Over 60% of Canadian mortgages will be renewed within the next three years, with monthly mortgage payments set to increase by 50%.

The Royal Bank of Canada raises concerns about Canadian homeowners facing potential payment shocks, especially as 60% of Canadian mortgages are set to renew within the next three years.

The Royal Bank of Canada is warning that Canadian homeowners could experience a payment shock unless interest rates significantly decrease.

60% of Canadian mortgages will renew within the next three years.

Central banks are trapped.

Very easy to see.

— Gold Telegraph ⚡ (@GoldTelegraph_) October 30, 2023

THE BIGGEST CHUNK WILL BE IN 2026
WHEN 400 BILLION IN MORTGAGES WILL COME UP FOR RENEWAL

THIS INCLUDES A LARGE PORTION OF THE NEGATIVELY AMORTIZING MORTGAGES

IF INTEREST RATES DONT GO DOWN BY THEN PEOPLE WITH VARIABLE RATE MORTGAGES WILL SEE THEIR PAYMENTS GO UP BY 90% PER RBC pic.twitter.com/aN42HovTKq

— GURGAVIN (@gurgavin) October 30, 2023

FOR THOSE ASKING MY TOP PICK LIKE ALWAYS FOR CANADIAN BANKS IS RBC $RY

ANALYST SEEM TO ALSO AGREE WITH ME pic.twitter.com/v701SfwAlw

— GURGAVIN (@gurgavin) October 30, 2023

Canadian banks continue to push lows $CM $BNS $TD $RY $BMO pic.twitter.com/NEB7UNWNXF

— FadeToBlack (@F4DE2BL4CK) October 24, 2023