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Homeowners expect mortgage payments to rise upon renewal in 2025: Survey
Royal LePage's survey indicates that 57% of Canadian homeowners expect higher mortgage payments when renewing in 2025, with 22% anticipating a significant increase and 35% expecting a slight rise. This comes as 1.2 million mortgages are set to renew. Concerns about higher rates compared to pandemic lows and economic uncertainties, such as potential trade tensions with the U.S., are contributing to this outlook. While 66% plan to maintain fixed-rate mortgages, 29% are considering variable-rate options, showing a shift in preferences. Regulatory changes, including the elimination of stress tests for certain renewals, are also influencing mortgage decisions.
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