The year 2025 promises to be difficult for many households, according to a mortgage broker, since 1.2 million fixed-rate mortgage loans will be renewed in Canada.
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In an interview with LCN, mortgage broker Stéphane Bruyère maintained that the pressure will be felt quickly for many clients.
“In terms of the budget, it will appear,” he said. At least the good news is that over the last two or three months, we have seen interest rate reductions. So, we see mortgage rates decreasing.”
This means that “more and more people are opting for [un taux variable] hoping that the rates will be 3.5 to 4%,” according to him.
Mr. Bruyère recalled that several families purchased a property that exceeded their purchasing capacity.
He noted that some customers find themselves “stuck.” High prices in the rental market also make it difficult for an owner who would no longer be able to repay the mortgage.
“Many people are unable to buy back their homes,” he said. It’s quite a dilemma. I think people will cut back on travel, restaurants and shopping.”
Watch the full interview in the video above
