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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Most people have a decent enough runway to prepare for that. Most people will see wage growth over those 5 year spans (even if it doesn't keep up with inflation it's almost certainly still improved relative to your borrowed principal).
I'd think it's harder on anyone caught with their renewal in the last 6/next 6 months