“Our bank's renewal letter was way higher than what Scott found through his lender network. We switched at renewal and saved about $240 a month — wish we'd called him sooner.”
🇨🇦 Canada's #1 Mortgage Renewal Resource
Mortgage Renewal Canada 2026
Best mortgage renewal rates Canada start around 4.04% (5-year fixed insured) and 3.35% (5-year variable) through brokers in July 2026 — but over 70% of Canadians sign their bank's first offer and overpay by thousands. Compare rates, use our free calculators, and talk to a licensed broker at no cost.
Roughly 1 million Canadian households are expected to renew in 2026 (CMHC Spring 2026 RMIR). Read our complete renewal guide or see today's best renewal rates.
Free broker consultation · No obligation · Licensed professionals
Mortgage Renewal Canada 2026 — Quick Answer
- • Best renewal rates (July 2026): ~4.04% insured 5-year fixed and ~3.35% 5-year variable through brokers; Big Six renewal letters often quote 0.25–0.75% higher.
- • When to start: 120 days before maturity to lock a rate hold; shop with a mortgage broker (free — paid by lender).
- • Switch lenders: No OSFI B-20 stress test on straight transfers since November 2024 — see our switching guide.
- • First-time buyer? See FirstHomeGuide.ca for purchase basics; renewal help from LendCity Mortgages.
2026 Renewal Wave
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.
~1M
Households renewing in 2026
10–30%
Typical payment jump for 2020–2021 cohort
vs. pandemic-era rates
$0
Cost to compare with a broker
Paid by lender on funding
The Basics
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 →Free Tool
Renewal Snapshot Calculator
See your estimated new payment in seconds. Enter your balance, rate, and remaining amortization.
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%
Canadian semi-annual compounding. For educational use only; speak with a licensed broker for your exact numbers.
Strategy Guide
Top 5 Ways to Save at Renewal
01
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.
02
Use a Mortgage Broker
Brokers access 30+ lenders simultaneously — including monolines unavailable directly. And their service is free to you.
03
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.
04
Know Your Charge Type
Standard charge mortgages switch lenders easily. Collateral charges (TD and some others) require legal fees to move.
05
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.
06
Extend Your Amortization
If cash flow is tight, extending your amortization can reduce your payment by hundreds per month.
Deep Dives
Featured Guides
Most Popular
Complete Renewal Guide
Everything you need to know — from 12 months out to renewal day.
Rates
Best Renewal Rates
How renewal rates work, why your bank's offer is rarely the best, and where to find better.
Save Money
Switching Lenders
No stress test required since 2024. Here's the complete step-by-step process.
Switch Costs
Discharge Fees by Lender
TD, Scotia, RBC, BMO, CIBC fees plus legal and registration costs when you leave.
Save Interest
Prepayment Privileges
Lump-sum and payment-increase rules by lender — and why renewal day is the best prepay window.
Charge Type
Collateral vs Standard Charge
Why TD switches cost more — and when the rate savings still win.
Your Renewal Roadmap
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
Common Questions
Mortgage Renewal FAQ
What are the best mortgage renewal rates in Canada for 2026? +
As of July 2026, the best insured 5-year fixed renewal rates through mortgage brokers are approximately 4.04%, with 5-year variable around prime minus 1.10% (effective ~3.35% at prime 4.45%). Big Six banks typically quote 0.25–0.75% higher on renewal letters. Compare broker rates on our best renewal rates page before signing your bank's first offer.
Do I have to pass a stress test to switch lenders at renewal? +
No. Since November 2024, Canadians switching lenders on a straight transfer (same balance, same amortization) do not need to pass the OSFI B-20 mortgage stress test. See our stress test at renewal guide for details.
How much can I save by shopping around at renewal? +
Significantly. Even a 0.25% rate difference saves approximately $7,500 in interest over 5 years on a $600,000 mortgage. Canadians who shop around through a broker typically save 0.25–0.75% vs. their bank's first offer.
Is a mortgage broker free to use? +
Yes, in virtually all cases. Mortgage brokers are paid a finder's fee by the lender you ultimately choose — you pay nothing. Their service, advice, and access to 30+ lenders is free to you.
What happens if I do nothing at renewal? +
Your mortgage automatically renews at whatever rate your lender chooses — almost always the posted rate, which is nearly always the worst rate available. This is the most expensive option.
When should I start thinking about my renewal? +
12 months before your maturity date gives you the most options. At 120 days out, you can lock in a rate hold. At 30 days out, you should be finalizing your lender choice.
Related Guides
Complete Mortgage Renewal Guide
Everything Canadians need to know about renewing a mortgage in 2026.
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.
Discharge Fees by Province
What each Canadian lender charges to discharge a mortgage.
Prepayment Privileges in Canada
Lump-sum, double-up, and 15/15 vs. 20/20 privilege breakdown.
All Renewal Calculators
Payment, stress test, switch break-even, prepayment — all in one place.
Client Feedback
What Canadian Homeowners Say
Real feedback from homeowners who renewed with LendCity broker support.
“Renewal was coming up and I had no idea I could leave my bank without a stress test. Scott walked us through switching lenders and handled everything. Professional and responsive.”
“Compared our TD renewal offer to three other lenders in one afternoon. Ended up with a better 5-year fixed and no legal fees. Broker service was free — couldn't believe we almost auto-signed.”
“Self-employed and nervous about renewal after two bank declines. Scott found a lender that understood my business income and got us approved at a fair rate. Honest advice throughout.”
“Facing a big payment jump at renewal. Scott explained blend-and-extend vs switching and helped us pick the option that kept payments manageable. Clear, patient, and no pressure.”
“Our bank's renewal letter was way higher than what Scott found through his lender network. We switched at renewal and saved about $240 a month — wish we'd called him sooner.”
via Google Reviews · LendCity Mortgages
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