Survey suggests majority of Ontario mortgage holders concerned about upcoming renewals
CTV
A new survey suggests that a majority of Ontarians who will be renewing their mortgages in the next 18 months are worried about costs going up.
A new survey suggests that a majority of Ontarians who will be renewing their mortgages in the next 18 months are worried about costs going up.
The Royal LePage survey conducted by Nanos found that 21 per cent of respondents in Ontario will be renewing lease agreements within the next year and another 15 per cent will be up for renewal 12 to 18 months from now. Of those, 74 per cent are worried about it, given the series of rate hikes from the Bank of Canada.
The survey was conducted before the Bank of Canada's announcement on Wednesday that it would hold its key interest rate at 5 per cent after several rate increases since March 2022, when the overnight lending rate was 0.25 per cent.
Of those concerned about renewing, more than a quarter of respondents said they have considered either extending the amortization period (28 per cent) or switching lenders (27 per cent). Twenty per cent said they might extend their mortgage term, while 16 per cent said they are considering reducing the next term. Fifteen per cent might switch to a fixed-rate mortgage and 16 per cent said they might switch to a variable rate mortgage.
"Banks are aware of this apprehension, and are preparing for many Canadians to shorten their next mortgage term or negotiate other changes," said Royal LePage Wolle Realty sales representative Shawn Ramautor in a news release. "Homeowners are considering all options on the table, including lengthening their amortization period in order to lower their monthly payments."
More than two thirds of respondents in Ontario said their amortization period of 20 years or more. Sixty per cent of respondents reported a mortgage value of between $101,000 and $500,000. More than a third (37 per cent) of Ontario respondents said they had paid off less than 25 per cent to date.
Rising rates have had put a strain on homeowners with variable-rate mortgages in particular. Forty-six per cent of variable-rate or hybrid mortgage holders in Ontario said that the higher interest rates have put major financial strain on their household, while 30 per cent said it was a minor strain.
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