Canadians are still renewing mortgages at higher rates- will this hurt the economy?

With many Canadian households planning to renew longer-term fixed rate mortgages at higher rates into 2025 and 2026, Canada’s “mortgage renewal cliff” is hardly behind us. Higher mortgage payments mean less money leftover to spend on essentials and non-essentials and on balance, a weaker economic outlook. But we don't think this is a huge risk, as long as interest rates continue to drop and labour markets don't plummet. Join RBC Economists Carrie Freestone and Claire Fan to discuss the upcoming wave of mortgage renewals, how it impacts the overall economy, and why we think the worst of the mortgage renewal cliff is behind us.