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The Mortgage Renewal Wave Just Peaked — Here's What the Data Actually Shows

Published August 30, 2026 For three years, "the mortgage renewal wall" has been the scariest phrase in Canadian personal finance — the idea that a flood of ultra-cheap, pandemic-era mortgages would come due at much higher rates and trigger a wave of forced sales. That wall is now mostly behind us. Two new 2026 surveys, one from Royal LePage and one from Rates.ca, show what actually happened when it hit. The short version: it hurt, budgets tightened hard for a lot of people, but the mass default many feared simply didn't show up. The last big group is renewing right now Royal LePage's 2026 Mortgage Renewal Survey, released August 19 and based on a Leger poll of 1,127 Canadians renewing this year, pins down where things stand: about 12% of all outstanding Canadian mortgages are five-year, fixed-payment loans taken out during the 2020–2022 ultra-low-rate window, and this is their last major renewal wave. The Bank of Canada's overnight rate sat at just 0.25% through m...

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Quick Beef Pho

 

Ingredients:

  • 1 large onion, peeled and quartered
  • 4 cups low-sodium beef broth
  • 4 cups low-sodium chicken broth
  • 2 cups water
  • 2 tablespoons fish sauce
  • 1 (2-inch) piece fresh ginger, peeled and sliced into 1/4-inch rounds
  • 1 cinnamon stick
  • 1 tablespoon sugar
  • 2 star anise pods
  • 4 whole cloves
  • 8 ounces rice noodles
  • 8 ounces beef sirloin, sliced as thinly as possible
  • Bean sprouts, cilantro, lime wedges, hoisin sauce, and sriracha sauce, for serving

Instructions:

  1. Slice one of the onion quarters as thin as possible; set aside.
  2. In a large pot, combine the remaining 3 onion quarters, beef broth, chicken broth, water, fish sauce, ginger, cinnamon, sugar, star anise, and cloves.
  3. Bring to a boil, then reduce the heat to medium-low and simmer, uncovered, for 30 minutes.
  4. Meanwhile, bring a large pot of water to a boil. Off the heat, add the noodles. Let sit, stirring regularly to prevent sticking, until the noodles are soft and pliable but still not tender, 5 to 10 minutes.
  5. Drain and rinse well with cold water. Set aside.
  6. Over a large bowl, strain the broth through a fine mesh strainer. Discard the solids and pour the clear broth back into the pot. (Alternatively, you can use a fine mesh spider to fish out the solids.)
  7. Bring the broth to a boil.
  8. Add the noodles and cook until just tender, 30 seconds to 1 minute.
  9. Using tongs or a spider, lift the noodles from the pot and divide evenly into bowls.
  10. Reduce the heat to a simmer and add the sliced beef to the broth; let simmer until no longer pink, about 1 minute.
  11. Using a slotted spoon or spider, remove the beef from the broth and divide between the bowls. Ladle the hot broth over the noodles and beef.
  12. Top each bowl with the reserved thinly sliced onions, bean sprouts, and cilantro. Pass lime wedges, hoisin sauce, and sriracha sauce at the table.


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