KW mortgage payments up more than 150 per cent in last decade
Posted Jul 13, 2025 11:30:13 AM.
Last Updated Jul 14, 2025 11:07:29 AM.
Most Canadians have come to accept the fact that owning a home in one of the major metropolitan areas is a dream that is increasingly dwindling, but a new report from Zoocasa by eXp Realty Brokerage LLC found that many of Ontario’s secondary markets have seen a stark increase in mortgage payments.
The researchers analyzed mortgage payments between 2015 and 2025 for 22 cities across Canada. On average, they found that mortgage payments increased $1,670 in that decade, with some cities seeing much higher.
Kitchener-Waterloo was ranked fourth for the largest 10-year percentage increase, sitting at 161.5 per cent. That means those living in Kitchener-Waterloo are paying on average $2,471 more in mortgage payments today than they were in 2015.
The dramatic increase in mortgage payments is directly related to rising housing costs. According to the report, home prices in Kitchener-Waterloo more than doubled over the same time period.
According to the Canadian Real Estate Association, the average cost of a single-family home in Waterloo Region in the second quarter of 2025 was $825,000. In the same time period the average cost for a townhouse was $620,000 and an apartment was $415,000.
Experts do predict there may be some relief to come in the future. In October 2023, five-year fixed mortgage rates peaked at 5.49 per cent and since have been steadily decreasing. Since January, interest rates have remained below four per cent.
Many economists are predicting Bank of Canada rates to fall again, but there is some uncertainty in the sector given current market pressures, namely the response to U.S. tariffs.
