TORONTO — From ultralow interest rates that led to a huge spike in real estate demand to the speed with whichNow, with interest rates increasingly expected to stay higher for longer, many of the homeowners who locked in low rates years ago are likely bracing themselves for financial pain as their“Each month that passes, roughly two per cent of mortgage holders face renewal at sharply higher interest rates,” Royce Mendes, managing director and head of macro strategy at Desjardins, wrote in a...
More than 46 per cent of Canadian mortgages had payment schedules longer than 25 years as of the second quarter, according to the Bank of Canada, an amount that’s been steadily rising from around 32 per cent in the summer of 2020. Coming up with the funds could prove challenging for many though, as cracks start to show in credit markets.
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Homeowners brace for mortgage payment shock amid higher-for-longer interest ratesMany homeowners who locked in low rates years ago are bracing themselves for financial pain as their mortgage comes up for renewal. Read on.
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