As more than one million mortgages come up for renewal in Canada this year, a new survey says the majority of those homeowners expect to pay more in their monthly borrowing costs.
A Royal LePage survey released Thursday, conducted by Hill & Knowlton, said 57 percent of Canadians set to renew a mortgage on their primary residence this year expect their monthly payment to increase.
That includes 22 percent who expect it to rise “significantly” and 35 percent who think their payment will go up “slightly.” One-quarter said their monthly mortgage payment will remain about the same and 15 percent expect it to decrease upon renewal….