Skip to content
CMHC Home Canada Mortgage
and Housing Corporation
  • Sign In or Register
  • Français
  • MENU
MENU
× Français
  • Home
  • Professionals
    • Project funding and mortgage financing
      • Funding programs
        • Affordable Housing Fund
        • Affordable Housing Innovation Fund
        • Apartment Construction Loan Program
        • Canada Greener Affordable Housing
        • Community (social) housing
        • Federal Lands Initiative
        • Funding for Indigenous housing
        • Housing Supply Challenge
        • Innovation and research
        • National Housing Strategy Project Profiles
        • Rapid Housing Initiative
      • Mortgage Loan Insurance Products
        • Homeowner and Small Rental Mortgage Loan Insurance
          • CMHC Purchase
          • CMHC Improvement
          • CMHC Income Property
          • CMHC Refinance
          • CMHC Newcomers
          • CMHC Self-Employed
          • CMHC Portability
          • Eco Products for Lenders
        • Multi-Unit and Rental Housing
          • MLI Select
        • Default, claims and properties for sale
        • Underwriting centre
        • emili
        • NHA approved lenders
        • Calculating GDS / TDS
        • How to recognize and report mortgage fraud
        • Contact mortgage loan insurance
        • Insured Mortgage Purchase Program (IMPP)
      • Securitization
        • NHA Mortgage Backed Securities
        • Canada Mortgage Bonds
        • Canadian registered covered bonds
        • Blockchain in the housing industry
    • Housing markets, data and research
      • CMHC Reports Calendar
      • Housing markets
        • Housing market reports
        • Mortgage market and consumer reports
        • Fall 2024 Rental Market Report
      • Housing research
        • Consultations
          • Prohibition on the Purchase of Residential Property by Non-Canadians Act
            • Prohibition on the Purchase of Residential Property by Non-Canadians Act – Frequently asked questions
        • Housing research reports
        • Housing surveys
          • Mortgage consumer surveys
        • Research awards and scholarships
        • Understanding core housing need
        • Collaborative Housing Research Network
      • Housing data
        • Data tables
          • Household characteristics data
          • Housing market data
          • Mortgage and debt data
          • Rental market data
        • Housing market information portal
        • Residential Mortgage Industry Data Dashboard
        • CMHC licence agreement for the use of data
        • Housing Knowledge Centre
    • Industry innovation and leadership
      • Housing innovation
      • Our Partners
        • Partnerships
        • Federal, Provincial and Territorial Forum on Housing
      • Industry collaboration
        • Expert Community on Housing (ECoH)
      • Industry expertise
        • Affordable housing
        • Indigenous housing
        • Senior housing
        • Accessible and adaptable housing
        • Developing sustainable housing
        • Resources for mortgage professionals
        • CMHC newsletters
    • Events and speakers
      • Conferences
        • 2024 National Housing Conference
          • About
          • National Housing Conference - Agenda
          • Location
          • InnoZone
          • Details for participants
      • Speakers’ bureau
        • Kevin Hughes
  • Consumers
    • Buying a home
      • Homebuying calculators
        • Mortgage calculator
        • Affordability calculator
        • Debt service calculator
      • Buying guides
        • Homebuying step by step
        • CMHC's condominium buyer's guide
      • Mortgage loan insurance for consumers
        • What is CMHC mortgage loan insurance?
        • Do I qualify for mortgage loan insurance?
        • CMHC mortgage loan insurance costs
        • CMHC's Eco Products
          • CMHC’s Eco Improvement
          • CMHC Eco Plus
        • CMHC — home renovation financing options
        • FAQs — mortgage loan insurance
      • Incentives for homebuyers
      • Newcomers
      • The First-Time Home Buyer Incentive
    • Owning a home
      • Manage your mortgage
        • Mortgage fraud
        • Mortgage planning tips
        • Plan and manage your mortgage
        • Your credit report
        • Your home value
      • Aging in place
        • Housing options for Seniors
        • Housing and finance tips
        • Mortgage financing options for people 55+
        • Preventing fraud and financial abuse
    • Renting a home
      • I want to rent
        • Things to consider before renting
        • Types of housing for rent in Canada
        • Finding or advertising a rental property
        • Visiting the rental property
        • Lease and rental agreements
        • Signing the lease
        • Credit checks and bad credit
        • Rental payments and deposits
        • Roommates and pets
      • I am renting
        • Moving day
        • Landlord/Tenant responsibilities
        • Inspections
        • Maintenance and repairs
        • Complaints and evictions
        • Rent increases
        • When you can't pay rent
        • Renewing or terminating the lease
        • Moving out
      • One-Time Top-Up to the Canada Housing Benefit
      • COVID‑19: eviction bans and suspensions to support renters
  • About CMHC
    • CMHC’s goals, values and commitment to housing
    • Discover Life at CMHC
    • Management and governance
      • Speakers’ bureau
      • CMHC's Annual Public Meeting
      • CMHC’s board of directors and committees
      • Our management committee
      • Pension governance
        • Pension overview
        • Key roles and responsibilities
        • Annual reports
    • Corporate reporting
      • CMHC’s 2023 Annual Report
      • Program evaluation
      • Quarterly financial reports
      • Joint auditors special examination report to CMHC board 2018
      • CMHC’s Insured Mortgage Deferral
      • Corporate Plan Summary
      • Transparency
        • Access to information and privacy protection
        • Accessibility at CMHC
        • Accessibility feedback process
        • Briefing materials
        • Procurement
          • Vendor Diversity Program
        • Travel, hospitality and conference expenditures
    • Contact us
      • Contact mortgage loan insurance
      • Regional offices
      • Granville lsland
      • Indigenous and the North Housing Solutions
      • National office
      • Holiday service hours
  • Media Newsroom
  • National Housing Strategy
    • What is the strategy?
      • About the initiatives
      • How to apply
      • Help and resources
      • Priority areas for action
      • The National Housing Strategy Glossary of Common Terms
      • The Strategy in Action
    • Federal/Provincial/Territorial housing agreements
    • Other funding and financing opportunities
  • The Housing Observer
  • Canada’s Housing Podcast
  • Careers
  • Housing Knowledge Centre
 
  • Home
  • Media Newsroom
  • CMHC 2024 Mortgage Consumer Survey
  • Save
  • Share
Save Icon

SAVE TO MY FOLDER

CMHC 2024 Mortgage Consumer Survey

SAVE
Close this Window   |   Manage my Folder
Save Icon

SAVE TO MY FOLDER

CMHC 2024 Mortgage Consumer Survey

Done Done!
Close this Window   |   Manage my Folder
Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

Share icon

Share via

  • Facebook
  • LinkedIn
  • Mail
  • print
  • CopyLink

SuccessCopyLinkVersionLink copied

share icon

Mail-blue Share via Email

Did You Know?

You can include an email signature?

Register | Sign In

×
Google Captcha Loader
share icon

Mail-blue Share via Email

Done Done!
Close this window

CMHC 2024 Mortgage Consumer Survey

Interest rates hit hard for renewers and homebuyers.

Ottawa, May 8, 2024

Canada Mortgage and Housing Corporation (CMHC) released its 2024 Mortgage Consumer Survey today showing that affordability and rising interest rates continued to be some of the biggest factors impacting mortgage consumers.

In January 2024, CMHC surveyed nearly 4,000 recent mortgage consumers across Canada who renewed or refinanced a mortgage, or purchased a home in the past 18 months, to gain key insights into the current state of homeownership, mortgage lending and the expectations and experiences of mortgage consumers.

During the 18-month period covered by the survey, interest rates hit high levels not seen in years. Of those respondents who purchased a home, 22% said rising interest rates influenced their decision to buy a home sooner than planned, while 13% indicated they delayed their home purchase‒ nearly three times more than in 2023. Those most likely to postpone a purchase were first-time buyers (18%) and newcomers (26%). Significantly more mortgage consumers were impacted by rising interest rates — 65% compared to 50% in the 2023 survey.

It took an average of 4.2 years for homebuyers to save for a down payment, with 30% of buyers receiving a gift to help with the cost. New this year, we explored current living situations and co-ownership arrangements. Results show that 12% of all respondents shared the purchase of their home with a roommate or an adult family member they reside with, other than a spouse.

Funding home improvements and renovations was cited as the top reason for refinancing an existing mortgage by 33% of respondents, out-pacing debt consolidation at 23%. Specifically, 12% of refinancers reported adding a suite to their home. Among mortgage consumers who renovated, improving home energy efficiency was the third most popular reason for renovating, accounting for more than half of overall renovation costs. Of those homeowners who renovated to improve energy efficiency, 93% were satisfied with the results and 68% saw savings in their energy bills.

Quote:

“Concerns over housing affordability and interest rates continue to prove challenging for homebuyers in Canada. We are seeing that consumers and the mortgage professionals who serve them are working hard to facilitate viable solutions to housing financing challenges, such as co-ownership arrangements and refinancing for renovations. We are also seeing a strong uptake in the financing of home improvements for energy efficiency, which will bring immediate and long-term benefits to homeowners and their communities.”
— Sam Carnovale, CMHC`s Director of Client Relationship Management

 Additional highlights:

  • The Canadian mortgage landscape in 2024 overall was similar to that of 2023.
  • The survey indicates 15% of Canadians took out a mortgage in the last 18 months, compared to 16% in 2023. Of those mortgage consumers, 62% were renewers (up from 58% in 2023), 19% were refinancers (stable), and 18% were homebuyers (down from 23% in 2023).
  • While 63% of homebuyers continue to have concerns or uncertainty during the home buying process, a majority of mortgage consumers (79%) still believe it is a good long-term financial investment.
  • Almost two-thirds (65%) of homeowners expected the value of their home to increase in the next 12 months, up from 55% in 2023.
  • Of the 30% of homebuyers who received a monetary gift to help with their down payment, 32% of them would not have been able to purchase a home that meets their needs without this gift. This is down from 37% in 2023.

View highlights from the 2024 Mortgage Consumer Survey.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to all levels of governments, consumers and the housing industry.

Follow us on X (formerly Twitter), YouTube, LinkedIn, Facebook and Instagram.

For more information contact:

CMHC Media Relations
media@cmhc-schl.gc.ca

Was this page relevant to your needs?

Thank you for your feedback!

How Can We Help?

Suggest an Improvement

Report a Bug

How Can We Help?

Suggest an Improvement

Please share your suggestion.

Google Captcha Loader

How Can We Help?

Report a Bug

Please describe the problem.

Google Captcha Loader

Thank you. Your feedback has been submitted.

Date Published: May 8, 2024

By Topic

  • Professionals
    • Project funding and mortgage financing
    • Housing markets data and research
    • Industry innovation and leadership
    • Events and speakers
  • Consumers
    • Home buying
    • Owning a home
    • Renting a home

About Us

  • CMHC's Story
  • Management and Governance
  • Our Partners
  • Corporate Reporting
  • Contact Us
  • Careers

More

  • CMHC Newsletters
  • CMHC Library
  • Housing Observer
  • Media Newsroom
  • CMHC and Accessible Housing
  • CMHC on Twitter
  • CMHC on LinkedIn
  • CMHC on Facebook
  • CMHC on Instagram
  • CMHC on YouTube
Privacy Policy    |    Terms and Conditions    |    Transparency    |    Accessibility Plan    |    Accessibility Feedback     Canada Mortgage and Housing Corporation (CMHC) ©2025 
Canada
loader icon