In 2025, Canada will see $1.4 trillion worth of mortgages up for renewal, marking one of the largest mortgage renewals in its history.
Homeowners will have the chance to renegotiate their mortgage terms. However, the economic conditions of 2025, including interest rates and inflation, will heavily influence the new terms.
This renewal wave will impact the housing market, potentially leading to more competitive mortgage products and rates. However, higher interest rates could increase monthly payments for some homeowners and cause financial strain.
The broader economic effects will include changes in consumer spending and savings rates. Homeowners should prepare by reviewing their mortgage terms and consulting with financial advisors to navigate this significant transition.
The Market Online recently caught up with Michael Succurro, CEO of Fluent Capital Management and co-founder and president of Spark Financial Group, to discuss these issues. Watch the above video to hear Succurro analyze key market trends and economic indicators that investors should closely monitor.
We will also explain the risks associated with upcoming mortgage renewals and identifying who is most vulnerable. Additionally, Succurro provides strategic advice on how to prepare effectively.
Is your mortgage due for renewal next year? Ensure you are well-prepared by watching this insightful analysis.
Speaking of mortgages, check out our previous interview with Succurro about the new 30-year amortization mortgage.
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