More than 3 million Canadians have a mortgage renewing in the next 18 months, and most of them are worried about it. Royal LePage has recently issued a press release. These are the highlights:

• 16% of current mortgagees will be renewing their lending agreements within the next 12 months, while another 15% will be renewing in 12 to 18 months
• Almost three-quarters (74%) of Canadian mortgage holders currently have a fixed-rate mortgage; 20% have a variable-rate mortgage
• 40% of variable-rate or hybrid mortgage holders concerned about their upcoming renewal say they plan to switch to a fixed rate
• 64% of variable-rate or hybrid mortgage holders say that higher interest rates have caused their mortgage payment to hit its trigger rate and thus increased their monthly cost
• 76% of variable-rate or hybrid mortgage holders say that higher interest rates have caused financial strain on their household, causing them to reduce spending and dip into savings

Details here.


Here are specifics of the mortgage renewal survey

2023 Royal LePage Mortgage Renewal Survey Chart

I normally would not share a sponsored article, but this CIBC sponsored article in The Globe and Mail addresses the current situation with regards the real estate market including the many of the hurdles. The article also proposes suggestions to help make it happen. It concludes with links to helpful tools.

• First Home Savings Account (FHSA)
• Credit Score
• Pre-qualify for a mortgage
• Mortgage tools and calculators
• CIBC financial advisor

The Bank of Canada raised the interest rates yet again on Wednesday. Details here.

The Business Development Bank of Canada (BDC) recently wrote a post The End of interest rate hikes: What does it mean?