Andrew Auerbach and Jean Blacklock are contributing columnists for The Globe and Mail. They are co-founders of Delisle Advisory Group, an independent wealth management firm serving high-net-worth families.
Fast forward to today: The prime lending rate has almost tripled from 2.45 per cent in 2021 to 6.95 per cent, Canadians are starting to feel tremendous financial strain, and the Big Six banks’ performance is being negatively affected by rising mortgage delinquency rates. . Unfortunately, the majority of renewals are still to come, with the Office of the Superintendent of Financial Institutions forecasting 76 per cent of mortgages that were outstanding in February will be renewing by the end of 2026.
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