Nearly half of existing mortgages face renewal in 2018: CIBC

TORONTO _ Nearly half of all existing mortgages in Canada will need to be renewed in this year, substantially more than in prior years, according to a new report, amid rising interest rates and new rules that make it tougher for some borrowers to shop around.

A CIBC Capital Markets report says an estimated 47 per cent of all existing mortgages will need to be refinanced this year, up from the 25 to 35 per cent range in a typical year.

The increase is an unintended consequence of various...

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