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Ron Butler, a mortgage broker, discusses the potential mortgage crisis in Canada due to rising interest rates. He explores the impact on mortgage renewals, concerns about recouping costs, limitations of the Canada Mortgage Charter, and the effects of interest rates on the housing market.
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- Canadians facing mortgage renewals may experience a substantial increase in monthly payments, leading to potential financial strain.
- Rising interest rates not only impact homeowners but also contribute to record high rental costs, making affordable housing more challenging to find.
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Mortgage Renewals and High Interest Rates
Many Canadian homeowners are facing mortgage renewals in the next year and a half due to the Bank of Canada's record-breaking interest rate hikes. With interest rates rising dramatically, homeowners can expect a significant increase in their monthly mortgage payments, up to 50%. This poses challenges for those who may not be able to afford the higher payments, leading them to consider options such as re-amortization or extending the mortgage term. While not all mortgage renewals will be disastrous, the sheer volume of renewals, with 45% of all mortgages in Canada set to renew in the next 24 months, raises concerns about potential financial strain on homeowners.
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