More than three million mortgage loans are projected to be affected by the increasing mortgage interest rates in Canada by 2025. About one million of these mortgages are projected to be up for renewal in 2024. These loans were taken out at a time when interest rates were much lower, meaning that homeowners will be affected by a notable increase in their monthly payments.
Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023
(in 1,000s)
Characteristic
Insured
Uninsured
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Canada Mortgage and Housing Corporation. (December 19, 2023). Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023 (in 1,000s) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/
Canada Mortgage and Housing Corporation. "Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023 (in 1,000s)." Chart. December 19, 2023. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/
Canada Mortgage and Housing Corporation. (2023). Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023 (in 1,000s). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/
Canada Mortgage and Housing Corporation. "Number of Mortgages Projected to Face Renewal at Higher Interest Rates in Canada by 2025 as of December 2023 (in 1,000s)." Statista, Statista Inc., 19 Dec 2023, https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/
Canada Mortgage and Housing Corporation, Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023 (in 1,000s) Statista, https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/ (last visited August 24, 2024)
Number of mortgages projected to face renewal at higher interest rates in Canada by 2025 as of December 2023 (in 1,000s) [Graph], Canada Mortgage and Housing Corporation, December 19, 2023. [Online]. Available: https://www.statista.com/statistics/1451790/mortgages-interest-rate-increase-canada/
