The Globe and Mail reports in its Friday, July 25, edition that approximately 60 per cent of all outstanding mortgages in Canada will renew in 2025 or 2026, according to new analysis released this week by the Bank of Canada. The Globe's unbylined item reports that the majority of those borrowers hold five-year, fixed-rate mortgages. And the type of mortgage that you hold will affect whether your payments go up or down upon renewal. Individuals with a five-year, fixed-rate mortgage may see their average payment increase by around 15 to 20 per cent compared with their payment in December, 2024, according to the central bank's analysis. However, many with variable-rate mortgages -- particularly those mortgages with variable payments -- could see an average payment decline of approximately 5 to 7 per cent.