Let's Talk House Episode 20: How Canadians Are Navigating Mortgages in 2025—CMHC Survey Deep Dive

Curious about what’s really happening in Canada’s housing market? On Let’s Talk House, I break down the latest trends, real stories, and insider tips from the 2025 CMHC Mortgage Consumer Survey—so you don’t have to navigate real estate alone. Whether you’re a first-time buyer, a seasoned homeowner, or just dreaming about your next move, tune in for honest conversations and practical advice that make sense for real life in today’s market. Hit play and let’s make your homeownership journey a little easier, together!

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Episode Transcript

SPEAKER_00 (00:00):
What if I told you that despite all the headlines
about soaring prices and risingrates, Canadians are more
determined than ever to own ahome?
Behind every mortgage stat in2025 is a story of grit, hope,
and creativity.
Maybe even your own.

(00:20):
In today's episode, we'reunpacking what's really driving
home buying decisions this yearand how you can turn today's
challenges into your nextopportunity.
Only here at Let's Talk House,your go-to source for all things
real estate, mortgage and beyondin Toronto and the Greater

(00:41):
Toronto Area in Canada.
Welcome home.
I'm your host, LeighVillar-Cisneros.
Today, we're unpacking thelatest insights from the 2025
CMHC Mortgage Consumer Surveyreleased on May 21st.
Let's see what nearly 4,000Canadians had to say about their

(01:05):
mortgage journeys this year.
Optimism in the face ofpressure.
Despite all the headlines aboutaffordability challenges, The
survey shows that optimism isalive and well.
Between 79% and 82% of Canadiansstill believe home ownership is
a solid long-term investment.

(01:28):
And about 70% to 75% expecttheir home's value to rise in
the next year.
That's a powerful vote.
of confidence even as the marketshifts.
But it's not just about hope.
Roughly three quarters ofmortgage consumers said they

(01:49):
felt confident they secured thebest mortgage deal for their
needs.
This suggests Canadians aregetting savvier doing their
homework and shopping around forrates.
Let's talk about first-timebuyers, stretching, sharing, and
staying hopeful because theirjourney is anything but easy in

(02:11):
2025.
Only 12% of recent mortgageconsumers were first-time
buyers, a number that's upslightly from last year but
still well below the highs seenduring the pandemic boom.
What's different about thisgroup?
65% paid the maximum they couldafford for their home, showing

(02:32):
just how far people are willingto stretch to get in the door.
41% relied on financial gifts ofinheritance for their down
payment, with the average gifttopping$79,000.
54% bought their home withsomeone other than a spouse or

(02:54):
partner.
Often a parent or family memberas a cosigner highlighting how
collaborative buying is becomingthe new norm.
Despite these hurdles, 79% offirst-time buyers still see
their purchase as a goodinvestment and 74% feel they got

(03:16):
a favorable mortgage deal.
Now let's talk about renewals,refinances, and the power of
preparation.
Renewals made up a whopping 65%of all mortgage transactions
this year, continuing amulti-year climb.
With so many Canadians facingrenewal at higher rates,

(03:39):
financial preparedness iscritical.
The survey...
The survey found that nearlytwo-thirds of buyers made a
budget before purchasing, and70% built a financial buffer to
handle unexpected costs ofinterest rate hikes.
Refinancers are also a big partof the story, with many using

(04:03):
this opportunity to consolidatedebts or fund renovations,
especially as more Canadianslook to add rental suites for
extra income.
Now, the rise of digitalresearch and professional
advice.
How are Canadians navigating allthese decisions?
Well, it's obviously by goingdigital.

(04:27):
More than half of respondentsturn on social media platforms
like YouTube and Instagram formortgage advice, a dramatic jump
from previous years.
Traditional broker websitesstill matter, but the first
search often happens on a phone,not a lender portal.

(04:47):
Professional advice is also indemand.
42% of buyers used a mortgagebroker in 2025, and 86% said it
helped them feel prepared duringthe process.
This shows the value of expertadvice and guidance in a

(05:08):
complex, fast-changing market.
Let's talk about hidden costs,stress points, and the
importance of financialliteracy.
The survey also highlights somepain points 35% of first-time
buyers cited lawyer fees as anunexpected cost, a reminder to
budget for more than just yourdown payment and mortgage.

(05:33):
Closing costs, property taxes,and ongoing maintenance can add
up quickly.
And let's not forget theemotional side.
39% of buyers found the mortgagequalification process stressful.
especially in high-pricedmarkets.
The mortgage stress test remainsa major hurdle, but it's there

(05:57):
to ensure buyers can handlefuture rate increases.
Now we're seeing new patterns inthe rental income and secondary
suites.
With affordability tight,Canadians are getting creative.
About a quarter of homeownersalready rent out part of their

(06:18):
home and another 10% plan to adda suite.
Rental income is increasinglyseen as the buffer that lets
households handle higherpayments and rising costs.
So what does this mean for you?
So, what's the big takeaway fromthe 2025 CMHC Mortgage Consumer

(06:41):
Survey?
Canadians are adopting,stretching budgets, relying on
family, leveraging digitaltools, and seeking professional
advice.
The dream of home ownership isstill alive, but the past is
more collaborative, creative,and complex than ever before.

(07:05):
If you're planning to buy,renew, or refinance this year,
take a cue from your fellowCanadians.
Do your research, both onlineand with trusted professionals.
Build a budget and a financialbuffer.
Don't be afraid to ask for helpfrom family, friends or experts.

(07:27):
Thanks for joining me on Let'sTalk House.
If you found today's episodehelpful, be sure to subscribe,
leave a review and share it withsomeone navigating the real
estate journey.
Got questions or topics you wantto hear about?
reach out.
I love hearing from you.
Until next time, keep dreaming,keep planning, and remember,

(07:49):
your next move is just aconversation away.
You've been listening to Let'sTalk House Podcast, your go-to
source for all things realestate, mortgage, and beyond in
the Greater Toronto Area inCanada.

(08:11):
Be sure to press the followbutton so you won't miss an
episode.
Also, subscribe to my YouTubechannel, follow me on Instagram
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As always, thanks for listeningand we'll see you next time.
Next time.