Many Pandemic-Era Borrowers Prepare Proactively for Mortgage Renewals

About 38% of Canadians with a mortgage expect payment increases upon renewal, with 26% anticipating slight and 12% significant rises. Despite this, 71% won't change living arrangements to afford higher costs. Anxiety is higher among those who last renewed during low rates and in expensive markets like Toronto and Vancouver. Over 75% foresee financial pressure, leading many to cut discretionary spending, travel, and home renovations. Pandemic-era buyers show less anxiety due to stricter lending rules.