People in all of Canada’s 26 most populated regions will pay more per month if they have to renew their mortgage. Photo by Getty Images

Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time.

A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada’s 2025 Financial Stability Report .

“Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,” Zoocasa Inc. said in a report. “As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.”

Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020,

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