Navigating the Wave of Mortgage Renewals: What it Means for Canadian Homeowners and the Calgary Market


In the next 18 months, Canada is bracing for a wave of mortgage renewals, a situation that could have significant implications for the economy, particularly in regions like Calgary. Over three million Canadians will be impacted, many of whom will face the reality of renewing at higher interest rates. This blog post delves into the potential economic impacts of these renewals, how Calgary's situation may differ, and what homeowners can expect during this challenging period.

The Canadian Economy at a Glance

The large number of mortgages coming up for renewal is not just a concern for individual homeowners but also poses a risk to the broader Canadian economy. As interest rates climb, the increased financial burden on households can lead to reduced consumer spending, which is a key driver of economic growth. This situation is further complicated by the current global economic climate, marked by uncertainty and volatility.

Calgary's Unique Position

Calgary's real estate market has its own set of characteristics that could influence how mortgage renewals impact the region. Historically, Calgary's housing market has been tied closely to the energy sector, leading to more pronounced boom-and-bust cycles compared to other Canadian cities. The current scenario might see a different kind of impact in Calgary, where economic recovery and the job market have shown a unique pattern of resilience and challenges.

Homeowners Facing Higher Interest Rates

For homeowners, renewing a mortgage at a higher interest rate can have several immediate effects:

  1. Increased Monthly Payments: The most obvious impact is the increase in monthly mortgage payments, which can strain household budgets.
  2. Equity Considerations: Higher interest rates can also affect home equity, potentially slowing the rate at which homeowners build equity in their property.
  3. Refinancing Options: Some homeowners might consider refinancing their mortgages, but this comes with its own costs and considerations.
  4. Long-Term Planning: The uncertainty surrounding
  5. interest rates necessitates more careful long-term financial planning for homeowners.

Strategies for Homeowners

Given these challenges, there are strategies thathomeowners can employ:

  • Review Your Finances: Take a close look at your budget and financial plan, considering the potential increase in your mortgage payments.
  • Explore Refinancing Options: Consult with a mortgage professional to understand if refinancing could be beneficial.
  • Consider Variable vs Fixed Rates: Depending on your situation, switching from a variable-rate to a fixed-rate mortgage could offer more stability.


The impending wave of mortgage renewals in Canada, and specifically in Calgary, presents both challenges and opportunities. Homeowners need to be proactive in managing their mortgages and should seek professional advice to navigate these uncertain times. As a Calgary-based real estate expert, I am here to assist you in understanding your options and making informed decisions about your property and mortgage. Feel free to contact me, Michael Newton, at (403) 512-9825 or visit for more insights.

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