Canadian Homeowners at Risk
Interest Rates – Three Percentage Points Above Five Years Ago
Canadians could face difficulties making mortgage payments when they renew their loans this year and next, according to the Canada Mortgage and Housing Corp. (CMHC).
“My overall expectation is that delinquencies and arrears will be trending upwards,” Aled ab Iorwerth, deputy chief economist with CMHC.
Higher rates are hitting home budgets across Canada.
60% of outstanding mortgages will renew with higher payments. Most of these are five-year, fixed-rate mortgages. That is approximately two million mortgages are coming up for renewal this year and in 2026, according to CMHC.
Money.ca