1 in 10 homeowners with a mortgage renewing this year are exploring downsizing, relocating and rental income options

More than a million Canadian mortgages will come up for renewal this year. Though interest rates have been on the decline for the last several months, many borrowers are bracing for an increase to their monthly payment – an adjustment that could be quite steep for some households.

According to a recent Royal LePage survey, conducted by Hill & Knowlton,1 more than half (57%) of Canadians who are renewing the mortgage on their primary residence in 2025 expect their monthly mortgage payment to increase upon renewal (35% expect it to increase slightly and 22% expect it to increase significantly). Meanwhile, 25% say their monthly mortgage payment will remain about the same – within $100 of their current payment amount – and another 15% expect their monthly payment to decrease upon renewal.

“When it comes to post-pandemic mortgage renewals, many Canadians have avoided the worst-case scenario of having to sell their homes due to the inability to cover the cost of their mortgage, thanks to solid employment trends and declining interest rates,” said Phil Soper, president and CEO, Royal LePage. “Nevertheless, some will face a substantial rise in their mortgage costs, putting added pressure on their household finances. Many in this situation are exploring options to lower their monthly fees, such as extending their amortization period; a tactic which has proven popular.”

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