A study released by Statistics Canada on October 28, 2026, found that immigrant families carry more debt than Canadian-born families at the same stage of life, and that most of the gap comes from mortgages rather than credit cards or other consumer debt. The study, prepared with Immigration, Refugees and Citizenship Canada, uses the 2016, 2019 and 2023 Survey of Financial Security; the dollar figures below are for 2023.
- Established immigrant families (major income earner aged 35 to 64): average debt of $287,300, compared with $173,100 for Canadian-born families of the same age. Mortgages made up 86% of that debt.
- Recent immigrant families (aged 25 to 44): average debt of $215,700, compared with $189,300 for Canadian-born families, a gap of about $26,000. Mortgages made up 89%.
- Once mortgage debt was excluded, debt levels were similar between immigrant and Canadian-born families.
What the study found
According to The Daily, immigrant debt "typically stems from their exposure to high-cost housing markets and mortgage borrowing rather than from consumer credit," and much of it is backed by assets. The full study reports that immigrant families had higher debt-to-income ratios, but debt-to-asset ratios were moderate across groups. Signs of short-term credit stress, such as payday loan use and credit card refusals, were generally low and differed more by age and education than by immigrant status.
The study also flags a weak spot: immigrant families were more likely to lack non-housing financial wealth, such as savings and investments outside the home. The authors link this to housing markets, settling in large metropolitan areas and the time it takes to build financial assets after arrival.
Who is affected and what it means
The findings matter most for newcomers buying in expensive markets. Our interpretation: a large mortgage backed by a home is not, on its own, a sign of distress, but a household with most of its wealth in one property has less cushion if payments rise. That is relevant now, with lenders raising prime rates after the Bank of Canada's October 28 increase.
The data describe averages for groups of families, not any one household, and the latest survey year is 2023.
What readers can do next
- Build an emergency fund outside the home alongside the down payment, where possible.
- Test the payment at a higher rate before committing; the stress test calculator can help.
- Review the newcomer mortgage checklist and compare lenders with a mortgage broker.
Sources
- Statistics Canada, Economic and Social Reports, October 2026 (The Daily), 2026-10-28. Accessed 2026-10-29.
- Statistics Canada and Immigration, Refugees and Citizenship Canada, Indebtedness and financial vulnerability among families of immigrants and Canadian-born people, 2026-10-28. Accessed 2026-10-29.
General information only, not financial advice.
