More than 3 million Canadians have a mortgage renewing in the next 18 months, and most of them are worried about it. Royal LePage has recently issued a press release. These are the highlights:
- 16% of current mortgagees will be renewing their lending agreements within the next 12 months, while another 15% will be renewing in 12 to 18 months
- Almost three-quarters (74%) of Canadian mortgage holders currently have a fixed-rate mortgage; 20% have a variable-rate mortgage
- 40% of variable-rate or hybrid mortgage holders concerned about their upcoming renewal say they plan to switch to a fixed rate
- 64% of variable-rate or hybrid mortgage holders say that higher interest rates have caused their mortgage payment to hit its trigger rate and thus increased their monthly cost
- 76% of variable-rate or hybrid mortgage holders say that higher interest rates have caused financial strain on their household, causing them to reduce spending and dip into savings
Here are specifics of the mortgage renewal survey
