Among Canadians whose mortgage rate changed at renewal since Early-Q1 2025, 82% renewed at a higher borrowing cost, while 13% secured a lower rate.
Among Canadians who renewed since Early-Q1 2025, 45% said mortgage costs took at least half their monthly household budget, showing heavier household budget pressure.
That strain included 40% putting 50% to 70% of household budgets toward mortgage payments, while 5% spent >70% of their monthly budget.
For borrowers whose fixed rate changed, 5-yr fixed terms were most common at 40%, while 3-yr terms followed closely at 35% in Canada.
Younger homeowners faced greater pressure: among Canadians ages 18 to 34 whose rate changed, 90% renewed at a higher mortgage rate at renewal.
Leave a Reply