Can Canadian investors, advisors manage the mortgage renewal cliff? [Wealth Professional (Canada)]
ICICI Bank Limited (IBN)
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Source: Wealth Professional
The management of one crisis often creates another. That was the case during the COVID-19 pandemic when central banks cut interests rates to almost zero in the hopes that they could keep a generational health crisis from becoming a spiralling economic crisis. Between late March of 2020 and February of 2022, the Bank of Canada's key interest rate was 0.25 per cent. The prime lending rate over that same period, according to ICICI Bank, was 2.45 per cent. Those cuts sparked a housing and mortgage renewal boom. Buyers chased higher priced homes thanks to better monthly affordability, and many existing borrowers refinanced. Now those five-year term mortgages are up for renewal, and while rates have come down somewhat from their mid-2023 highs, those borrowers are looking at prime rates almost double their COVID-era lows. The question, then, is how mortgage holders can keep up. Christine Tan is AVP, Portfolio Management at Sun Life Global Investments (SLGI). She explained what we've seen
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