@chef_tian97
36% of big 5 banks mortgages (and most probably all mortgages) are set for renewal within the next 2 years.
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Canada Mortgage Renewal Stats:
1st 6 month
Nov 1, 2023 to Apr 30, 2024:
Avg. each month ∼1.07% of all 🇨🇦 mortgages will be renewed: ∼75k/mo.
2nd 6 month:
May 1 to Oct 31, 2024
Avg. each month ∼1.36% of all 🇨🇦 mortgages will be renewed: ∼95k/mo.
12-24 months from now:
Nov…
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@HanifBayat
So around 4.21% will be renewed over the next 2 years. The non-investor portion will likely tough it out and won't sell, but the investor portion of mortgages will be trying their best to cut their losses this upcoming spring and summer.
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@HanifBayat
@chef_tian97
It says so right on the graphic you included Hanif! 🤣🤦♂️
43% for some banks is really concerning.
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@OracleOfIberia
@chef_tian97
In the attached photo, we displayed the percentage for each bank, but 36% represents the weighted average for a 2-year renewal across all of them.😉
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@HanifBayat
@chef_tian97
Another good breakdown. I think everyone was expecting things to happen suddenly in 2023, I was always more worried about 24/25 and even the first half of 26
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