Some variable-rate borrowers will need $160,000 to avoid rising payments: Desjardins
The rapid rise in interest rates will take a toll on homeowners when it comes time to renew their mortgages in this higher rate environment, but variable rate borrowers who are renewing for the first time will face the biggest sticker shock, Desjardins says. THE CANADIAN PRESS/Darryl DyckWhile many homeowners will face payment pressure when renewing their mortgage at current higher rates, variable-rate borrowers renewing for the first time will experience the biggest shock of all, according to new analysis from Desjardins.
That’s because these mortgage holders will have to make one of two choices if they hope to…
