Mortgage Payment Shock Today’s Reality

An interesting article posted by Canadian Mortgage Trends that highlights current concerns related to higher mortgage payments come renewal time. The best plan is to be prepared well before renewal. Give me a call to discuss your options.

Canada’s banking regulator says high borrowing costs and a wave of expected renewals in the coming 18 months pose key risks to Canada’s financial system.

With 76% of outstanding mortgages expected to come up for renewal by the end of 2026, OSFI says homeowners face the risk of payment shock, particularly those who took out mortgages between 2020 and 2022 when interest rates were at historic lows.

Read the full article here -