Looking back at 2023, Canadian mortgage holders faced challenges due to rising interest rates, following increases in 2022. In 2023, three more rate hikes occurred, affecting variable-rate borrowers and those renewing mortgages. About 40% of mortgage holders already renewed at higher rates, and a significant renewal challenge is expected in 2024 and 2025, with $251 billion and $352 billion in mortgages up for renewal. Despite this, there is hope for relief as interest rates are predicted to fall in 2024, potentially boosting home sales and prices.