The Globe and Mail reports in its Friday edition that in Canada's mortgage market, the sentiment can quickly change. The Globe's guest columnists James Laird and Penelope Graham write that this is especially true currently, as the Bank of Canada plans to cut interest rates. Therefore, the discussion about mortgage rates is dominated by the expected rate relief, which could happen as early as this summer. It feels as if, just last year, the talk was mostly about "renewal shock" -- a scenario where many Canadian mortgage holders need to renew their terms at a much higher rate than what they currently have. This shock, however, still lies ahead, and while rate cuts may ease the blow, a higher rate reality awaits most of today's current fixed-rate mortgage holders. This comes down to timing. While mortgage rates are expected to fall within the next few months, the vast majority of existing mortgage borrowers -- about 70 per cent -- have fixed rates that remain at the record low prices available during the pandemic. The bottom line is that even if the Bank of Canada cuts rates, the majority of Canadians will be paying a higher mortgage rate than they are today, when their mortgage renewal comes up over the next few years.