Toronto and Vancouver see rising mortgage stress as first-time buyers face higher renewal rates, with more extending loans to cope.

The Canada Mortgage and Housing Corp. reports rising mortgage stress in Toronto and Vancouver, with missed payments increasing—especially among pandemic-era first-time buyers facing higher renewal rates. Over 1.5 million households have already renewed at higher rates, with another million expected soon. Many are extending amortization periods to lower monthly payments, increasing long-term costs. While overall delinquency remains historically low, CMHC notes growing financial strain in high-debt, investor-heavy markets amid economic pressures.