Millions of Canadians to Face Higher Interest Rates on Mortgage Renewals
Millions of Canadians are facing higher interest rates as they renew their mortgages, with approximately 2.2 million mortgages due for renewal in 2024 and 2025. Homeowners like Tom McCormick in Windsor are bracing for the impact of potentially doubled interest rates, leading to increased monthly payments. As the Bank of Canada’s key lending rate has risen to 5%, experts advise strategic planning to navigate the largest wave of mortgage renewals in Canadian history.
Common Mistakes When Buying a Home
Aussie mortgage broker Quang Huynh highlights common mistakes people make when buying a home, including pooling money with friends or family, overreaching financially, lack of research, failure to consider lifestyle changes, and overextending financially. He emphasizes the importance of realistic financial planning and seeking professional advice before making a property purchase.