Did you know that there are nearly five million mortgages in Canada today? Homeownership remains a dream of many Canadians. They’re willing to take on debt to fulfill this goal.
In 1999, 60 percent of Canadian families owned their homes. By 2016, this figure increased by 3 percent. From 1999 to 2016, mortgage debt comprised two-thirds of the overall increase in debt among Canadian families. The median amount of mortgage debt almost doubled, expanding from $91,900 to $180,000 across all demographic groups and regions. No wonder many Canadians ask, “What Is mortgage renewal?”
After all, 74 percent of those with mortgages have a fixed rate, 21 percent have a variable rate, and 5 percent have a fixed and variable rate. Here’s what you need to know about mortgage renewal.