Leah Zlatkin featured in CMP Magazine: ‘How homeowners can avoid a ‘huge’ mortgage renewal shock’

Leah Zlatkin, licensed broker, said advance planning is an essential part of navigating a renewal process that’s become stressful for many owners.

“Many Canadians wait until they receive their lender’s renewal letter to figure out what their new payments will look like,” she said in a new analysis. “By then, options are limited, and the payment increase can be a huge shock.”

Conversely, homeowners with variable-rate mortgages with variable payments could see their payments decrease by an average of 5% to 7%, as these payments have already peaked during the recent interest rate cycle.