Canadian Homeowners Facing Mortgage Rate Shock in 2023 as Loans Come Up for Renewal

Many Canadian homeowners with 5-year mortgages from 2018 facing steep rate hikes at renewal due to global bond rally.

Renewed rates could reach 7%, increasing average mortgage payment by hundreds per month.

Banks preparing for more mortgage defaults as $200B in home loans come up for renewal in 2023.

Variable rate mortgages already rising with Bank of Canada hikes; fixed rates now rising too.

Rate shock could further squeeze budgets and worsen cost of living crisis hurting Trudeau's popularity.