The housing market in Canada has experienced significant shifts in recent years, influenced by economic fluctuations, changing consumer preferences, and affordability challenges.

The 2023 Year-End Consumer Survey conducted by Bond Brand Loyalty provides valuable insights into these dynamics, highlighting key trends and consumer sentiments.

Here, we delve into the major findings of this survey and explore their implications for both homeowners and potential buyers.

Rising Broker Share

One of the notable trends revealed by the survey is the increase in the mortgage broker share, which has risen to 34%.

This growth is particularly pronounced among recent buyers and first-time buyers, indicating a growing preference for using mortgage brokers to navigate the complexities of securing a mortgage.

Mortgage brokers can offer valuable expertise and access to a wide range of lenders, making them an attractive option for many Canadians.

Low Consumer Sentiment

Despite some stabilization, consumer sentiment regarding the economy, housing market, and personal financial situations remains at or near 5-year lows.

This pervasive pessimism reflects broader economic uncertainties and the challenges that many Canadians face in the current financial climate.

The low sentiment underscores the need for strategies that can help consumers feel more secure and optimistic about their financial futures.

Affordability Challenges Persist

Affordability remains a significant issue for many Canadians. The survey reveals that 1 in 10 Canadians are currently struggling to make mortgage payments, representing a 33% increase from last year.

Moreover, 23% of respondents indicate that even a slight increase in mortgage payments would lead to payment difficulties.

These statistics highlight the urgent need for solutions to address affordability issues and support homeowners in managing their mortgage obligations.

Renewal Anxiety

Mortgage renewal is a source of considerable anxiety for many Canadians. Almost a quarter of Canadians (23%) will be renewing their mortgages in the next year, with nearly half facing renewals within two years.

Over three-quarters of respondents express anxiety about the renewal process.

This widespread concern points to the importance of providing clear, accessible information and support to those approaching mortgage renewals to help alleviate their anxiety and ensure smooth transitions.

Pessimism Among Non-Owners

The survey also reveals a significant increase in pessimism among non-owners regarding their prospects of purchasing a primary residence.

Half (51%) of non-owner respondents express doubt about ever being able to buy a home, a notable increase from previous years.

This growing pessimism among non-owners highlights the barriers to homeownership that many Canadians face, such as high housing prices and stringent mortgage qualification criteria.

Struggling with mortgage payments? Get expert help today. Contact us for personalized solutions to manage your mortgage obligations and ease your financial stress.

Addressing the Challenges

The insights from this survey provide a comprehensive understanding of the current challenges and opportunities in the Canadian housing market.

Addressing these issues requires a multifaceted approach, including:

Enhanced Support for Mortgage Renewals: Offering resources and guidance to help homeowners navigate the renewal process can alleviate anxiety and ensure they secure favorable terms.

Improving Affordability: Implementing policies and programs that address housing affordability, such as down payment assistance and affordable housing initiatives, can help more Canadians achieve homeownership.

Boosting Consumer Confidence: Providing education and resources to improve financial literacy and help consumers manage their finances more effectively can boost confidence and optimism.

Encouraging the Use of Mortgage Brokers: Highlighting the benefits of using mortgage brokers can help more Canadians access the expertise and options they need to secure the best mortgage deals.


The 2023 Year-End Consumer Survey offers valuable insights into the Canadian housing market’s current state, highlighting significant challenges and opportunities.

By understanding these trends and addressing the underlying issues, we can work towards a more stable and accessible housing market for all Canadians.