Bank of Canada rate decision offers little relief to homeowners facing mortgage renewals
[...]The central bank left its benchmark rate unchanged at 2.75 per cent, which means mortgage rates are still higher than they were five years ago when thousands of Canadians borrowed at record low costs.
Economists have predicted that many Canadians would face a renewal shock this year as their five-year mortgages came up for renewal. While rates have come down 225 basis points from their peak in 2023, the popular five-year fixed mortgage rate is between 4 and 4.5 per cent, compared with less than 2 per cent in 2020 and 2021.[...]
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