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Summary for Canadian homeowners

Canadian homeowners are bracing for higher mortgage payments as interest rates remain elevated. Many borrowers who secured low-rate mortgages during the pandemic face significant payment increases when they renew their loans, as the majority of Canadians have shorter-term, fixed-rate mortgages. Banks are working with borrowers and extending amortization periods to soften the impact, but there are concerns about growing household debt and financial strain.

Key takeaways

• Many Canadian mortgage holders will face much higher monthly payments upon renewal due to high interest rates.
• Banks are offering relief by extending amortization but this may increase total interest paid over the life of the mortgage.