Many Canadians renewing their mortgages since early Q1 2025 are feeling the pressure of higher borrowing costs. In fact, 82% of renewers saw their rates increase, while just 13% managed to secure a lower rate. For nearly half of these homeowners, mortgage payments now consume at least half of their monthly household budget. Some are allocating 50% to 70% of their budget to their mortgage, and 5% are spending even more than that. When it comes to fixed-rate renewals, the 5-year term remains the top choice at 40%, with 3-year terms close behind at 35%. Younger homeowners are especially impacted—among those aged 18 to 34 whose rates changed, 90% renewed at a higher rate. As someone who’s helped clients navigate renewals, refinances, and even complex lending scenarios across BC and Alberta, I see firsthand how the right strategy can make a difference. Whether you’re considering your options with a first mortgage, exploring private lending, or just want clarity in a shifting landscape, remember: securing a mortgage solution tailored to your circumstances can help ease the strain.
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