We’ve reached a major milestone: the last group of Canadians who secured ultra-low mortgage rates during the pandemic are now coming up for renewal. This group accounts for about 12% of all outstanding mortgages—marking the end of that unique 2021 borrowing window.
A recent survey shows that 38% of borrowers expect their monthly payments to increase at renewal, 31% anticipate little change, and 17% actually expect a decrease. Most households are adapting to these changes, with no widespread defaults, although one out of three borrowers admits to feeling more anxious than before. For those anticipating higher payments, 76% expect financial pressure, but 71% say they’ll stay put rather than change living arrangements. When it comes to choosing a new mortgage, 43% plan to select a fixed rate, 39% are open to exploring all their options, and 49% intend to remain with their current lender.
As someone who’s worked behind the scenes as an underwriter and now guides clients through renewals and approvals, I know how important it is to approach renewal decisions with strategy and support. Whether you’re managing new payment amounts or weighing your lender options, having the right advice can make all the difference. Honest conversations and tailored solutions are key to navigating this transition with confidence.
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