Many Homeowners Likely to Renew at a Lower Rate in 2019

By Canadian Mortgage Trends | December 27, 2018

A new survey published this week by Ratehub.ca suggests 19% of Canadians will be renewing their mortgage in 2019, and that many will be able to renew at a lower rate. That’s despite five Bank of Canada rate increases over the last 15 months.

“The current average mortgage rate among survey respondents set for renewal next year is 3.65% for those with a fixed rate,” noted Ratehub.ca’s Justin da Rosa, who said the best 5-year fixed rate is now 3.34%. “Those currently with a variable rate may also benefit. They have an average rate of 2.89%; the best variable rate today is 2.59%.”

It seems expectations are high among homeowners of favourable renewal rates, with 48% of those surveyed saying they believe their payments will either stay or decrease next year.

Other tidbits from the survey of 2,000 Canadian homeowners:

  • 82% of mortgage holders currently have a fixed rate
  • 17% have a variable rate
  • 76% of homeowners renewing in 2019 plan to shop around
  • 64% of mortgages in Canada are coming up for renewal in the next three years

Many Homeowners Likely to Renew at a Lower Rate in 2019

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