Mortgage renewals are hurting.
Mortgage renewals are hurting. CHMC surveyed 4,112 Canadians who bought, renewed, or refinanced in the last 18 months. 35% of renewers said rates put them under more financial pressure. The average increase was $375/month. But default concern fell from 53% to 39%. That is the weird Canadian housing story right now: people are stressed, but they are still trying to buy. First-time buyers are renting longer, using co-signers, taking family gifts, and tapping FHSA/RRSP money just to get into the market. This is why Canadian housing does not behave like a normal market. It is an investment asset and a shelter need at the same time. #CanadianRealEstate #HousingMarket #MortgageRates #RealEstate #Canada
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