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CMHC data (Equifax Canada) puts the average scheduled monthly payment on new Canadian mortgages at $2,009 in Q4 2025 — down from a 2023 peak of $2,143, but still roughly 29% above the $1,553 average from 2021.
was the average scheduled monthly payment on new mortgage loans in Canada, Q4 2025
— down from the 2023 peak of $2,143, but still roughly 29% above 2021's $1,553.
CMHC, Average Scheduled Monthly Payments for New Mortgage Loans (data: Equifax Canada)
New-mortgage payments are falling from their high, but they remain far above pre-2022 levels.
Average scheduled monthly payment (principal and interest) on newly extended mortgage loans, Canada, Q4 of each year shown. Source: CMHC, Average Scheduled Monthly Payments for New Mortgage Loans: Canada, Provinces and CMAs (data: Equifax Canada).
Payments have eased from their 2023 peak, but not by much: the average scheduled payment on new mortgages was $2,009/month in Q4 2025, down from the 2023 peak of $2,143 but still $456 above the 2021 average of $1,553.
The 2022 rate-hike cycle reset the baseline: average payments jumped from $1,553 in 2021 to $1,923 in 2022 — a single-year increase of nearly 24% — and haven't gone back below $2,000 since.
B.C. borrowers carry the heaviest new-mortgage payments: the Q4 2025 average scheduled payment was $2,625/month in British Columbia and $2,402 in Ontario, both well above the $2,009 national figure.
Vancouver and Toronto are the most expensive markets to finance: average scheduled payments reached $2,943/month in Vancouver and $2,817 in Toronto in Q4 2025 — over $1,500 above New Brunswick's $1,378.
| Province | Avg. scheduled payment (Q4 2025) | Note |
|---|---|---|
| Newfoundland and Labrador | $1,483 | — |
| Prince Edward Island | $1,521 | — |
| Nova Scotia | $1,630 | — |
| New Brunswick | $1,378 | Lowest of any province |
| Ontario | $2,402 | Second-highest |
| Manitoba | $1,566 | — |
| Saskatchewan | $1,567 | — |
| Alberta | $2,006 | Near national average |
| British Columbia | $2,625 | Highest of any province |
| Canada (national) | $2,009 | National average |
Source: CMHC, Average Scheduled Monthly Payments for New Mortgage Loans: Canada, Provinces and CMAs (data: Equifax Canada), Q4 2025. Quebec is reported by CMHC only at the CMA level, not provincially, and is omitted from this table.
average scheduled monthly payment in Vancouver, the highest of any Canadian CMA in Q4 2025
CMHC
average scheduled monthly payment in Toronto, the second-highest CMA in Q4 2025
CMHC
average scheduled monthly payment in Montreal, close to $1,000 below Toronto and Vancouver
CMHC
single-year jump in the national average payment from 2021 ($1,553) to 2022 ($1,923)
CMHC
Payment levels this far above 2021 norms are exactly what makes renewal conversations hard — a client renewing an old low-rate mortgage can face payment shock even though today's average is technically down from the 2023 peak. Brokers fielding this wave need accurate payment-scenario modelling and enough fulfillment bandwidth to handle the affordability conversations that come with it.
Last updated August 2, 2026. Each figure carries its source; projections are labelled. Page reviewed on every major source release. Information only — not advice.
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