Saskatchewan borrowers up for mortgage renewal weighing stressful decision
CTV
Devyn Gregoire is looking to buy his first home and join many others in Canada who are managing their mortgages amid high interest rates.
Devyn Gregoire is looking to buy his first home and join many others in Canada who are managing their mortgages amid high interest rates.
And like them, Gregoire is struggling with what his mortgage may ultimately look like.
"If rates do go down and I get a little more to work with, that would be the world to me," he said.
Ahead of Bank of Canada's key interest rate announcement on Wednesday, Saskatchewan mortgage borrowers are looking for and expecting some relief, and those who are coming up for a mortgage renewal are asking if a fixed rate or variable rate mortgage is best for them.
"It's kind of one of those lifetime events where, you know, it's going to be a bit of a struggle," Gregoire said. "You want to put a lot of time and energy and to make that right, perfect decision."
In May 2019, the Bank of Canada’s key interest rate was 1.74 per cent. During the pandemic, the key rate dropped to 0.25 per cent.
Many Saskatchewanians who took advantage of those low mortgage rates are now part of the 44 per cent of Canadians who are up for mortgage renewal in the next year-and-a-half.
