Mortgage Renewals in Ontario: What Rising Interest Rates Mean for Homeowners

With 76% of Canadian mortgages set to renew by 2026, rising interest rates are prompting homeowners to re-evaluate their mortgage strategies. The Office of the Superintendent of Financial Institutions (OSFI) has flagged mortgage renewals as a major concern, with borrowers facing significant “payment shock” as rates reset higher.

Preparing for Higher Payments at Renewal

For Ontario homeowners with upcoming renewals, locking in a favorable rate or switching mortgage terms could help stabilize monthly payments. Financial planning during this period is essential, as many face the possibility of monthly payments increasing by hundreds of dollars.

Exploring Options for Financial Stability

Refinancing or opting for a shorter mortgage term might mitigate the impact of higher rates. Homeowners can also consider budgeting adjustments to accommodate anticipated payment increases.

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