Banks are offering leniency on variable\u002Drate mortgages at their trigger rate, but it could create more mortgage debt at renewal. Read on.
“Many of the 75 per cent of variable-rate mortgages that have hit their trigger rate will not feel the full pain of higher rates until renewal,” the report said.
In both camps, it’s first-time homebuyers who will feel the worst shock when they renew, a result of holding less equity in their homes while also having lower incomes, the report said.Article content
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