A significant portion of Canadian mortgage holders are grappling with their debt obligations, with nearly a quarter resorting to credit cards or other forms of borrowing to cover their bills as they become due, according to a report released by the Canada Mortgage and Housing Corporation (CMHC). The CMHC indicated a noticeable decline in the financial well-being of householders over the past year, reports Blacklock’s Reporter.“There was an increase in the proportion of consumers who stated they had difficulties maintaining debt payments,” stated the 2025 Mortgage Consumer Survey. A majority, 53%, expressed concern about defaulting on their mortgage.“This year’s survey indicates an increase in consumers who had difficulty maintaining debt payments, 51% compared to 42% in 2024, primarily due to economic reasons,” the CMHC wrote. “Fourteen percent missed a mortgage payment.”.When asked why they missed payments, respondents frequently cited "unexpected expenses," inadequate budgeting, or a "change in financial situation." These findings were compiled from questionnaires distributed to 3,968 mortgage holders across the country.“Credit cards were the type of debt that mortgage consumers had the most difficulty maintaining (26%) followed by their mortgage (17%),” said Consumer Survey. “More mortgage consumers are using one type of credit to pay off another, 22% compared to 15% in 2024.”This data aligns with a May 8 report from the Financial Consumer Agency of Canada, which also highlighted widespread struggles among mortgage holders. “More than one third of Canadians, 35.5%, hold a mortgage and two thirds of mortgage holders are struggling to meet their financial commitments,” stated the earlier report Evaluation of the ‘Make Change That Counts: Housing Costs on Your Mind’ Ad Campaign..“Given the significant increase in house prices since 2020, a growing number of households have taken out sizeable mortgages relative to their income to purchase a home,” the Evaluation noted. “As a result, many recent homebuyers do not have enough home equity to borrow against and would have limited access to secured forms of credit if their incomes declined. Over the past year, homeowners have increased their reliance on credit card debt to finance debt.”Renters, representing 41% of Canadians, were also reportedly struggling to keep up with their financial commitments, according to the Agency.CMHC figures also revealed that the typical first-time Canadian homebuyer is under 34, rented for over six years, has children, and desires a single detached home. These buyers commonly rely on gifts or inheritances averaging $74,570 to assist with their downpayment, typically sign a five-year, fixed-rate mortgage, "paid the maximum price they could afford," and express worry about "paying too much for my home."