The era of mortgage rates trending lower is coming to an end and some homeowners will struggle to afford payments.

The warning comes in a report from ratings firm DBRS which says that owners will find renewal rates edging higher and will experience a “payment shock” having become used to lower rates when renewing.

The biggest wake up call will be for those that last renewed their mortgage in the last five years while rates were trending lower. They will realize the impact of two BoC interest rate hikes this year and the likelihood of more in 2018.

DBRS calculates that a 1% rise in mortgage rates would mean a 9% increase in monthly payments for a loan with 20 years left. A 3% rise in rates would add 29% to the monthly payment.

The firm’s Sohail Ahmer told the HuffPost Canada that households should be ready to absorb mortgage payment increases of 15-20%