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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


7 November 2019

Mortgage renewal rate hike is declining

Decreasing mortgage rates during this year have led to a weaker rate increase shock for borrowers who renewed their mortgages.

The recent report by the central bank says that while Canadian mortgage holders who face renewals still get a higher rate than originally, that gain is reducing sharply.

“In 2019, an average rate increase compared to the initial mortgage rate was 0.35%”, - the Bank of Canada says. “Nevertheless, those hikes have been decreasing during the year with 0.80% in January and already 0.10% in August.”

The reason for that is an on-going drop in fixed rates, caused by low bond yields.

In case you don’t need to renew your mortgage in the next year or two, there’s no need to worry. The BoC believes borrowers who will renew in 2020 and 2021 will not deal with significantly higher rates, provided mortgage rates remain near today’s level.

The central bank says if you have a 5-year fixed rate and decide to renew into another 5-year fixed, you could face a rate hike by only 0.10% in 2020, and 0.25% in 2021.

In case of a 0.15% increase, your monthly payments will go up by about $7.40 for every $100,000 of mortgage, or by $700 during 5 years.

Another good way of reducing the debt costs at a renewal is paying the loan down as fast as you can. The BoC says almost 20% of households made mortgage prepayments this year.



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