Studies have repeatedly found a strong, independent relationship between owning a home and lower vulnerability to food insecurity in Canada and elsewhere, but the reasons for this relationship are poorly understood. This aimed to examine the influence of housing asset, housing debt and housing expenditure on the relationship between homeownership status and food insecurity in Canada through examining cross-sectional data on food insecurity, housing tenure and expenditures, home value, income and sociodemographic characteristics derived from the 2010 Survey of Household Spending. Food insecurity prevalence was highest among market renters, followed by homeowners with a mortgage and mortgage-free homeowners. Substantial disparities in food insecurity exist between households with different homeownership status and housing asset level. Housing policies that support homeownership while ensuring affordable mortgages may be important to mitigate food insecurity, but policy actions are required to address renters’ high vulnerability to food insecurity.