Mortgage renewals will strain Canadians, but most will manage: TD report

The report by economist Maria Solovieva says households who locked in their mortgage for five years in 2020 during the pandemic when interest rates were low are now renewing at much higher rates and will see higher payments.

But she says those who took out short-term mortgages last year when rates were high are renewing at much lower rates this year and can expect a drop in payments. 

That means in aggregate, mortgage payments in Canada are actually trending lower, Solovieva writes.