2025 CMHC Mortgage Consumer Survey

This 25^th edition marks a milestone in understanding Canadians’ views on homeownership and mortgages, trusted by experts since 1999.

In January 2025, we engaged with nearly 4,000 individuals from across the country. Respondents included first-time homebuyers, repeat buyers, renewers and refinancers. The goal was to explore their behaviours, attitudes and expectations regarding homeownership and the process of obtaining a mortgage.

Important info about the results:

The numbers presented in this report have been rounded up or down.
The total percentage can sometimes exceed 100% when respondents were able to select multiple answers.
Only the top reasons are presented to some questions.

Select a Homebuyer Profile

Key Insights of First-Time Homebuyers

Buying your first home is an exciting achievement. The Mortgage Consumer Survey offers insights into the first-time homebuyer experience. To learn more, we connected with people who purchased their first home within the past 18 months.

64%

rented for an average of 6.3 years before buying their first home
28%

thought the most valued person in the homebuying team was the real estate agent
54%

shared their home purchase with someone other than their partner or spouse
65%

paid the maximum they could afford

Main Reasons to Buy

One in 5 first-time homebuyers cited the desire for a home with a secondary suite — whether for family or rental income — as a key reason for their purchase. On average, it took them 3.7 years to save for a down payment.

49%

were financially ready
41%

saw it as an investment opportunity
38%

wanted to upsize to a larger home

Unexpected Expenses

Last year, 78% of first-time homebuyers used savings to cover unexpected expenses, but this year, only 50% relied on savings. Instead, credit facilities have become the primary source, with 58% using them to manage unexpected costs.

35%

lawyer or notary fees
33%

immediate repairs
31%

home inspection

Sources of Down Payment

Financial gifts, averaging $74,570, help many first-time homebuyers with their down payment. However, 80% said they could have bought a home without the gift, with some compromises.

41%

used gifts or inheritance
39%

used savings outside of an RRSP
38%

used savings from within a tax-free first home savings account (FHSA)

Attitude Towards Homeownership

79%

believe that homeownership is a good long-term financial investment
74%

are confident that they got the best mortgage deal for their needs
71%

believe the value of their home will increase in the next 12 months

Renovations

Renovation trends are on the rise, with half of first-time homebuyers completing renovations within the past 3 years. Looking ahead, 74% plan to renovate in the next 5 years (excluding those who don’t know).

Top Reasons to Renovate
Reason	In the past 3 years	In the next 5 years
Customize home to meet needs and preferences	40%	47%
Increase the value of the home	36%	37%
Fix a safety issue / maintenance	31%	27%
Make home more energy efficient	24%	31%
Add suite / secondary accommodation	34%	28%

Key Insights of Repeat Buyers

The homebuying process offers a blend of familiarity and new considerations for repeat buyers. These buyers draw on their past experiences, while adapting to the evolving housing market conditions. A repeat buyer is someone who has owned a home before and purchased another home within the last 18 months.

46%

purchased a new home because they had a change in living situation or marital status
9%

use one credit facility to pay off another
37%

thought the most valued person in the homebuying team was the real estate agent
40%

paid the maximum they could afford while the average time needed to save for a down payment was 2.7 years

Main Reasons to Buy

Many repeat buyers were motivated by being financially ready, upsizing, life changes and the investment opportunity. However, concerns about rising house prices were also a factor.

46%

had a change in living situation or marital status
42%

were financially ready
40%

were upsizing to a larger home

Unexpected Expenses During the Homebuying Process

36%

immediate repairs
33%

lawyer or notary fees
31%

land transfer tax

Sources of Down Payment

Financial gifts, averaging $103,382, also assist some repeat buyers. That said, 67% would have still bought their home without the gift, with some concessions.

56%

used equity from a previous home
32%

used savings outside of an RRSP
20%

used a gift or inheritance

Attitude Towards Homeownership

80%

believe that homeownership is a good long-term financial investment
72%

are confident that they got the best mortgage deal for their needs
68%

believe the value of their home will increase in the next 12 months

Renovations

While 39% of repeat buyers have renovated in the past 3 years, 68% plan to renovate within the next 5 years (excluding those who don’t know).

Top Reasons to Renovate
Reason	In the past 3 years	In the next 5 years
Customize home to meet needs and preferences	54%	64%
Increase the value of the home	37%	44%
Fix a safety issue / maintenance	29%	22%
Make home more energy efficient	26%	33%
Add suite / secondary accommodation	18%	11%

Key Insights for Mortgage Renewers

Renewals were still the leading type of mortgage transaction, trending up for the past 3 years.

20%

use one credit facility to pay off another
26%

of renewers chose shorter amortizations, compared to 10% of homebuyers

Attitude Towards Homeownership

82%

believe that homeownership is a good long-term financial investment
75%

are confident that they got the best mortgage deal for their needs
75%

believe the value of their home will increase in the next 12 months

Renovations

While 54% of renewers have renovated in the past 3 years, 74% plan to renovate within the next 5 years (excluding those who don’t know).

Top Reasons to Renovate
Reason	In the past 3 years	In the next 5 years
Customize home to meet needs and preferences	40%	43%
Increase the value of the home	35%	39%
Fix a safety issue / maintenance	31%	25%
Make home more energy efficient	30%	30%
Add suite / secondary accommodation	24%	23%

Key Insights for Refinancers

Revisiting loan terms has opened opportunities to enhance mortgage refinancers’ financial health and invest in home renovations.

20%

of refinancers chose shorter amortizations, compared to 10% of homebuyers
29%

use one credit facility to pay off another

Main Reasons for Refinancing the Existing Mortgage

Financial reasons drove refinancing, but renovations remained an important driver.

28%

wanted to fund home improvements/renovations
22%

wanted to reconcile debts
14%

wanted to decrease the amount of the mortgage payments

Attitude Towards Homeownership

79%

believe that homeownership is a good long-term financial investment
72%

are confident that they got the best mortgage deal for their needs
70%

believe the value of their home will increase in the next 12 months

Renovations

While 66% of refinancers have renovated in the past 3 years, 77% plan to renovate within the next 5 years (excluding those who don’t know).

Top Reasons to Renovate
Reason	In the past 3 years	In the next 5 years
Customize home to meet needs and preferences	41%	40%
Increase the value of the home	33%	35%
Fix a safety issue / maintenance	33%	25%
Make home more energy efficient	27%	29%
Add suite / secondary accommodation	32%	31%

About the Mortgage Consumer Survey

CMHC conducts its annual Mortgage Consumer Survey to gain a deeper understanding of Canadians' thoughts, behaviours, and expectations around homeownership and the mortgage process. This year, we surveyed almost 4,000 mortgage consumers across the country. The survey included:

Canadians aged 18 and over, who are the primary decision-makers in their households, and
have completed a mortgage transaction in the past 18 months

The survey was conducted in both English and French, ensuring a diverse and comprehensive perspective.

This marks the 25^th edition of the Mortgage Consumer Survey, a key milestone in providing insights into the Canadian mortgage market. As we celebrate this legacy, we remain dedicated to being your trusted source for the most up-to-date and accurate data on the mortgage landscape.