In 2024 and 2025, 2.2 million Canadian homeowners will face rising interest rates, affecting 45% of all outstanding mortgages. Unlike U.S. homeowners, who predominantly have fixed-rate mortgages, the share of adjustable-rate mortgages (ARMs) in the U.S. has increased from 4% in 2021 to 15.5% in May 2024. This trend reflects a shift towards ARMs as buyers seek affordability. Current ARMs differ from those before the 2008 crisis, as borrowers now qualify based on their ability to handle higher payments. The most common ARMs are 5/1 and 7/1 mortgages.