Mortgage Renewal Woes Loom for Canadians
More than half of Canadians set to renew their mortgages in 2025 expect to see their monthly payments rise, according to a new Royal LePage survey, with a vast majority of them saying the increase will put financial strain on their households. The strain is expected to be significant for many, with 34% reporting that it will have a substantial impact. As a result, Canadians are bracing themselves for a major financial adjustment.
- The growing expectation of higher mortgage payments could lead to a ripple effect on consumer spending habits and overall economic activity, particularly in the housing sector.
- How will policymakers respond to this potential economic shift, and what support measures can be put in place to help households mitigate the impact of rising mortgage costs?