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CMHC data (Equifax Canada) shows the average new mortgage loan in Canada hit $360,597 in Q4 2025 — a new high — up 5.0% from $343,271 a year earlier, with British Columbia and Ontario borrowers taking out by far the largest loans.
was the average new mortgage loan in Canada in Q4 2025
— a new high, up from $343,271 a year earlier (+5.0%).
CMHC, Average Value of New Mortgage Loans (data: Equifax Canada)
After pulling back in 2022, the national average new mortgage loan has climbed for three straight years.
Average value of newly extended mortgage loans, Canada, Q4 of each year shown. Source: CMHC, Average Value of New Mortgage Loans: Canada, Provinces and CMAs (data: Equifax Canada), published March 25, 2026.
The national average hit a new high in Q4 2025: the average new mortgage loan reached $360,597, up 5.0% from $343,271 a year earlier and the highest quarterly average CMHC has recorded in this series.
British Columbia and Ontario borrowers take out the largest loans by far: the Q4 2025 average was $482,618 in B.C. and $441,394 in Ontario, both well above the $360,597 national figure.
Vancouver and Toronto lead every major market: the average new mortgage was $536,226 in Vancouver and $521,496 in Toronto in Q4 2025, roughly 45–50% above the national average.
2021 wasn't the ceiling — the market has since climbed past it: the average pulled back to $325,612 in 2022 after peaking at $355,907 in 2021, but three straight years of gains since have pushed the figure past that prior peak.
| Province | Avg. new mortgage (Q4 2025) | Note |
|---|---|---|
| Newfoundland and Labrador | $253,074 | — |
| Prince Edward Island | $266,086 | — |
| Nova Scotia | $285,366 | — |
| New Brunswick | $234,065 | Lowest of any province |
| Ontario | $441,394 | Second-highest |
| Manitoba | $275,649 | — |
| Saskatchewan | $270,707 | — |
| Alberta | $360,096 | Near national average |
| British Columbia | $482,618 | Highest of any province |
| Canada (national) | $360,597 | National average |
Source: CMHC, Average Value of 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 new mortgage in Vancouver, the highest of any Canadian CMA in Q4 2025
CMHC
average new mortgage in Toronto, the second-highest CMA in Q4 2025
CMHC
average new mortgage in Montreal, nearly $200K below Toronto and Vancouver
CMHC
the pullback in the national average from 2021's $355,907 to $325,612 in 2022, before three years of renewed growth
CMHC
Average loan sizes above $440,000 in Ontario and above $480,000 in B.C. mean a single missed document or underwriting delay now carries more dollars at risk than it did five years ago. As average balances climb, the fulfillment and packaging work behind each file — verifying income, assets and program eligibility — carries more weight per deal, which is exactly where dedicated support pays off fastest.
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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