So many mortgage renewals are due in 2025; what’s on the horizon?

In 2025, Canada will face $1.4 trillion in mortgage renewals, one of the largest in its history. Homeowners can renegotiate terms, but economic factors like interest rates and inflation will significantly affect these new agreements. This wave of renewals may lead to competitive mortgage products, though higher rates could increase monthly payments and financial strain. Homeowners are advised to review their mortgage terms and consult financial advisors to prepare for this transition.