Canadian real estate: More than 1 million mortgages up for renewal in 2025. Is yours one of them? [Video]

The New Year is just around the corner and for 1.2 million mortgage holders in Canada that means it’s almost time to renew their home loans.

According to a report released by the Canada Mortgage and Housing Corporation (CMHC) last month, 85 per cent of the mortgages up for renewal in 2025 were signed back when the Bank of Canada’s interest rate was at or below one per cent.

That means at least 1.05 million homeowners with a mortgage will soon face a renewal at “significantly higher interest rates,” which the report notes is a “concern” for the Canadian economy.

The BoC has made four consecutive cuts to its key interest rate since 2024 started, as inflation remains within its one to three per cent target, after spiking to 8.1 per cent in June of 2022.

The overnight rate now sits at 3.75 per cent, down from five per cent, where it stayed for nearly a year.

And while the current, relatively …