Mortgage renewal payments to be higher going forward even as rates get cut

Karl Schamotta, chief market strategist of Corpay and Royce Mendes, managing director and head of Macro Strategy of Desjardins, joins BNN Bloomberg to discuss Canada's housing market. Both raise concerns over mortgage debt as they see higher rates having an impact on consumer spending, which is set to keep weakening as Canadians face higher payments as they renew their mortgage. They also look at the economic impacts of higher mortgages in Canada. Watch the BNN Bloomberg Video here.