04/09/2025
Mortgage renewal in 2025?
🏦Approximately 1.2 million fixed-rate mortgages-totaling over $300 billion in debt— are set to renew across Canada. Notably, 85% of these mortgages were secured when the Bank of Canada's policy rate was at or below 1%, meaning many homeowners could face significantly higher interest rates upon renewal.
📈This means an increase in monthly payments. 57% of Canadians renewing their primary residence mortgage in 2025 expect their monthly payment to increase, with 22% anticipating a significant rise.
💸Among those expecting higher payments, 81% anticipate that the increase will strain their household finances.
📲Call me and let's craft a strategy that that sets you up for success! Don't automatically sign on the dotted line, why not explore options that could save you money and boost your financial flexibility? Let's chat about tailoring a smarter mortgage strategy that works with your current financial goals.
📸Devon Gillott
