Good morning from Hamilton. 🍁

900,000 Canadians are about to get a bill they're not ready for.

Not a layoff notice. Not a rent increase.

A mortgage renewal.

And this one hits different.

900,000 Canadian mortgages renew in 2025 and 2026.

Many locked in pandemic-era rates below 2 percent.

They're renewing into a world where rates sit at 3.69 to 4.5 percent.

That's a payment shock of 40-60% for some families.

And it's hitting in the exact provinces where employment is softest.

A $400,000 mortgage:

At 1.99%: $1,918/month

At 4.5%: $2,970/month

That's $1,052 more per month. $12,624 per year. For the same house.