CTV News ~ June 5th, 2025
TORONTO — Nearly half of homeowners facing a mortgage renewal in the next year expect their monthly payments to go up — with many anticipating having to adjust their budget to keep up with the higher cost, a survey published on Thursday shows.
A TD Bank Group survey, conducted between April 10 and 18, said 45 per cent of homeowners facing a mortgage renewal are expecting their monthly payments to rise.
The Bank of Canada held its overnight rate steady at 2.75 per cent on Wednesday — roughly half of what it was last year. But even as the central bank has reduced its key rate over the past year, borrowing costs are still higher compared to pre-2022 levels.
Affordability remains a concern for many homeowners. At least 57 per cent of survey respondents said they expect the renewal to impact their living situation and 73 per cent of those said they’ll need to cut back on spending.
A Royal LePage report published in February estimated 1.2 million mortgages are up for renewal this year.
Nearly a quarter of the 890 homeowners said they will be adjusting their overall financial approach.
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