaluation can help you understand whether debt consolidation, a consumer proposal, or another structured option makes sense before things get more serious.
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I'm managing, but want to pay my mortgage off sooner
Small extra payments and smart renewal choices can add up over time.
Pay down your mortgage sooner -
Other debts are making housing costs hard
Debt consolidation or credit counselling may free up room in your budget.
Explore debt-management options -
I can't keep up with my payments
If you're falling behind, you may need a more structured option, such as a consumer proposal.
Get a free evaluation
Common questions
Does a mortgage count as debt?
Yes. A mortgage is a debt, but it's usually treated differently from high-interest consumer debt because it's secured by your home. Lenders still count it when they look at how much you owe compared to your income.
Does your mortgage count as debt?What happens if I miss mortgage payments?
Missed payments can lead to fees, damage to your credit and, if they continue, legal action by your lender. Talking to your lender early can open up more options.
What is foreclosure?Can I use my home equity to consolidate debt?
It's possible through refinancing, a home equity line of credit or a home equity loan. It can lower your interest costs, but it also puts your home on the line, so weigh it carefully.
Home equity and debt consolidationWhat should I do before my mortgage renews?
Start early. Compare offers, check whether your payment will change and think about which term fits your plans.
Mortgage renewal in CanadaCan I be financially stable without owning a home?
Absolutely. Many people build strong finances while renting by budgeting carefully and saving or investing along the way.
Financially stable without homeownershipTake the next step with your housing costs
You don't have to have it all figured out. Start with the question you're trying to answer.
If housing costs are being squeezed by debt you can't comfortably manage, Debt.ca can help you understand your options. A free evaluation can walk you through solutions ranging from credit counselling and debt consolidation to more structured options such as a consumer proposal.
Debt.ca provides information to help Canadians understand their debt and credit options. Your available options depend on your individual financial circumstances.
Not sure where to start?
Talk to a debt expert about your options. It's free, and there's no obligation.