Navigating Mortgage Renewals in 2025: What You Need to Know

Date Posted: January 22, 2025

As we approach 2025, mortgage renewals remain a key concern for many Canadians. With over 2 million mortgages expected to renew in the next year, rising interest rates have left homeowners grappling with significant payment increases. The good news? Working with a trusted mortgage broker like Mortgage Brokers Ottawa can help you navigate this challenging landscape.

Why Renewing in 2025 is Different

Many homeowners initially secured rates in the 2–3% range during the pandemic, but the current landscape is markedly different. Even with recent Bank of Canada rate cuts, rates are still higher than pre-pandemic levels, with average renewal rates around 5–6%. This could mean a $500 or more increase in monthly payments for some homeowners​.

How a Mortgage Broker Can Help

Rather than facing these challenges alone, partnering with Mortgage Brokers Ottawa offers distinct advantages:

• Rate Comparison: We shop the market for you, ensuring you secure the most competitive rates without the hassle of comparing lenders yourself.
• Amortization Adjustments: Need to extend your amortization period to lower monthly payments? We handle the details, helping you understand the long-term implications.
• Customized Advice: Every mortgage renewal is unique. Our team provides tailored advice based on your financial goals and current market trends.

Preparing for Renewal

If your mortgage is up for renewal in 2025, now is the time to act. Start planning early to avoid surprises. Reach out to Mortgage Brokers Ottawa to explore your options and find the best strategy to safeguard your financial future.