Interest Rates this year appear to be in a holding pattern due to the heightened inflation. The pressure on rates to hold steady will continue until the economy experiences a more pronounced slowdown in consumer spending. Daily Hive (2024) states that over the next three years, approximately "60% of Canada's outstanding mortgages are due...and payment shocks are possible with a 5% interest rate." If you are one of those home owners that has a renewal between now and 2026, chat with your mortgage broker regarding your upcoming loan renewal and your options.
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