Renewal clients aren’t panicking despite higher rates: broker
“We have a ton of refinances right now,” Sarah Albert (pictured top), a New Brunswick-based broker with Premiere Mortgage Centre, told Canadian Mortgage Professional. “We’re basically resetting mortgages to 25, 30 years, consolidating some debt and actually saving them some money each month where they can kind of maintain their lifestyle.”
The renewal wave has long been marked as one of the defining trends in Canada’s mortgage market for 2025 and 2026, with Canada Mortgage and Housing Corporation (CMHC) showing in its latest residential mortgage industry report that renewal volumes dominated industry activity through last year.
An easing of sorts is expected through the rest of this year, though the financial pressure on borrowers facing higher payments hasn’t let up.
Albert, though, said many impacted borrowers aren’t as financially stretched by the changes as some might believe.
“What I’m finding is that they’re just trying to lower their payments,” she said. “They’re coming up for renewal and the rate is higher, but they’ve still got a bunch of equity, our 2021 clients.
