During a recent appearance on Radio 104.7 Outaouais, Patrick Dumond, a mortgage broker with Multi-Prêts, delivered a clear message: many homeowners will need to prepare for higher mortgage payments by 2026.
A significant volume of renewals is expected that year, and approximately 60% of clients could see their payments increase. For example, a mortgage with a monthly payment of $3,000 could face an increase of about $600, or nearly 20%. Even borrowers who renewed two or three years ago are not immune, with potential increases of 5% to 10%.
That said, this reality will not be the same for all homeowners. This is why it is essential to review your financial situation well ahead of your renewal date, in order to avoid unpleasant surprises and maintain flexibility.
The best way to limit the impact of a renewal is to be proactive. By working with a mortgage broker, it is possible to build different scenarios, assess the effect of interest rate increases on future payments, and start incorporating these changes into your budget now. Unlike renewing directly with your bank, working with a broker can also, in many cases, allow you to secure an interest rate in advance—an option that can make a real difference.
A mortgage renewal is also a strategic time to revisit your overall financial situation. Income, credit score, and personal debts can be reassessed to improve access to the best offers. Consulting a mortgage broker helps bring clarity and ensures you are better prepared ahead of your renewal.