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Canadians Struggle as Mortgage Costs Surge | Ottawa News
Description
Canadian homeowners are feeling the heat as mortgage renewals spike, with nearly half now spending over 50% of their income on housing — far above the recommended 30%. Rising rates, up 2-5% for most, are squeezing budgets, especially hard on young adults (90% saw rate hikes) and foreign-born homeowners. With uncertainty looming, many are opting for shorter-term loans (5 or 3 years). Experts urge proactive planning: start shopping for your next mortgage at least four months ahead to avoid being caught in a costly bind.
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