With a significant number of Canadian mortgages set to renew in the next three years, homeowners may face a substantial increase in monthly payments unless interest rates decline. RBC Capital Markets analyst Darko Mihelic predicts payment shocks of up to 48% in 2026, particularly for those with negatively amortizing loans. The report suggests that the Bank of Canada's overnight rate would need to decline significantly to mitigate the payment shock for borrowers.