Quote:
Originally Posted by Slava
This is where things really start to get concerning for the market overall in Canada. A lot of people locked in mortgages in 2020 and it looks like when they start renewing in 2025 that rates are going to be substantially higher than where they were a couple years ago.
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I've been telling my wife for the last three mortgages that when it is time to renew things will be a lot more expensive as money can't stay this cheap for this long. Up until now, I've been wrong, but it didn't hurt to be wrong in this case.
Personally, I'll probably be able to take the hit and keep my amortization where it is, but worst case scenario I'll refinance. It's the people that have taken out all their equity in LOCs that are really going to be in a tight spot.