Mortgage Renewal Canada 2026
Over 70% of Canadians sign their bank's first renewal offer and overpay by thousands. Use our free calculators, review a sample rate comparison, and talk to a licensed broker at no cost for a live quote — published tables are not today's rates.
Roughly 1 million Canadian households are expected to renew in 2026 (CMHC Spring 2026 RMIR). Read our complete renewal guide or see the sample rate comparison.
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Mortgage Renewal Canada 2026 — Quick Answer
- • Sample comparison — get a live quote: published tables are illustrative, not a live rate sheet. Bank first offers often sit 0.25–0.75% above broker-channel quotes — talk to a broker.
- • When to start: 120 days before maturity to lock a rate hold; shop with a mortgage broker (free — paid by lender).
- • Switch lenders: Uninsured straight switches are exempt from the prescribed MQR since November 21, 2024; B-20 and lender overlays remain — see our switching guide.
- • First-time buyer? See FirstHomeGuide.ca for purchase basics; renewal help from LendCity Mortgages.
Facing a Payment Increase at Renewal?
CMHC projects roughly one million Canadian households renewing in 2026 — about 13% below the 2025 peak of ~1.2 million, many from 2020–2021 rates near 2%. Read the 2026 wave brief. 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. Uninsured straight switches are exempt from the prescribed MQR since November 21, 2024, but B-20 and lender overlays can still apply.
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. Review the sample rate comparison, then get a live quote.
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.
Switching Lenders
Uninsured straight switches are prescribed-MQR exempt since Nov 2024; B-20 overlays remain. Step-by-step process.
Discharge Fees by Lender
TD, Scotia, RBC, BMO, CIBC fees plus legal and registration costs when you leave.
Prepayment Privileges
Lump-sum and payment-increase rules by lender — and why renewal day is the best prepay window.
Collateral vs Standard Charge
Why TD switches cost more — and when the rate savings still win.
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
What are the best mortgage renewal rates in Canada for 2026? +
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.
Best Mortgage Renewal Rates
Current best renewal rates — fixed and variable — across Canada.
Switching Lenders at Renewal
How to change lenders at renewal — prescribed-MQR exempt on uninsured straight switches; overlays remain.
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
LendCity Mortgages on Google
Read verified reviews on our Google Business Profile. Talk to a licensed broker for a live quote.
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.
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When does your mortgage renew?
Tell us the month. We’ll map your 120-day rate-hold window and a licensed broker will follow up — not a newsletter.