​More than half of Canadian mortgage-holders worried about payments at renewal: Survey

More than half of Canadian homeowners with a mortgage are concerned about an increase in their payments upon renewal, according to the latest RATESDOTCA and BNN Bloomberg survey.

The survey also asked respondents how likely they are to shop around once they're mortgage is up for renewal.   Fifty-one per cent of Canadians said they did not plan to change lenders upon their renewal to get a better mortgage rate, with another nine per cent saying they did not even know that was an option.     Choosing not to shop around at renewal time can cost you tens of thousands of dollars over the term of your mortgage. That’s because lenders have no incentive to offer you a competitive rate upfront at renewal. By not shopping around and comparing their options, consumers are leaving money on the table.   Keep in mind, however, that if you choose a new lender, you will have to go through the stress test again. The survey found that this is not an option for everyone: six per cent of respondents said they’d like to switch lenders at renewal, but they’re worried that they can’t pass the stress test.   BNN Bloomberg has teamed up with RATESDOTCA to take the pulse of Canadians every month on key pocketbook issues as we strive to better understand how households are navigating COVID-19. This is the latest instalment in monthly special coverage.     METHODOLOGY

An online survey. 1,529 Canadians, 18+. Completed between October 14 and 16, 2022, using Leger’s online panel. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, though, a probability sample of 1,529 respondents would have a margin of error of ±2.5%, 19 times out of 20.