Risks remain in Canada’s mortgage market as delinquencies creep up, CMHC says

📆 04/11/2024 01:05 p. m.
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CMHC says in its latest residential mortgage industry report that 1.2 million mortgages are up for renewal in 2025 and that 85% of those were signed when the Bank of Canada rate was at 1% or lower

Canada’s housing agency says risks remain in the mortgage market as over a million contracts are up for renewal next year while a growing share of new mortgages are being issued by alternative lenders.

Borrowers up for renewal next year will face lower interest rates than many saw this year though, as the Bank of Canada has lowered its key rate four times already to what is now 3.75 per cent, with more cuts expected ahead.

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