Are homeowners ready for mortgage renewals at higher rates?

Interest rates in Canada are decreasing, but many homeowners face higher payments upon mortgage renewal in the coming years. Brokers are challenged to help clients navigate this situation. Despite recent rate cuts, the gap between fixed and variable rates remains significant. Economic data suggests potential for further rate reductions, which could ease the renewal process. While some homeowners may experience distress due to high rates, the overall outlook for those renewing mortgages appears to be improving, with options available for most.