Industry experts say they expect people to get renewal offers with rates ranging from 6.5 to 7 percent.
Mortgages coming due for renewal are staring down a hostile interest rate environment, and industry experts have told The Epoch Times that borrowers are in for a world of hurt.
“We’re looking at people getting renewal offers that are in [ranges of] 7 percent, high-sixes, mid-sixes—we used to have some rates that were in the fives; people could jump to [the] high fives, but that’s all gone,” said Ron Butler, owner of Butler Mortgage.
Mr. Butler says a growing number of Canadian households are consequently devoting at least half their net incomes every month to mortgage payments—and, in the case of condominium owners, that excludes monthly maintenance fees.

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