Mortgage debt may top $2 trillion in 2026, Equifax Canada says

Equifax Canada reports mortgage debt in Canada may exceed $2 trillion in 2026, and the firm says first-time buyers still face difficulty despite lower interest rates and some local price declines.

Equifax Canada reported that mortgage debt in Canada may surpass $2 trillion in 2026. The report notes the Bank of Canada's policy rate has fallen from earlier peaks to 2.25 per cent. It also records that home prices have declined in some parts of the country. Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said it remains tricky for first-time buyers to purchase their first home. Key points: - Equifax Canada reported mortgage debt may exceed $2 trillion in 2026. - The central bank's policy rate was reported as 2.25 per cent after falling from earlier peaks. - Rebecca Oakes said first-time buyers still face difficulty buying a first home despite some price declines. Summary: The reported rise in mortgage debt indicates continued pressure on household borrowing and housing affordability. Undetermined at this time.