Household mortgage balances edged higher in August

A new snapshot of outstanding debt

Statistics Canada released its August monthly credit aggregates on October 20. In the seasonally adjusted household table, residential mortgages totalled $2,449,655 million, compared with a revised $2,443,499 million in July. Our calculation puts the increase at $6,156 million, or approximately 0.25%.

Home equity line of credit balances reached $184,681 million, up $965 million from July. That is about $184.7 billion outstanding. A HELOC balance measures money already borrowed; it is different from the credit limit available to an individual homeowner.

What the national figures can tell you

The release measures debt outstanding at the end of the month across lending sectors, including banks and non-bank lenders. It also revises estimates for January through July 2026. Comparisons here use the revised July figures in the same table and the same seasonal adjustment.

These balances do not tell us how many new mortgages were approved, what rate a borrower received, or whether a household can comfortably manage its payments. The table covers Canada as a whole. It does not establish a separate borrowing trend for Edmonton, Vancouver or Toronto.

Look at the mortgage and credit line together

Our practical takeaway for homeowners in Alberta, BC and Ontario is to bring the full borrowing picture to a renewal or refinancing discussion. Looking only at the scheduled mortgage payment can leave another balance out of the conversation.

FCAC explains that a HELOC is revolving credit secured by your home. Most have variable rates, and payments that cover only interest do not reduce the amount borrowed. Its guidance recommends planning repayments and considering the risks before using the credit line.

• Bring current statements for both the mortgage and any home equity credit line. Keep each outstanding balance, credit limit and required payment clearly identified.
• Ask how much of the planned payment reduces principal, and what payment would be needed under a repayment schedule that fits your circumstances.
• If comparing a renewal or refinance, ask for the applicable fees and how any existing HELOC would be handled. Do not assume a lower quoted mortgage payment settles every borrowing cost.

The national debt total is context for that conversation, not a recommendation to borrow or consolidate. Our mortgage renewal page and refinancing page outline topics to discuss with a broker. Yesterday’s Bank of Canada survey briefing looks at household expectations; today’s release measures recorded balances for an earlier month.