A recent survey by Royal LePage reveals that over half of Canadians renewing their mortgage in 2025 expect their monthly payment to rise. Here’s what you need to know:

57% of Canadians renewing a mortgage this year expect an increase in monthly payments. 81% of those expecting an increase say it will put financial strain on their household. To cope, many are reducing discretionary spending, cutting back on travel, and even looking for extra income sources.

What’s the Impact?
More Canadians are choosing variable-rate mortgages due to declining interest rates. 66% of those renewing plan to get a fixed-rate mortgage, while 29% are opting for a variable-rate mortgage.

Who’s Feeling the Pressure?
Saskatchewan, Manitoba, and Atlantic Canada respondents are most concerned about financial strain from higher payments. Quebec respondents are least likely to expect a price hike.

Looking to Adjust?
Some homeowners are considering downsizing or relocating to more affordable regions to handle increased costs.

As mortgage rates continue to change, many are turning to options like extending their amortization periods to reduce monthly payments.
If you're facing a renewal, understanding your mortgage options is key to managing financial stress. Consider a variable-rate mortgage if rates continue to decline!