As someone who’s spent nearly a decade guiding clients through renewals and new mortgages, I know how critical each renewal decision feels—especially in the current landscape. Since early Q1 2025, 82% of Canadians renewing their mortgages have faced higher rates, and only 13% managed to secure a lower borrowing cost. The impact on household budgets is unmistakable: 45% now allocate at least half of their monthly budget to mortgage payments, with 40% spending between 50% and 70%, and 5% dedicating over 70% of their income just to keep their homes. For those adjusting fixed rates, most chose 5-year terms (40%) and 3-year terms (35%), reflecting the need for both stability and adaptability. Younger homeowners, in particular, are feeling the pinch—90% of Canadians aged 18 to 34 renewed at a higher rate. These figures highlight the importance of clear guidance and strategic planning when approaching your next renewal. My focus remains on helping clients navigate these pressures with transparency and a plan tailored to their financial goals.
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