Nearly one in 10 Toronto homeowners will struggle to refinance mortgages

In its 2026 Financial Stability Report, the Bank of Canada estimates that about 9% of Toronto-area borrowers renewing their mortgages in 2027 would fail to qualify for refinancing.

Photo by Ilya Yakubovich on Unsplash

Nearly one in 10 homeowners in the Toronto area renewing their mortgages next year could be unable to refinance under current housing market conditions, according to a new warning from the Bank of Canada.

In its 2026 Financial Stability Report, the central bank estimates that about 9% of Toronto-area borrowers renewing their mortgages in 2027 would fail to qualify for refinancing after exhausting available options, including extending their amortization periods.