A recent CIBC\u2013Ipsos poll reveals a growing trend among Canadians, including GTA homeowners, of scaling back holiday travel plans due to increased mortgage costs and financial pressures. With approximately 60% of outstanding mortgages in Canada expected to renew in 2025 or 2026, many households anticipate payment increases ranging from 15% to 20%.<\/p>\n
The poll indicates that 62% of Canadians didn’t plan to travel during the holidays, with 31% citing budget limitations and 22% prioritizing savings. This shift highlights the significant impact of rising mortgage rates on discretionary spending, with a Royal LePage survey showing that 60% of homeowners expecting higher payments at renewal would reduce discretionary spending, and 43% would cut back on travel.<\/p>\n
Brokers are seeing this trend as a signal that clients are tightening their belts in preparation for potential payment shocks. This presents an opportunity for brokers to engage clients early and integrate mortgage planning with day-to-day budgeting decisions. To learn more about this trend and its implications for the GTA real estate market, read the full article [here](https:\/\/www.mpamag.com\/ca\/mortgage-industry\/industry-trends\/holiday-travel-squeeze-shows-how-mortgage-stress-reshapes-budgets\/560865).<\/p>\n