Pandemic-Era Renewals Are Here

Canada's final pandemic-era low-rate borrowers reached renewal, representing ~12% of outstanding mortgages and closing out the last major wave from 2021's ultra-low borrowing period.
A recent survey found 38% expected monthly payments to rise, 31% expected little change, and 17% expected a decrease at renewal nationally.
Most households were managing the transition, and widespread defaults had not materialized, even as one in three borrowers felt more anxious than before.
Among borrowers expecting higher payments, 76% said household finances would feel pressure, yet 71% said they would not change living arrangements at renewal.
At renewal, 43% planned to choose a fixed rate, 39% planned to assess all options, while 49% intended to stay with current lenders.