Why some homeowners are falling into a mortgage payment trap they can’t escape | About That

• June 17
• News
• Duration 10:11

Many Canadian homeowners took advantage of historically low mortgage rates during the pandemic to lock in for five-year terms. Andrew Chang explains the perfect storm happening now as these terms come up for renewal at much higher rates at the same time as a depressed housing market.

(Photo credits: The Canadian Press, Reuters, Adobe Stock and Getty Images)