37% of recent first-time buyers regret the size of mortgage they took on, says new report

Five years after homebuying activity hit unprecedented heights amid record-low, pandemic-era interest rates , the ongoing mortgage renewal wave is putting borrowers managing higher payments under pressure, according to a recent report from Mortgage Professionals Canada.

Among first-time home buyers who bought within the past five years, two thirds are anxious about renewing at a higher rate, and 37 per cent regret the size of mortgage they took on, according to the report, which used consumer survey research conduct...