🍁 Mortgage Renewal Statistics Update - August 2024:
The monthly mortgage renewal rate is set to rise from 1.4% to 2.2% (+57%⬆️) over the next year!
Mortgage Portfolio Analyzed:
Six major Canadian lenders (RBC excluded*): TD, Scotiabank, BMO, CIBC, National Bank, and Desjardins. Total Portfolio of $1.41T, with $1.18T in Canadian residential mortgages.
Mortgage Renewal Statistics for the Next Two Years:
🔹Aug 2024 - Jan 2025: 8.4% of the $1.41T (~1.4%/month)
🔹Feb 2025 - July 2025: 10.4% (~1.73%/month)
🔹Aug 2025 - July 2026: 26.4% (~2.2%/month)
This surge in renewals traces back to the low rates of 2020-2021, when many mortgagees took advantage of ultra-low rates to renew and refinance. At the beginning of Q3 2024, the monthly renewal rate was ~ 1.28%/month.
*RBC excluded due to combined statistics including non-residential loans.
$RY $TD $BNS $CM $BMO $NA
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