As we reach the end of the pandemic-era low-rate renewals in Canada, it’s a unique moment for borrowers. The last group of homeowners with 2021’s ultra-low rates—about 12% of all outstanding mortgages—are now at the renewal stage. Recent survey results show that 38% of borrowers expect their monthly payments to rise, while 31% anticipate little change and 17% are actually expecting a decrease. Despite the shift, most households are adapting well; widespread defaults haven’t occurred, though it’s clear that about one in three borrowers are feeling an uptick in anxiety. For those looking at higher payments, 76% admit their finances will feel the strain, but 71% plan to stay in their current homes. When it comes to renewal strategies, 43% are leaning toward fixed rates, 39% are considering all their options, and nearly half intend to stick with their current lender.
Having guided clients through every market cycle for nearly a decade, I know how important it is to approach renewals with a clear strategy and a calm mindset. My focus is always on simplifying the process—so you can make decisions that fit your long-term plans, with confidence and clarity.
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