The Globe and Mail reports in its Thursday edition that the Bank of Canada gave borrowers no relief in Wednesday's rate decision, leaving many homeowners facing higher mortgage payments when they renew their loans. The Globe's Rachelle Younglai writes that the BOC left its benchmark rate unchanged at 2.75 per cent, which means mortgage rates are still higher than they were five years ago when thousands borrowed at record-low costs. Economists have predicted that many Canadians would face a shock this year as their five-year mortgages came up for renewal. While rates have come down 225 basis points from their peak in 2023, the five-year fixed mortgage rate is between 4 and 4.5 per cent, compared with less than 2 per cent in 2020 and 2021. The increased payments are leading households to clamp down on spending so they can handle the costs. In some cases, the increases have contributed to mortgage delinquencies in Canada's most expensive real estate markets in Ontario and British Columbia. RBC economist Robert Hogue says, "There are signs of mounting stress among mortgage holders." The mortgage delinquency rate was 0.24 per cent in Ontario in the first quarter of this year, up 71.5 per cent from a year earlier.