Ep. 40 - Was the Mortgage Renewal Crisis Overblown? | How a Bad Narrative Took Over

In this episode of The Last Honest Realtor podcast, host David Fleming tackles the most talked-about topic in Canadian real estate over the past two years: the so-called mortgage renewal cliff. Was it ever a real threat, or just a media-fueled panic? With his signature candor and a heavy dose of data, David breaks down how this narrative took shape—and why it may have already unraveled.

Tracing the evolution from “mortgage renewal shock” to “crisis,” then to “cliff,” and finally to the more recent “renewal wave,” David explores how language shaped perception, and how headlines didn’t always align with reality. He unpacks the impact of Bank of Canada rate cuts, borrower behavior, and lender strategies to ask the big question: was this Canada’s most overblown real estate panic?

Backed by economic data and a sharp critique of mainstream reporting, this episode doesn’t just examine what happened—it reveals why it happened, and what smart homeowners and investors should take away from it.

In This Episode:

• The origin and evolution of the mortgage renewal cliff narrative
• Why headlines shifted from panic to pragmatism in late 2024
• What delinquency rates actually tell us about borrower distress
• The role of rate cuts and lender flexibility in averting a crisis
• How to think critically about media narratives in real estate

Timestamps:
00:00 – Introduction
01:00 – Was the Mortgage Renewal Cliff Real?
06:45 – How Rock-Bottom Rates Fueled the Fear
13:00 – Media Meltdown: From Shock to Crisis to Cliff
20:00 – Why the Panic Began to Fade
24:00 – What the Banks and Borrowers Did Right
28:00 – Mortgage Delinquencies: What the Numbers Really Say
31:00 – David’s Verdict: Was It Overblown?

Don't Miss:

• David’s breakdown of why the mortgage renewal crisis didn’t materialize as feared
• A sharp look at how banks quietly changed course in 2025
• A call to challenge mainstream narratives and rely on facts—not fear

Subscribe to The Last Honest Realtor on YouTube or your preferred podcast platform. Be sure to like, comment, and share your thoughts on this episode!

Transcript

0:00

Hello everybody, and welcome back to the last honest realtor. I'm your host, David Fleming. Thank you so much for joining me here today, as I begin with a question, a simple one, but with a very difficult answer, if you want to be objective. The question is this, was too much made of the mortgage renewal cliff. Now, most people right off the bat, you have a very subjective answer. People want to say, "Oh no, absolutely. Whatever you're going to say next, David, you're wrong. You're in sales. You're trying to sugar-coded. Or, if you're a lender, if you work somewhere else in the real estate industry. And if human nature is what it is, and we really, truly want to believe the times we're about to get better, you might say, "Oh yeah, no, that was totally totally overblown." But what if we have some data to look at? And what if we were to trace back the origin of the rumors of a mortgage renewal cliff or a mortgage renewal crisis, which stem from mortgage renewal shock? And then asked the question again at the very end, was too much made of this. Now, FADs will come and go in so-to-talking points and topics of discussion. And if you regularly consume news and media, you'll notice that hot-button issues eventually fade away and mass hysteria can eventually turn into complete con. Over the years, we've seen a lot of these hot-button topics, issues, buzzwords, and they've come and gone in real estate. A great example would be the foreign buyer. Now, we still talk about foreign buyers, foreign buyer taxes, foreign buyer bands. But if you were to draw a line in the sand, say somewhere around 2017, foreign buyers were responsible for everything wrong in real estate. Now, I remember the term shadow flipping. You might have absolutely never heard of it. But it was somewhere around 2016-1718, and it started in Vancouver, and there was a global mail report that broke this huge story about people buying homes in Vancouver, putting a clause in that says that they're allowed to assign the agreement, and then selling it for more money. The seller doesn't even know who's actually buying the property man, shadow flipping. When was last time you heard the word shadow flipping? I'm not here today to dose water on a smoldering fire. I'm not going to create the classic, everything is fine, nothing to see here type argument. I just want to ask the question, and we can provide subjective and objective answers about whether the mortgage renewal cliff was overblown. Now, I'm immediately reminded of, and dating myself here, and I don't mean taking myself out for dinner because that would be awesome. I mean, I am showing my age. 2008. I mean, I was 28. I live through that. It seems like it was just yesterday for some of you, and our demographic of viewership and listenership, is across the board. But for some of you you weren't there for that. You don't remember, Jim Cramer, Bear Stearns. There's a famous video. Don't put this on pause to go to YouTube and look it up. If you want to, that's fine. Hopefully you come back. But Google Bear Stearns, Jim Cramer, and infamously. Jim Cramer on his show mad money. And his whole gimmick was, "I'm a crazy guy that yells and pulls my hair." He's bald. And there's a famous clip of him saying, "Bear Stearns is fine. Bear Stearns is not going under. Do not sell bear Stearns." The stock went to zero, and Bear Stearns closed. People thought it could never happen. People thought Lehman Brothers could never go under. You can't have financial firms. With billions and billions of dollars of assets on your management, and have been around for a hundred plus years, you can't have them go under. Jim Cramer, Bear Stearns. So whenever I do a podcast or a blog like this, I'm always reminded of that sort of me think that I'd off-protest too much. I'm asking, "Is too much made of the mortgage renewal cliff?" I don't want to come off as Jim Cramer and Bear Stearns, but I do want to talk about the origin of this mortgage renewal crisis fear. Now, for those that are not completely caught up to date, how about a brief refresher. In Simple's terms, there was this thing called the COVID-19 pandemic. Yeah, kind of tinkered with the worldwide economy just a little bit. Now, this was a worldwide crisis, the likes of which our planet had never seen. Times, they were unprecedented. That word has been so overused, but that is exactly what it was. And Samuel Banks had to jump into action. The key lending rate, set by the Bank of Canada, pre-pandemic was 1.75%. Our government slashed that to 0.25%, virtually overnight. It was not during their preset rate announcements. It was on an emergency basis. And in April of 2020, you remember COVID kind of started March 17th, 20th, something around there. In April of 2020, that 0.25% overnight lending rate ended up leading to some of the lowest mortgage rates that people have ever seen in their lifetimes. Now, the Bank of Canada did not increase rates for nearly two years. It was April of 2020 when we hit 0.25% as a key lending rate, and it wasn't until March of 2022 that we saw the first rate hike. Now, here's a fun game for you, or a terrible game depending on which side you sit. Name the friend, or the family member, or the colleague, with the lowest five-year fixed rate you had ever heard of. For me, it was a client. I went over to meet her and her fiance, and she told me that she locked into a five-year fixed rate. Be ready for this? 1.29% not making this up. So there's the game. Who do you know? They got the lowest five-year fixed rate of anybody. Now, 1.49%, 1.29%, 1.79%, they're all ridiculously absurd rates. And if we're being honest, 2.99% sounds absurd for those that saw 7% variable rates at some point in 2023, 2024. So those rock bottom late rates are what essentially led to this mass hysteria about a potential mortgage renewal cliff. Now, unprecedented times can lead to unprecedented consequences. And the COVID-19 pandemic unprecedented led to a 0.25% interest rate somewhat unprecedented that remained for two years that resulted in a massive increase in real estate values through buyer activities through rock bottom rates. Well, and there comes the unprecedented consequences, which would potentially be a financial reckoning in 2025 and 2026. Now, to give you an idea of what this could do, let's say that you purchased a home in 2020 for $1,500,000. Let's say you got, and I'm not even going to go to the ridiculous 1.29% let's say you got a home and you got a 1.89% five-year fixed rate. Now your mortgage payment would have been $4,365. That's not 30 year monetization when 20% down. Now imagine the worst case scenario prevailing rates when you go to renew are 7%. Your 4,365 dollar per month rate increases to $70,900. Now it doesn't quite double but it increases 81%. Now this is why so many people worried about the mortgage renewal cliff as interest rates began to rise in March of 2022. The rate of increases by the bank of Canada was, so I'd overuse this word, unprecedented. I would add the word absolutely, absolutely unprecedented. From March of 2022 through July of 2023 there were 10 interest rate increases. Now they started small as many of us can remember. A 25 basis point increase in March. In April of 2022, we saw a 50 basis point increase. Now if you want to work backwards and think about the fall of last year when we started to see rate cuts and I'll come to that. They refer to 50 points as a jumbo movement. If 50 points is jumbo, what do you call a 100 points? Because after a 50 basis point increase in April of 2022, a subsequent 50 point increase in June of 2022, we saw a 100 basis point increase in July of 2022. Imagine going from 1.5% as a key lending rate to 2.5%. The bank candidate usually moves in 25 point changes. But after the 1% increase, two months later, a 0.75% increase. And at the risk of boring you to definitely beyond 50 points in October, 50 points in December, 25 points in Jan, and then we had a reprieve for five months. Until we saw another 50 points combined with two increases in June of July of 2023. Guys, I know I'm telling you what many of you already know, but we went from 0.25% to 5% from March of 2022 to July of 2023. So here's where mortgage renewal shock fears began to bubble to the surface. And this led to mortgage renewal crisis, mortgage renewal cliffs being discussed in the media, again and again. Now, I spent some time looking through Google and looking at news articles specifically with dates. Mortgage renewal cliff, mortgage renewal fears, mortgage renewal shock, nothing in 2022. It wasn't until May 31 of 2023. And keep in mind, in May of 2023, we're only up to 4.5%. We still had 50 basis points to go. It wasn't until May of 2023 that we saw an article in the financial post with the headline Canadian's high mortgage debt, a ticking time bomb, as renewals loom. Now, we hadn't quite got to the crisis yet, or the cliff, because over time, and as the variable rate holders began to absorb the cost of increasing rates. And remember, we're talking about fixed versus variable. Folks on a variable, yeah, they ate it. Hard. A friend of mine saw her payment go from 5,000 to 10,000 per month. Now, luckily, she could afford that. Many could not enough to move the needle, as I will tell you at the end of this podcast, but the variable rate holders were able to absorb this, because there are far fewer of them than there are of the classic five-year fixed-rate holders. But eventually, the discussion did turn to those fixed-rate mortgage holders who would be renewing on mass in 2025 and 2026. Now, having spent last night working on timetables and multiplication and addition and subtraction with my daughter, we worked on five. I think you could add 2020 plus five comes to 2025. Thank you, David. You could add the year 2021 plus five. Well, that's 2026. Guys, this is why the quote "ticking time bomb," the mortgage renewal cliff was targeted at 2025 and 2026 because most people in overwhelming majority of borrowers take a five-year fix rate. It is the bill on end all. It is the default. It is the most classic. It is the time tested and with rock bottom rates in 2021 and 2020, as I would tell my daughter last night, simply add five sunny and you're at 25 and 26. Now, one of the first articles in a Canadian newspaper which used the term mortgage renewal shock or mortgage renewal cliff was the following global mail November of 2023. So we're talking after all of the rate increases. The headline reads Canada's economy faces$900 billion mortgage renewal shock. Now, that was the first instance that I could find of mortgage renewal shock, mortgage renewal cliff or mortgage renewal crisis. Let me read you an excerpt from this article. Between 2024 and 2026 and estimated $900 billion worth of Canadian mortgages, almost 60% of all outstanding mortgages at Chartered Banks are due to renew and could face a sharp increase in payments. According to report released this week, "by Darko, Mihailic," I all got that right, and analysts who covers the banking sector for RBC Capital Markets. Those payment increases range from a weighted average of 32% next year to 48% in 2026. The focus of the report is the impact the payment shocks will have on the retail operations, it can, as big banks, but the economic follow-up is obvious if the current interest rate environment persists. Allow me to continue. The biggest shock awaits, ready for this. Fixed payment variable rate mortgages set to renew in 2026. A five-year variable mortgage renewing that October would see payments jump 76% if mortgage rate stayed around 6%. Now, a 1%-inch point drop to 5%, would ease the payment shock but only 263%. Now in my worst case scenario, the fictitious example I gave you, I talked about the potential for an 81% increase in mortgage payments. This article is touting a potential 76% increase and then they describe if we saw rates reduce 1% it would ease to only 63%. Now, they use the term shock. As I said, November of 2023, Globe and Mail, Canada's economy faces $900 billion mortgage renewal shock. When did shock turn to crisis? A couple of weeks later, the financial post, an article by David Rosenberg, Canada's menacing mortgage math means crisis looming. Here's where everyone started to talk about. The mortgage renewal cliff, the mortgage renewal crisis, from the article by Mr. Rosenberg. The macro and economic math relating to Canada's looming wall of mortgage renewals should be terrifying for the Bank of Canada. A large increase in average monthly mortgage payments will arise from the nearly $1 trillion in renewals by 2026, triggering in turn, a large demand shock, and will put stress on the housing market in particular, and the economy in general. The central bank will need to ease aggressively before the shock strikes to avoid turning a slowdown into a crisis. Positioning government of Canada bonds for our performance in 2024. Now the circle is written by David Rosenberg, and there's this call to action so to speak. He is saying the central bank will need to aggressively act aggressively ease before the shock strikes. Like Benjamin Talha's for last couple of years, David Rosenberg was among many economists who suggested the bank of Canada needs to act faster and more aggressively. And if you've ever listened to Benjamin Talha talk, you would know that he is continued to say the bank of Canada is not acting fast enough not doing as much and they're late. Just as they were probably late to raise rates as inflation spiked in 2022, they were probably late to cut and not enough. Now, listen to this. To avoid turning a slowdown into a crisis, that's part of the article. The subheading in the article read, the bank of Canada will need to cut rates to vent a slowdown from becoming a meltdown. Holy moly. Now we're using terms like meltdown. We went from slowdown to meltdown. We went from mortgage renewal shock to mortgage renewal crisis. And eventually we will get to the mortgage renewal cliff. Now later in the article, it reads. You ready for this? This looming mortgage renewal cliff. See, I told you a cliff was coming. It's common knowledge in Canada, but nobody has followed the macroeconomic math through its full conclusion. We, being Mr. Rosenberg, triangulated very a data sources to trace the impact of mortgage renewals through the system. Well, perfect accuracy is impossible. The broad direction and magnitude of the impact are both noble and alarming. He goes on to provide some data, which I'm not going to bore you with, but I will say that they have even quoted in their article because you can't see it. I'm reading it. They have quoted mortgage renewal quiff. It is in quotation marks. And he describes it as common knowledge. Now here's where I'm in a sound like Jim Cramer. Bear Stearns is not going under. He's used the term common knowledge. Now common knowledge, the mortgage renewal quiff is common knowledge. This is November 2023 common knowledge. The Morgan renewal quiff is common knowledge. Is it a certainty? What is common about this? And I'm not going to say that in 2023 I was saying, ah, this is overblown. I'm asking it here in the spring of 2025. But there's a difference between common knowledge of a potential mortgage renewal quiff and common knowledge of a mortgage renewal quiff as a certainty. Now the media blitz continued into 2024. Listen to this guys. The CBC June of 2024 headline reads, why banks are bracing for a mortgage renewal quiff. I'm having fun with this. I don't know if you are. But we started with mortgage renewal shock. Then we got to mortgage renewal crisis. We went from slow down to melt down and now we first have the word quiff. Now Mr. Rosenberg did use mortgage renewal quiff in the article November of 2023. But it wasn't in the headline. Hello mortgage renewal quiff in the headline June of 2024. Now that actually goes to a video which if you read my blog you can see the link to it it was very good reading. But from the description it says Canada's big six banks are adding billion of dollars to their emergency funds. Oh emergency funds. As mortgage renewal is a approach from more than three quarters of homeowners. Andrew Chang explains why the banks are preparing for more delinquencies and who's most at risk. Oh yeah, we'll come back to delinquencies. Now in the fall of 2024 the narrative began to change at the risk of sounding repetitive. Mortgage renewal shock led to mortgage renewal crisis led to mortgage renewal cliff slowed down to meltdown. October 4th, 2024 the global mail headline reads rate cuts to smooth over the quote mortgage renewal cliff waiting pandemic home buyers. What did we just cure a disease? What's happening here? What happened to the mortgage renewal cliff? What happened to the crisis? Gold mail is telling us that the rate cuts are going to smooth over the cliff from the article. A rapid decline in borough and cost would shrink the gap between the exceptionally low mortgage rates that many homeowners secured in 2020 and 2021 during the early stages of the pandemic and the higher rates available that many of those boroughs will have to sign up for in 2025 and 2026 when their loans roll into a new term. Quote,"Now that we're in the midst of a relatively rapid rate cutting cycle, we believe that mortgage renewals will be much more manageable." Says a gentleman named Roy Smedez, the managing director and head of macro strategy at Desjardins Security. Much more manageable. Okay, well by the time this article is written, the Bank of Canada had already cut the lending rate three times by 25 basis points each and there were rumors of these jumbo cuts. This is when we started to get the word jumbo, which is 50 basis points, which is hilarious looking back because as I said earlier in this podcast, if that's jumbo, what do you call 100 basis points? Now we had rumors of these jumbo cuts in the horizon. And only 20 days after this article was written, we saw the first of those jumbo cuts, a 50 basis point cut. Now the narrative continued from here. The financial post, this is about six or seven weeks later, has a headline that says Canada retreats from the edge of the mortgage renewal cliff. And the subtitle reads, lower interest rates and actions of diligent homeowners means renewal shock is not as worrisome. From the article, quote, "we anticipated that consumers could with stand the sticker shock of renewing historically low rate mortgages at decade high rates." Now you're later, things have gotten better than expected. Again, from the article, T.D. Bank is now estimating that aggregate payments, which represents the balance of Canadian mortgage is outstanding, will fall by 1.2% in 2025 instead of rising by 0.5% as previously predicted. It's the fun part about banks. You can make a prediction. And if it's not right, you just revise your prediction. If only all of life was like that. Yes, hello, my bookie. I would like to bat on the patriots to win by 3. Monday morning. I would like to revise that prediction. Yeah, no, it doesn't work like that. But the banks do it all the time. Now, the banks called this a significant easing. And that certainly sounds different than the tune that was being sung only one year prior. Now, what do we attribute this change in outlook? Was it simply the bank of cutting rates? No, because from the article, it explains the big banks estimate 14% of variable mortgages at the end of 2022, representing 520 billion were switched to either fixed rate mortgages, or were prepaid, meaning homeowners increased payments, or paid a lump sum. "The renewal shock is not as worrisome," says Maria Soliviana, the names are just killing me today, guys. An economist with TD Economics, who also noted that among those renewing are people who signed up for short-term deals, and will likely now renew at lower interest rates. So, credit people for actually being financially responsible. But by the time we got, as you guys very well know, to this rate decreasing cycle, we came off 10 rate hikes from 0.25 to 5%. And June 6th of 2024, we started to see the cuts. 25 basis points, June of 2024, 25 basis points, July of 2024. 25 in September, a jumbo cut, as I mentioned, in October, followed by another jumbo cut, as I mentioned in December, and to catch us up to date, and we will retreat backwards slightly after this. We saw 25 in January, 25 in March, and we have now seen the rate decline from 5% to 2.75. Now, 7 cuts from 5 to 2.75 is hardly in line with the 10 cuts from 0.25 to 5, but it is most certainly helps us retreat from the mortgage renewal cliff or crisis that had been discussed over the previous two years. Now, as it stands right now, very important to note here folks. Fixed rate mortgages are now available in the low 4% range and through some lenders and with some products, the high 3% range. Remember this, if you remember anything from today's podcast, this is less than the rates at which borrowers were being stress-tested in 2020 and 2021, which were between 4.79 and 5.2%. So say what you want about the stress-testing able to predict a borrowers' ability to service a higher mortgage in the future, versus the borrowers' actual ability to do so. But the point cannot be denied that these borrowers were tested and approved for these market conditions. Now what they were not tested for was 7%. That is where the variable rate ended up going and fixed notwithstanding. But if you look at the absolute peak and this is people that were what? Buying in 2018 and 19, you add their five years and they're renewing at 7%, or they're going short-term at 7%, those people of which there are far fewer, yes they had to renew at way higher amounts than which they were stressed tested. But the folks at bought in 2020 and 2021 as history shows were stressed tested for an amount that is well beyond where they would renew today. Not only that and I will say this, the banks have been much more aggressive when it comes to retaining existing business than ever before. Now once upon a time and I would probably joke that this was always the way and it's always been the norm, banks treated existing clients worse than new clients simply because the banks expected to retain existing clients and felt they needed to offer better terms and service to attract new business. Now you've heard this, excuse me, for me before, and so I have always told people to work with a mortgage broker who can shop them to all the major learners and secure better terms than their banks will give them. Whether they're already a mortgage holder with the bank, or whether they're buying their first home and they believe naively or otherwise, the bank will treat them well because they've had their checking account there since they were 14 years old. But here we are in 2025 with banks doing this crazy thing, providing better terms to existing clients. So you put that together guys. The bank of Canada's rates coming down from 5% to 2.75, banks providing better service in terms to existing clients. And I will ask you one more time. Is the mortgage renewal cliff factor fiction? Was it overblown? And I think I created a pretty good argument to say that it was. Not Jim Kramer, not Bear Stearns. But yeah, rates have come down. Banks are working with borrowers. And it captures us up to 2025 where I went in and I looked in Google and I searched for mortgage renewal cliff and mortgage renewal crisis, looking for results in the last couple of months and they are very few and far between. Now I did find one. Take this with a grain of salt because it's written by an online mortgage news site. The headline reads, mortgage renewal crisis fading and presenting opportunity for borrowers and brokers. This is in January. It's from Canadian mortgage professionals. Mortgage renewal crisis fading. Interesting. That's January. Now from the article, a flurry of interest rate cuts through last year by the Bank of Canada and a slide in fixed rates saw the threat posed by the so-called quote mortgage cliff fade with the potential jump in payments now expected to be significantly more manageable for homeowners. Now there's that word again, manageable. And there's a new term that's replacing, in my opinion, crisis and cliff. Mortgage renewal wave. Now if you're an optimist, you're going to try to take something negative and turn into a positive. So instead of the media now discussing the oncoming arming get-in, some new sources are simply referring to the fact that a wave sounds nice. A wave of borrowers will be renewing. If you're listening to this not watching, I'm waving, as I say, the wave of borrowers, mortgage renewal, crisis, mortgage renewal, cliff, mortgage renewal, way. Right, from crisis comes opportunity. And while there are more people about to renew in 2025 and 2026, then ever before, this very well could create this wave of opportunity. Now, from another mortgage source, this is Canadian mortgage trends, March 1st 2025, the headline reads, RBC says it's ready for competitive spring mortgage market and upcoming renewal wave. There it is. Let's coin that. That'll be our buzzword. So am I saying everything's fine here? Am I being Jim Cramer from Bear Stearns? No. There are a lot of people who are going to feel financial pain in 2025 and 2026. There are people that have already felt it. I can tell you without being specific. I have had people reach out to me and say, "I need to sell. I'm overextended. I own three condos." But guys, it's not nearly as much as some people want to think. Now the reason I say that is because people refer to, and people being a couple of media articles I read, the rise in mortgage delinquencies. Here's a stat for you. 90% - 90.2 to be specific. Does that sound like a lot? I mean, yeah, 90.2% but what's the context? Equifax Canada reported in 2024. Q4 - delinquency rates on mortgages were up 90.2% soundly alarm. Bear turns as going under. No, it's not. Because when you consider the relative increase versus the absolute number, now I'm Jim Cramer saying there's nothing to worry about. The 90.2% figure is Q4 of 2024 over Q4 in 2023. But Q4 of 2023 was the lowest delinquency rate ever. I don't know about ever. I trace this back to 2012. So if you are up 90.2% over what is historically and all time low delinquency rate, according to the chart I'm looking on it right in front of me. I mean you're back to well still all time lows. So put this in perspective. Point 22% that's the number of mortgage interiors. Point 22. Now that was up from point 1-4. There's your 90% increase. But if you were to look back at 2014, Canadian delinquencies were at point 35. Point 35 in 2013-15 and now at point 22. You can make numbers say anything you want and a headline that reads mortgage delinquencies up 90 percent is simply telling us that they went from the all-time low to a number that is still way below the historical average. Delinquencies are up hardly a crisis. Now you tell me and I telling you everything is fine, nothing to see here, my being Jim Cramer and bear assurance. I don't think so. In fact the reason I touched on mortgage delinquency rates is because anybody providing a counter argument to the idea that the mortgage renewal cliff, marginal crisis was overblown is going to tell me about mortgage delinquency rates. So I'm fine to talk about it, up 90 percent. Wow, crazy number. Yeah, we're still at all time lows. Point two, two. And these are not houses that have been taken over. These are mortgage in a rears. That's people that have not paid their mortgage in 90 days. This is not people walking away leaving the keys. This is not a subdivision in Arizona or Florida where every other house is for sale. This is point two, two percent of mortgage holders that are 90 days beyond. Well, not saying it's a good thing, but it's certainly not the end of the world. So yeah, okay, now I hear this, and I think I'm slightly biased, but I'll give you my answer to the question I asked earlier. Was the mortgage renewal cliff and crisis overblown? Absolutely. I don't think you expected me to say anything other than that. I'm asking the question though. I'm asking to you, the viewer, to you, the listener. Was it overblown? Feel free to drop me a comment if you're watching on YouTube. And I do read all the comments, even the ones that make absolutely no sense or the ones that are just so hate-filled and spiteful. But if you're hate-filled and spiteful, tell me why the mortgage renewal crisis was not overblown. Use the statistics. I just did the research for you guys. I traced back through the history of Google, looking at headlines, and micro-managing, if that's the right word. The words shock to crisis, to cliff, and now to opportunity. Well, actually wave, mortgage renewal wave. Guys, that will be the buzzword as we move ahead. That is putting a positive spin on this, mortgage renewal wave, banks working with people rates coming down to opportunity. Yeah, I know I'm really overselling it now. But folks, I am serious. Make a comment. If you're watching on YouTube, tell me if I'm wrong. Was the mortgage renewal crisis overblown? Was the mortgage renewal cliff over exaggerated? I am absolutely positively all yours. Folks, thank you so much for watching on YouTube or listening wherever you get your podcast. Please remember to like, comment, or subscribe. And we'll see you here next time on the last one as realtor.