Renewing the mortgage has raised concerns among Canadians during this year compared to last year 2023; due to the impact of rising interest rates, as revealed by the latest reports in this regard.

According to a recent study conducted by Leger, the study indicated that about 60% of the surveyed Canadian homeowners experience more anxiety due to renewing their mortgage.

It is expected that about 251 billion dollars of mortgage loans will be renewed during the year 2024.

Also, about 70% of people aged between 18 and 34 said they feel anxious due to the increase in mortgage payments compared to 67% of those aged between 35 and 54 who feel stressed about this matter.

John Shmuel, Editorial Director of Ratesdotca magazine, said in this regard that if the Bank of Canada lowers interest rates; there will be more relief for those renewing, and there will be greater facilitation for those who have variable-rate mortgage loans.

He also added that inflation continues to remain higher than the target, and indicated that it seems the Bank of Canada does not prefer to take risks; therefore, cuts are not guaranteed during this year.

Economists expect that it may be appropriate for the Bank of Canada to cut interest rates starting from mid-2024, possibly reaching 4.25% by the end of the current year.