The conflict in the Middle East, particularly the Strait of Hormuz closure, is affecting Canadian mortgage rates. Experts caution that homeowners preparing for renewals should expect an increase in rates despite current bank stability.

<img alt="A house, for sale in Toronto’s Beaches neighbourhood, is pictured on Feb. 15, 2022. " height="349" src="https://i.cbc.ca/ais/1.6384507,1759507960000/full/max/0/default.jpg?im=Crop%2Crect%3D%280%2C207%2C5216%2C2934%29%3BResize%3D%28620%29" title="A house, for sale in Toronto’s Beaches neighbourhood, is pictured on Feb. 15, 2022. The Canadian Real Estate Association (CREA) says average house prices have increased by 21 per cent in the past year to $748,450 — the highest on record. " widt...