Business
More than half of Canadians renewing a mortgage this year expect their monthly payment to increase: Royal LePage® Survey
More than half of Canadians renewing a mortgage this year expect their monthly payment to increas...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n\n\n\n More than half of Canadians renewing a mortgage this year expect their monthly payment to increase: Royal LePage® Survey\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n 1 in 10 are considering downsizing, relocating to a more affordable region or renting out a portion of their home to combat higher borrowing costs\n \n\n\n\n\n Highlights:\n \n\n\n\n 57% of Canadians whose mortgage is renewing in 2025 anticipate their monthly payment will increase, while 40% expect their payment will stay the same or decrease.\n \n\n Among those who expect their monthly payment to increase upon renewal, 81% say it will put financial strain on their household.\n \n\n Respondents in the province of\n \n Quebec\n \n are least likely to expect increased monthly mortgage payments and financial strain upon renewal.\n \n\n More Canadians are looking to sign variable-rate mortgages upon renewal, as interest rates continue to decline.\n \n\n As the trade conflict between\n \n the United States\n \n and\n \n Canada\n \n intensifies, more aggressive rate cuts by the Bank of\n \n Canada\n \n are possible to stave off a potential recession.\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 20, 2025\n \n\n /CNW/ - Approximately 1.2 million mortgages will renew in 2025, a vast majority (85%)\n \n 1\n \n of which were secured when the Bank of\n \n Canada's\n \n key lending rate was at or below one per cent. Since\n \n June 2024\n \n , interest rates have trended down from their two-decade high, yet remain above the historically low levels seen during the pandemic. As a result, hundreds of thousands of homeowners will likely renew their mortgage this year at a higher rate.\n \n\n According to a recent Royal LePage survey, co...