A new report says Canadian mortgage debt has spiked to over $1 trillion, largely as a result of high home prices and low interest rates.

The Canadian Association of Mortgage Professionals says in its annual report that the value of outstanding mortgages is now 7.6 per cent higher than it was last year.

The report says higher prices have forced many Canadians to borrow heavily to finance home purchases.

Meanwhile, low interest rates have spurred others to borrow against their homes. The report found 18 per cent of mortgage holders have taken equity out of their homes to free up extra cash.

Meanwhile, one in three mortgage holders have either increased their payments or made a lump sum payment on their mortgage in the past year.

The report also finds that homeowners are comfortable with their level of mortgage debt and that the vast majority — about 84 per cent — say they could afford at least a $300 increase in their monthly mortgage payment.