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Or sign-in if you have an account.Roughly 1.8 million mortgages were forecasted to come up for renewal between September 2025 and September 2026, cresting in June 2026. Photo by Brian Jackson /Stock.adobe.comSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe increase in interest rates has been especially hard for younger Canadian homeowners, as they are allocating as much as 70 per cent of their monthly household budget to their mortgage, according to a new survey by Rates.ca.Of those aged 18 to 34, 56 per cent said they are now dedicating anywhere from half to almost three-quarters of their monthly household budget to their mortgages. Ninety per cent of those who renewed their loans said they were now paying higher interest rates, according to the survey of about 1,500 adults conducted by Leger in late July.“These findings show just how little financial flexibility some homeowners have after renewing,” Victor Tran, Rates.ca mortgage and real estate expert, said in a press release. “When half or more of a household’s monthly budget is going toward the mortgage, there’s much less room to absorb other expenses or an unexpected financial setback.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againBut younger people aren’t the only ones feeling the squeeze, the survey said.Of those who have renewed their mortgages since January 2025, 82 per cent said they are on the hook for a different rate, with most of the increases reportedly in the range of two per cent to 4.99 per cent, while 45 per cent said their mortgage payments accounted for more than half of their monthly budget.These homeowners are the latest group to ride the mortgage renewal wave that was predicted by economists to hit Canada following the frenzy of home buying at ultra-low borrowing rates between the final quarter of 2020 and the first quarter of 2022.Roughly 1.8 million mortgages were forecasted to come up for renewal between September 2025 and September 2026, cresting in June 2026, according to Robert Kavcic, a senior economist at BMO Capital Markets. Another smaller wave of renewals is expected in 2027.Kavcic said in a BMO report that many of those renewing mortgages would “be coming off the lowest-of-low interest rates from five years prior,” with five-year fixed rates sitting below two per cent back in 2021 and variable rate mortgages at 1.5 per cent.Currently, five-year fixed insured and uninsured mortgage rates sit at 3.92 per cent and 4.29 per cent, respectively, according to rate site Mortgagelogic.news.“Elevated household debt, stagnating purchasing power and high interest rates have put pressure on households’ finances in recent years,” Charles St-Arnaud, chief economist at Servus Credit Union in Edmonton, said in a note on Monday that looked at insolvency data.Insolvencies, which include bankruptcies and proposals to renegotiate loan terms, rose 9.4 per cent in June from the month before to their highest level since July 2025, he said.St-Arnaud said total proposals sit “well above” pre-COVID-19 levels and insolvencies in British Columbia, Ontario, Manitoba, Alberta and Saskatchewan — provinces with higher-than-average debt-to-disposable-income ratios — registered above those seen in 2019.David Rosenberg, president of Rosenberg Research & Associates Inc., said Canadian homeowners are in trouble because of “sky-high loan-to-value mortgages at the time of origination,” rising numbers of mortgages in arrears and “nose-bleed-high” median loan-to-income ratios.“It comes down to the crushing level of Canadian household debt,” he said in a note. “What was once a prudent and conservative society turned outright reckless and profligate in recent years.” Sign up here to get Posthaste delivered straight to your inbox.United States consumer inflation slowed slightly to 3.4 per cent in July despite turbulent oil prices due to the Iran war, government data showed. The figures likely give the U.S. Federal Reserve room to breathe on interest rates, say analysts. — Agence France-PresseRead the full story here.Today’s Data: U.S. initial and continuing jobless claims, producer price indexes on food and energyEarnings: Amaroq Ltd., Calian Group Ltd., Avax One Technology Ltd., Alithya Group Inc., Auxly Cannabis Group Inc., Boston Pizza Royalties Income, NeuPath Health Inc., Discovery Mining Ltd., KP Tissue Inc., Bragg Gaming Group Inc., Microbix Biosystems Inc., Adcore Inc., Lithium Americas Corp., Quarterhill Inc., China Gold International Resources, Lumina Metals Corp., Total Energy Services Inc., ProMIS Neurosciences Inc., Alpha Cognition Inc., High Liner Foods Inc., Melcor Developments Ltd., Africa Energy Corp., Tree Island Steel Ltd., VerticalScope Holdings Inc., Defi Technologies Inc., Automotive Properties REIT, Wesdome Gold Mines Ltd., True North Commercial REIT, RFA Financial Inc., Aya Gold & Silver Inc.,Greenlane Renewables Inc.In the six years Rosa and her partner lived together their finances became enmeshed, including a shared chequing account, a joint credit card and a car loan. After splitting up two months ago, Rosa asked FP Answers for advice on how to separate her finances from those of her ex. Some of her concerns are how to figure out whose debt is whose and how to remove her name from shared accounts. She’s also worried that her former partner could ruin her credit rating without her knowing it. Here’s what the debt expert had to sayInterested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? 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