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Nearly three quarters of impacted Canadian mortgage renewers plan to tighten pocketbooks to keep up with higher payments
Nearly three quarters of impacted Canadian mortgage renewers plan to tighten pocketbooks to keep ...
About this update from Toronto-dominion Bank
[{"type":"text","content":"\n\n\n\n Nearly three quarters of impacted Canadian mortgage renewers plan to tighten pocketbooks to keep up with higher payments\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Prospective buyers are also making concessions, 55 per cent of prospective buyers are reducing non-essential expenses and 31 per cent are drawing from investments\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n June 5, 2025\n \n\n /CNW/ - As global events continue to introduce financial uncertainty and housing affordability remains top of mind for Canadians, a new survey from TD Bank Group revealed the challenges that mortgage renewers face. Nearly half (45 per cent) of those renewing in the next year expect higher monthly payments and 57 per cent anticipate an impact to their living situation. Of these renewers, 73 per cent say they'll need to cut back on spending to keep up.\n \n\n Despite interest rates generally trending downward in recent months, they have not reached the historic lows that Canadians experienced for over a decade ending in 2022. With nearly a quarter (22 per cent) of those surveyed set to renew their mortgages in the next year, many plan to adjust their overall financial approach:\n \n\n\n 43 per cent say they will need to put their renovations on pause;\n \n\n 29 per cent say they will need to sell their home and buy a more affordable one, or downsize;\n \n\n 15 per cent say they will need to consider moving in with a roommate to share costs;\n \n\n 15 per cent say they will need to move to a different neighbourhood.\n \n\n\n \"While our survey found that 75 per cent of those preparing to renew their mortgage this year are leaning towards a fixed instead of a variable rate mortgage, it's important to remember that there isn't a one-size-fits-all approach to choosing what will work for you,\" said\n \n Patrick Smith\n \n , Vice President, Product Management, Real Estate Secured Lending at TD. \"We know Canadians are looking for quick and valuable mortgage advice, and TD is here to support with that. By providing tailor...