Over a million Canadian homeowners will face higher interest rates when renewing their mortgages in 2025, as many initially secured loans at rates below 1%. About 1.2 million fixed-rate mortgages are due for renewal, potentially increasing housing market listings as financially stressed homeowners sell. Rising mortgage defaults and foreclosures are evident, with delinquency rates for single-family homes increasing, though recent Bank of Canada rate cuts may help mitigate defaults.
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