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Mortgage Renewal Shock 2026: What Canadian Homeowners Need to Know

  The Reality: Over 60% of Canadian mortgages are renewing in 2025 and 2026—many at rates significantly higher than their original terms. While some homeowners will see relief, others face payment increases of 15–40%. This guide will help you understand what's happening, run the numbers, and explore your options before your renewal date arrives. The Big Picture: What's Happening in 2026 Canada is experiencing a historic wave of mortgage renewals. A large cohort of mortgages originated during the pandemic's historic low-rate period—when rates hovered around 2% or lower in 2020–2021—are now maturing and resetting at today's rates. The Bank of Canada staff estimate that roughly 60% of outstanding mortgages will renew in 2025 and 2026, making this the most significant renewal cycle in decades. In 2026, the average mortgage renewal increase is projected to moderate to around 6%, though individual experiences vary dramatically depending on mortgage type and renewal timing. W...
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Broccoli Cheddar Soup

 


Quick and easy recipe perfect for a cozy evening at home.

INGREDIENTS

  • 4 tablespoons unsalted butter
  • 1 medium yellow onion, finely chopped (1 heaping cup)
  • 3 cloves garlic, minced
  • 1 cup shredded carrots (optional)
  • ¼ cup all-purpose flour
  • 4 cups chicken broth
  • ½ lb broccoli florets, cut into bite-sized pieces (about 4 cups)
  • 1 teaspoon salt
  • ¼ teaspoon freshly ground black pepper
  • ¼ teaspoon nutmeg
  • 1 cup heavy cream
  • 2 cups (8 oz) shredded sharp cheddar cheese, plus more for serving if desired

  1. INSTRUCTIONS

  2. 1. In large soup pot or Dutch oven, melt the butter over medium heat. Add the onion and cook until softened and translucent, about 3 minutes. Add the garlic and carrots (if using) and cook 1 minute more. Do not brown. Add the flour and cook, stirring constantly, for 1 minute. Gradually add the chicken broth, whisking constantly. Add the broccoli, salt, pepper, and nutmeg and bring to a gentle boil. Reduce the heat to low, cover, and simmer for 10 minutes.
  3. 2. Add the cream and bring back to a simmer, uncovered. Gradually stir in the cheese until completely melted. Taste and adjust seasoning, if necessary. Ladle the soup into bowls and top with more cheese, if desired.

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