Upcoming Influx of Mortgage Renewals Likely to Lead to Higher Payments for Many: Report
More than 1 in 10 Canadian mortgage holders who locked in historically low rates during the pandemic are soon facing renewal, with many likely to face higher borrowing costs and 35 percent saying they are more anxious about their upcoming renewal than their previous one, according to a new report. The Aug. 19 report from real estate franchiser Royal LePage cites its survey, conducted by Burson, which found that 38 percent of Canadians with a mortgage on their primary residence expect there to be an increase in their monthly payments on their next renewal. The 38 percent includes 26 percent who expect a slight increase and 12 percent who expect a significant increase when they next renew. A further 31 percent expect their payments to stay roughly the same, and 17 percent anticipate paying less. The report does not specify the responses of the remaining 14 percent....
A report indicates that over 10% of Canadian mortgage holders who secured low rates during the pandemic are nearing renewal, with many anticipating increased borrowing costs. A survey found that 38% of primary homeowners expect higher monthly payments upon renewal, with 12% anticipating a significant increase. Additionally, 35% of these mortgage holders are more anxious about their upcoming renewal compared to previous ones.
- Over 10% of Canadian mortgage holders who locked in pandemic-era low rates are facing renewal.
- 35% of these homeowners are more anxious about their upcoming renewal than previous ones.
- 38% of Canadians with a mortgage on their primary residence expect an increase in monthly payments upon renewal.
- This 38% includes 26% expecting a slight increase and 12% expecting a significant increase.
- 31% expect payments to stay the same, and 17% anticipate paying less.
Write a comment