Save Thousands at Your Mortgage Renewal
Roughly 1 million Canadian households are expected to renew in 2026 — down about 13% from the 2025 peak, per CMHC's Spring 2026 report. Most will sign the first offer they receive and overpay by thousands. Don't be one of them. Read our complete renewal guide to get started.
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Facing a Payment Increase at Renewal?
CMHC projects roughly one million Canadian households renewing in 2026 — many from 2020–2021 rates near 2%. The Bank of Canada has flagged payment shock as a central theme: for most renewers, payments go up, not down, unless you shop for a better rate.
What Is a Mortgage Renewal?
A mortgage renewal is what happens at the end of your mortgage term — not the end of your mortgage entirely. Most Canadians have a 25-year mortgage but a 5-year term. Every 5 years, that term ends and you renew.
At renewal, your lender will send you an offer. You can accept it, negotiate for a better rate, or switch to a different lender entirely — often with no cost and no stress test required.
Read the Full Guide →Key Renewal Facts
- 21 daysMinimum notice your lender must give before renewal (FCAC rule)
- 4–6 monthsWhen lenders must begin outreach under the Canadian Mortgage Charter
- $0What it costs to use a mortgage broker at renewal
- 70%+Canadians who sign the first offer without shopping — and overpay
The #1 Mistake Canadians Make at Renewal
Over 70% of Canadians sign their bank's first renewal offer without shopping around. Banks count on this. A 0.5% rate difference on a $600,000 mortgage costs you over $15,000 in extra interest over 5 years. Compare today's best renewal rates to see what you could be saving.
See All 10 Renewal Mistakes to Avoid →Renewal Snapshot Calculator
See your estimated new payment in seconds. Enter your balance, rate, and remaining amortization.
Canadian semi-annual compounding. For educational use only — speak with a licensed broker for your exact numbers.
Top 5 Ways to Save at Renewal
Shop Around — Don't Auto-Renew
Your bank's first offer is almost never their best rate. Getting one competing quote is often enough to save thousands.
Use a Mortgage Broker
Brokers access 30+ lenders simultaneously — including monolines unavailable directly. And their service is free to you.
Lock in a Rate Hold Early
Start shopping 120 days before your renewal. Lock in today's rate and you're protected if rates rise before your maturity date.
Know Your Charge Type
Standard charge mortgages switch lenders easily. Collateral charges (TD and some others) require legal fees to move.
Consider Your Term Length
A shorter term (1-2 year fixed) may offer a lower rate today and let you lock in again when rates fall further.
Extend Your Amortization
If cash flow is tight, extending your amortization can reduce your payment by hundreds per month.
Featured Guides
Complete Renewal Guide
Everything you need to know — from 12 months out to renewal day.
Best Renewal Rates
How renewal rates work, why your bank's offer is rarely the best, and where to find better.
Lower Your Payments
11 strategies for Canadians who are stretched financially and need payment relief.
Switching Lenders
No stress test required since 2024. Here's the complete step-by-step process.
Renewal Checklist
Printable timeline from 12 months before renewal all the way to renewal day.
Renewal FAQ
40+ questions answered — from the basics to complex scenarios.
What to Do — Month by Month
Start 12 months early to maximize your options and savings.
12 Months Before
- ✓ Locate your mortgage documents (confirm maturity date, balance, charge type)
- ✓ Check your credit score for free (Equifax or TransUnion)
- ✓ Identify any debts to pay down before renewal
6 Months Before
- ✓ Contact a mortgage broker for a free renewal strategy meeting
- ✓ Research current market rates
- ✓ Decide on preferred term and rate type (fixed vs. variable)
120 Days Before
- ✓ Lock in a rate hold with your broker or new lender
- ✓ Submit renewal application if switching lenders
- ✓ Gather documents: NOA/T4, proof of income, void cheque
30 Days Before
- ✓ Confirm approval with new lender (if switching)
- ✓ Sign new mortgage commitment
- ✓ Confirm new payment amount and start date
Mortgage Renewal FAQ
Do I have to pass a stress test to switch lenders at renewal? ▼
How much can I save by shopping around at renewal? ▼
Is a mortgage broker free to use? ▼
What happens if I do nothing at renewal? ▼
When should I start thinking about my renewal? ▼
Related Guides
Complete Mortgage Renewal Guide
Everything Canadians need to know about renewing a mortgage in 2026.
All Renewal Calculators
Payment, stress test, switch break-even, prepayment — all in one place.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Switching Lenders at Renewal
How to change lenders at renewal — no stress test on straight switches.
Payment Shock at Renewal 2026
Why renewal payments rise in 2026 — and how to estimate and reduce the increase.
Using a Broker at Renewal
How a broker shops 30+ lenders at no cost to you.
Not Sure Where to Start?
Talk to a licensed mortgage broker — it's completely free. We'll review your renewal options, compare rates from 30+ lenders, and build a personalized strategy.
No obligation · No cost · Licensed professionals