A significant portion of Alberta homeowners are feeling the pressure from higher mortgage rates, according to a new survey that reveals growing financial strain across the province.
The poll by Alberta-based True North Mortgage paints a mixed picture: while 70 per cent of respondents say their current mortgage rate remains manageable, the flip side is troubling. Nearly 30 per cent of Alberta homeowners are finding their payments increasingly difficult to handle—a number that stands out sharply when compared to national figures.
Rising Anxiety Among Albertans
The concern extends beyond today's payments. The survey found that 43 per cent of Albertans rank future interest rates as their top financial worry—nearly three times higher than the 15 per cent of Canadians nationally who share the same concern. That disparity underscores Alberta's unique vulnerability to rate hikes and the anxious mood gripping homeowners from Calgary to Fort McMurray.
Among those currently struggling, the situation breaks down into two troubling groups: about one-third report they could slip into crisis if their financial circumstances change even slightly, while the remainder are already in difficult financial straits with little cushion.
The Renewal Crunch Ahead
The anxiety makes sense. Albertans who locked in mortgages during the pandemic's historic low-rate environment are now facing renewals at dramatically higher rates. A homeowner who refinanced at 1.5 per cent just three years ago could see payments jump 50 per cent or more when their term expires—a shock to household budgets already stretched by inflation on groceries, utilities, and everyday expenses.
"Future interest rates are the top concern for 43 per cent of Albertans, compared with only 15 per cent nationally."
The survey results suggest Alberta's housing market—and household financial health—remain fragile. With inflation still elevated and rate relief unlikely in the near term, more homeowners may find themselves crossing from the "manageable" column into genuine hardship.
For Albertans worried about their mortgage future, financial planning and exploring refinancing options sooner rather than later may be critical strategies. Community resources and financial counselling services continue to be available across Calgary and Alberta for those seeking guidance.
This article was originally reported by the Calgary Herald.