Key points:
- 6 in 10 Canadian homeowners have not had to renew their mortgage since rates have hit record highs.
- It’s important to talk to your broker if your mortgage is up for renewal in 2024.
Canadian mortgage renewals in 2024
Welcome to our latest video where we dive deep into one of the major financial stories of 2024 – the challenges and opportunities that come with renewing your Canadian mortgage in a market of rising interest rates.
Don’t feel like watching? Find the full transcript below!
Chris: [00:00:00] One of the big stories about Canadian mortgages in 2024 will be how people renewing their mortgages will handle higher interest rates.
Chris: [00:00:08] Since January 2022, mortgage interest rates have gone up by approximately 5%. To date, only about 40% of Canadian homeowners with mortgages have had to deal with the impact of these higher interest rates. So what that means is that six out of every ten Canadian mortgage holders has still not had to face the reality of higher mortgage interest rates. No wonder December 2023 Nanos poll found that half of Canadians with a mortgage are losing sleep over their mortgage payments. Now, while we do expect mortgage interest rates to come down throughout 2024, they won’t return to levels that we saw in 2019 when most of these mortgages were originally taken.
Need more help or information?
Chris: [00:00:50] If your mortgage is coming up for renewal in 2024, talk to your mortgage lender or mortgage broker early and shop around the product and strategy that you select can end up saving you thousands of dollars over the next term of your mortgage.
If you’d like to discuss your mortgage, you can contact me here or schedule a convenient call time directly into my calendar below.
