People with a mortgage could be in for a shock this year. 

The latest Property Market Update from CoreLogic says all up, residential real estate is worth 1.72 trillion dollars, with 20 percent of funded by mortgages, and 80 percent household equity. 

Chief property economist, Kelvin Davidson, says about two thirds of mortgages will need to be refinanced this year, and will face higher interest rates. 

He says in some cases rates would have doubled. 

“It will be a significant hit to some people's finances, certainly people need to be aware of that it’s not just the fact that interest rates are increasing, it’s the fact that they’re increasing quite sharply.” 

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