Kitchener tops major Canadian cities for average remaining mortgage balance, ahead of Toronto and Vancouver
TORONTO, ON (March 16, 2026) – More than one in three Canadian credit card holders carry a balance as rising costs leave many Canadians feeling financially squeezed, according to new data from Vividata’s SCC | Study of the Canadian Consumer Winter 2026.
The data arrives just days ahead of the Bank of Canada’s next interest rate announcement, offering a snapshot of how Canadians are managing debt and rising living costs.
“Debt plays very different roles depending on a household’s financial situation,” said Pat Pellegrini, President and CEO of Vividata. “For some Canadians, credit cards are simply a rewards tool. For others, they’re increasingly being used to cover gaps when money runs short.”
Among Canadian credit card holders, 36 per cent say they typically carry a balance, often relying on credit cards to cover emergencies or when they are short of money.
Those carrying credit card balances are also more price-conscious in their everyday spending and more likely to cut back on daily expenses. Canadians with mortgages or loans, meanwhile, are more likely to focus on discretionary purchases such as vehicles, electronics, and vacations when managing their budgets.
How Canadians With Debt Say They Are Feeling
Beyond the numbers, the research reveals how debt is affecting the way Canadians feel about their finances. Among Canadians carrying debt products such as mortgages, loans, or credit cards:
- 58 per cent say they have less disposable income than before
- 49 per cent say they often feel they are living paycheque to paycheque
- 51 per cent say they need to stick to a budget to make ends meet
- 37 per cent say they feel overwhelmed by financial burdens
- 71 per cent say the rising cost of living has reduced how much they are able to save
- 74 per cent say rising costs have made them more careful about how they spend money
Canadians carrying credit card balances report even higher levels of financial strain, with 68 per cent saying they have less disposable income and 53 per cent saying they feel overwhelmed by financial burdens.
Shifting Debt Patterns
Younger Canadians are far more likely to carry non-mortgage debt. Canadians aged 25 to 34 are the most likely to hold credit card balances, personal loans, and other forms of consumer debt.
Mortgage ownership, meanwhile, is most concentrated among Canadians aged 35 to 49, who represent the largest share of mortgage holders and are more likely to live in higher-income households with children.
Higher-income households earning $150,000 or more and families with children are significantly more likely than average Canadians to hold mortgages. Despite high home prices, many homeowners are well into repayment, with about 60 per cent of mortgage holders having 15 years or less remaining on their mortgage.
Kitchener Tops Major Canadian Cities for Mortgage Balances
Housing debt remains one of the biggest financial pressures facing Canadian households, and the burden varies widely between cities. Among the country’s largest census metropolitan areas, Kitchener has the highest average remaining mortgage balance at $402,915, followed by Toronto at $376,466, Hamilton at $365,759, and Vancouver at $325,647.
“Mortgage debt remains one of the largest financial commitments Canadians make,” Pellegrini said. “Understanding where those pressures are most concentrated helps paint a clearer picture of how housing costs are influencing financial decisions across the country.”
The findings are drawn from Vividata’s SCC | Study of the Canadian Consumer Winter 2026, the country’s largest syndicated study of consumer behaviour and media habits, surveying more than 75,000 Canadians annually across more than 100,000 variables.
About Vividata
Vividata is Canada’s authoritative source for insights on cross-media and consumer behaviour, delivering Unmatched Insights. Smarter Decisions. As the country’s leading provider of cross-platform audience measurement, Vividata surveys offer the most complete view of how people live, shop, and consume media. A not-for-profit governed by industry leaders, Vividata reinvests in innovation to provide unmatched, privacy-first insights. Its flagship SCC | Study of the Canadian Consumer is the largest syndicated study in Canada, complemented by solutions like Spatial, Relevance, and Metrica, along with specialized multicultural, sports, and brand affinity reports.
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Andrew Findlater
SELECT Public Relations afindlater@selectpr.ca
(647) 444-1197
