More than 1 million Canadian mortgages are up for renewal in 2025. Is your Ontario home one of them?

As the New Year approaches, 1.2 million mortgage holders in Canada are set to renew their home loans, with 85% of these mortgages signed when interest rates were at or below one percent. Many homeowners will face significantly higher rates, raising concerns for the economy. The Bank of Canada has reduced its key interest rate to 3.75% from five percent, but delinquency rates for mortgages and other debts are rising. The CMHC warns that household debt remains a vulnerability, with expectations of further increases in mortgage delinquency rates in 2025.