A new mortgage renewal survey from Royal LePage released on Thursday found that a sizable 68% of borrowers with a mortgage that will renew are concerned about that upcoming renewal. For borrowers whose mortgage will renew in the next 18 months, that number gets even larger, jumping to 74%.Nearly a third of mortgages across Canada are headed for renewal in the next 18 months, and the vast majority of borrowers are worried about their time coming.
Although these numbers are concerning, Karen Yolevski, Chief Operating Officer of Royal LePage, notes that, historically, "Canadians by and large prioritize paying their mortgages." "When we talk about rising interest rates, it's really interesting that those that are still within their term of a fixed rate mortgage, they haven't been impacted by the rate hikes we've been seeing whatsoever," Yolevski said.Borrowers who bought a home during the first few years of the pandemic were able to lock in historically low interest rates, often below 2%. Now, they're facing rates around 6%.
Amongst those concerned about renewing, 32% have considered selling their home, either to buy a smaller property , rent instead , or move in with family or friends . But as for what's playing out in real time, Yolevski says she has yet to see a meaningful influx of sellers listing their homes because they can't afford the mortgage.
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