MORTGAGE MASOCHISTS? 64.6% OF CANADIANS (MAY) BE SURVEY UNCOVERS HOW MUCH PAIN CANADIANS WILL ENDURE FOR THEIR MORTGAGE 'STRUGGLE STORY'

TORONTO, March 25, 2025 /CNW/ - Canadians may secretly be enjoying their mortgage 'struggle story' (a little too much) as they do 'as much as it takes' to pay their monthly mortgages - only drawing the line at health. Canadians are set to delay retirement, embrace financial hardships and muddle through mortgages paid off in their late senior years. A new snapshot survey of 1000 random Canadians by the Real Estate and Mortgage Institute of Canada (REMIC) is exposing the 2025 reality that Canadians may be acting like 'Mortgage Masochists.' 

Please attribute this as a survey by The Real Estate and Mortgage Institute of Canada (REMIC) in all media coverage

Key findings of the survey:

1.  Much Mortgage Masochism:
 
64.6% of Canadians agree that we may be 'Mortgage Masochists.' 

Nearly a third of Canadians (30.1%) see mortgage struggles as a 'rite of passage.' and part of the Canadian Dream.

Asked how much pain they would be willing to endure for homeownership, 45.6% of Canadians said, 'they'd make sacrifices but would draw the line if it affected their health.' 10.6% said 'as much as it takes – even if it means financial struggle for years.'

2. Sexy Struggle Stories:

Nearly a third of Canadians (a combined 32.9%) think their fellow Canadians secretly enjoy the 'struggle story' of paying off a mortgage. 14.4% say it's a badge of honour and 18.5% say maybe Canadians enjoy a struggle story.

"It's time to end Mortgage Masochism! It's simply insane that we've created a culture where house poor Canadians struggling and sacrificing to meet monthly mortgage payments are somehow wearing their pain as pride," said Joe White, President and CEO of REMIC. "A mortgage shouldn't feel like a purgatory, a punishment or a bad deal that you can't get out of until your 70's. The right time to make sure your mortgage isn't an albatross is when you are applying in the first place, banks may not be taking your lifestyle needs into account – A mortgage broker is required to and simply won't sell you a mortgage that you can't afford."

3. Masochistic Mortgages are keeping Canadians from retiring:

40.4% of Canadians say they will not fully pay off their mortgages until they are in their 60's. 10.1% will be 65 - 8.1% will be in their 70's and 5% will be in their 80's.

4.  More Mortgage Malaise:

Asked why Canadians tolerate skyrocketing housing costs without pushing for systematic change, nearly a third of Canadians (31.5%) said 'no one knows,' Over a quarter (27.9%) don't trust the government to fix it. Nearly a quarter (23.9%) think suffering is normal and 16.7% think we're 'too polite to challenge the status quo.'

Asked if they think the Canadian housing market is sustainable, over a third of Canadians (35%) were not optimistic saying 'no its already beyond repair,' 24.40% were a little more optimistic saying that 'it depends on government intervention.' 20.1% said they 'don't know,' and 5.90% said 'maybe.'

5. The Canadian 'Scream'

Nearly as many Canadians think home ownership is STILL worth it (34.6%) because it's a 'necessary step to building wealth' as don't think it's worth it (31.90%) because 'it's becoming a financial burden.' A significant number think it's only worth it for those who bought before the market exploded (26.9%) and some (6.6%) say they have 'given up the dream of owning a home altogether.'

Please attribute this as a survey by The Real Estate and Mortgage Institute of Canada (REMIC) in all media coverage

About The Real Estate and Mortgage Institute of Canada Inc. (REMIC)

REMIC's goal is to transform mortgage broker students into entrepreneurs by providing exceptional, ethics-based training approved by FSRA and the appropriate national regulatory bodies to meet the educational requirements for new agent licensing as well as courses designed to enhance the careers of current financial service professionals.

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SOURCE The Real Estate and Mortgage Institute of Canada (REMIC)