Tags :homeowner financial stress

A perfect storm of expiring ultra-low COVID-era mortgages and renewed economic uncertainty is about to hit Canadian homeowners, with new data revealing 57% of renewing borrowers expect significant payment increases this year. The Mortgage Renewal Cliff: By the Numbers According to Royal LePage’s nationwide survey conducted by Hill & Knowlton: Five years after rock-bottom rate mortgages were issued, borrowers are facing a harsh reality check,” said Phil Soper, Royal LePage CEO. Even with recent rate cuts, today’s rates remain substantially higher than 2020-2021 levels. Household Budgets Under Siege The survey reveals cascading economic effects: The Trump Tariff Wild Card Compounding the stress, 58% of respondents expressed anxiety about potential 25% U.S. tariffs—a policy threat that could: “Paradoxically, trade war fears...

Like(0)SinoLoanExpert2025-03-31China-US Loans Bank of Canada rate forecastBig Six bank earningsCanadian bank PCL increasesCanadian mortgage renewal 2025homeowner financial stressmortgage payment increasemortgage renewal strategiesOSFI stress test changesTrump tariffs Canadavariable vs fixed mortgage 2025Views()