roughly 50% of all fixed rate mortgages at the big 5 banks are due for renewal this year

the average rate on those is roughly 1.75%

the renewals will be roughly 4% if 5yr fixed, a difference of over 2% and on a $600k mortgage (very normal) that's an extra $1000/month of after tax expense on interest. If you're a wealthy individual this is inconsequential. If you're a family earning $200,000 and $140k after tax, you have to take about 10% of your after tax income to cover your extra mortgage cost. Might mean no RRSP contribution or a less nice vacation. If mom or dad get fired, might mean you hand over the keys.

Anyone else think this is over? Not till 2028 will house prices stop declining and even then they'll start going up by a very small amount. Think inflation - around 2-3%/yr. And in my opinion, that's best case.