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Three-quarters of homeowners worry about mortgage renewal: Poll

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Newer buyers are more likely to be feeling the financial stress from higher mortgage rates From m_zadikian

Mortgage renewals are looming large over homeowners, according to a new Angus Reid poll. THE CANADIAN PRESS/Jonathan Hayward

Newer buyers with a mortgage amortization of 25 years or longer were much more likely to say they were "very worried" about renewing compared to those who have owned their home for longer and had more equity built up, according to the survey, which was released on Tuesday. Adding to the dismay of some homeowners, many economists and investors are now expecting the central bank to largely keep its benchmark rate unchanged this year or hike one more time. It's a stark contrast to previous market expectations that the Bank of Canada could start cutting rates this fall.

 

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