What The BoC's Rate Hold Means For Your Mortgage

The housing market shows high debt levels, with Canadians carrying approximately $1.73 in debt for every $1 of disposable income, making them vulnerable to economic shocks.

Interest rates have decreased from their peak, creating a more positive outlook for borrowers, though they won't return to pandemic-era lows. TD forecasts this could help revitalize the housing market in 2025.

About 60% of Canadian mortgages are due for renewal in 2025-2026, with most borrowers facing higher payments than their previous rates, though increases will be less severe than initially feared.