If you bought a home with 5% down around Q4 2021 or Q1 2022, odds are your mortgage is still "high-ratio."
Depending on your rate, where you bought, and what you paid, by 2026, you may have amortized only 12-16% of your mortgage so far.
In fact, average Canadians who bought within a few months of the February 2022 peak might even be underwater (owe more than their property is worth). That's especially likely if it's a condo in the Greater Toronto or Greater Vancouver areas.
So, if you’re in that spot, maturity is looming, and the renewal offer on the table is uninspiring, what’s the best move?
And if you owe more than the place is worth, who exactly is lining up to lend you money?
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