Posthaste: Canada's Mortgage Renewal Wave Close to Cresting with some Canadians Set to Save a 'Whopping $1,480' a Month

Posthaste: Canada's mortgage renewal wave close to cresting with some Canadians set to save a 'whopping $1,480' a month

About 60 per cent of outstanding mortgages will renew by the end of 2026, and 40 per cent are expected to renew at higher rates.

Mortgage rates haven't come down, straining some borrowers

“Marry the house, date the rate” is a phrase that was popularized during the post-pandemic era of rising mortgage rates. Lenders urged borrowers to focus on finding a house they were head over heels with and worry about their interest rate down the line. Borrowers who were accustomed to rates hovering near 3% didn’t realize how long “dating the rate” would take. This left many to be in an unintentional long-term relationship with their mortgage …