Mortgage anxiety rises as Canada’s final pandemic-era renewals land
This final group represents approximately 12% of all outstanding mortgages in Canada: five-year, fixed-payment loans originated when the Bank of Canada’s overnight lending rate sat at 0.25% in 2021.
Sarah Albert of Premiere Mortgage Centre says refinances, debt consolidation, and proactive planning are helping many borrowers manage higher renewal rates while keeping monthly budgets on track.https://t.co/2Gkw9kTE2e
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 7, 2026
One in three borrowers feel more anxious at renewal
Nationally, 35% of respondents say they feel more anxious heading into renewal than they did at their previous one, while 43% report feeling roughly the same.
Anxiety is most concentrated among homeowners who last renewed when rates were at their historic floor.
Among those expecting a higher payment, 76% say it will pressure household finances. Forty-six percent describe that strain as slight, while 30% say it will be significant. Despite this, 71% say they will not change their living arrangements to reduce housing costs.
“The pandemic-triggered era of ultra-low rates came to an abrupt halt in early 2022, having lasted less than two years,” said Phil Soper, president and CEO of Royal LePage.
