Getting a mortgage to buy a home is one of the biggest financial decisions made by Canadians. According to the Bank of Canada, five-year, fixed-rate mortgages make up around 40% of all mortgages in Canada. Canadians renewing these mortgages in 2026 are likely to face increased interest rates and higher monthly payments.1 Understanding how consumers navigate their mortgage journeys is essential to strengthen their financial literacy, increase their preparedness, and improve financial outcomes.
To gain insight, the Financial Consumer Agency of Canada (FCAC) conducted research interviews and a survey about the experiences of Canadian mortgage holders during the mortgage lifecycle. The research revealed that almost 80% of Canadian2 mortgage holders consider comparing lenders important. Most interviewees recommended doing so to be prudent, feel confident that they got the best deal, and make sure they understood what their mortgage options were.
When asked about shopping around for their current mortgage, 48% of mortgage holders indicated that they had personally compared lenders. Thirty-six percent reported that someone else, like a mortgage broker, shopped around for them.3 Twenty percent of mortgage holders said that they had not compared lenders at all.
FCAC research shows that 37% of mortgage holders chose their lender primarily because they already bank with them. Buying a home and getting a mortgage is complex and often overwhelming. Consumers may have low mental bandwidth to consider all the parts of the decision. This can lead to an “inertia effect” for some — a preference for sticking with a familiar lender rather than shopping around. Additionally, 13% of mortgage holders did not know that negotiating mortgage terms or rates was an option available to them. Lack of awareness was more common among mortgage holders who are younger, have lower household incomes, live in Atlantic Canada, or are self-employed.4
When asked about what would motivate them to switch lenders in the future, mortgage holders cited better interest rates (77%), better product terms (21%), perks or offers (18%), and better client service (13%) as most important to them. However, 12% of mortgage holders indicated that nothing would motivate them to switch. A few participants in interviews said that trust or a personal network connection was important to them when considering their lender.
Each mortgage holder’s journey is different, and what works for one person may not suit another. While borrowers know their own circumstances best, the financial ecosystem can support mortgage decisions by addressing diverse needs, and working with Canadians to explain all the options available to them.
of mortgage holders personally compared lenders when shopping around for their mortgage.
“Weigh out what you feel comfortable with.” - Interview respondent
of mortgage holders never compared lenders when shopping around for their mortgage.
of mortgage holders had someone else compare lenders for them when shopping around for their mortgage.
Use and share these trusted, unbiased Government of Canada resources in your work, and with your community and networks.
Choosing a mortgage that is right for you helps you understand the basic features of a mortgage.
Home Buying Step by Step guides you through five key steps to buying a home and includes a number of user-friendly worksheets and a helpful glossary.
Choosing a financial institution helps you choose a mortgage lender by comparing institutions, understanding your needs, and reviewing fees, services, and consumer protections.
Seek financial advice from someone you trust, such as a financial advisor
Renewing your mortgage explains what to expect and how to prepare for your mortgage renewal, including reassessing your needs, shopping around for better rates, and negotiating terms that suit your situation.
FCAC’s Mortgage Calculator is a free interactive tool that helps you estimate your payment amounts and plan for paying off your mortgage.
Learn what your rights are when you apply for a mortgage, get your mortgage, make prepayments, renew your mortgage, face financial difficulties, and more.
Everything in this tool is based on real responses from people across Canada. The data:
Read more data stories about the financial challenges and commitments Canadians face today.
All data storiesSource: Analytical note from staff at the Bank of Canada in July 2025. bankofcanada.ca https://www.bankofcanada.ca/2025/07/staff-analytical-note-2025-21/
“Canadians” means people who live in Canada, even if they are not citizens.
Statistics cited may exceed 100% total due to multiple-select options and weighing of the survey results.
Statistical testing confirmed that the difference for these groups was significant, with a p-value below 0.05 (that is, the difference in percentages is unlikely to be due to chance or random factors)
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