Best Mortgage Renewal Rates in Canada
Sample Big Six vs broker renewal comparison (illustrative). Rates change daily — book a call for a live quote from a licensed Canadian broker.
Last updated: October 1, 2026
Sample comparison — get a live quote
Sample Renewal Rate Comparison
October 2026 snapshot — illustrative broker vs bank figures, not a live rate sheet (fixed and variable).
Sample comparison — get a live quote
October 2026 snapshot — not a live rate sheet
Uninsured conventional — 20%+ equity at origination. Slightly higher rates than insured. Uninsured straight switches are exempt from the prescribed MQR since Nov 21, 2024; B-20 and lender overlays remain.
| Term | Best for profile | Best Variable | Big 5 Avg |
|---|---|---|---|
| 1-Year Fixed Short commitment | 4.59% | — | — |
| 2-Year Fixed | 4.39% | — | — |
| 3-Year Fixed Popular balance | 4.19% | — | 4.90% |
| 4-Year Fixed | 4.44% | — | — |
| 5-Year Fixed Most common term | 4.34% | — | 5.12% |
| 5-Year Variable October 2026 snapshot · Prime = 4.45% — not a live rate | 3.40% (P − 1.05%) | 3.40% (P − 1.05%) | 4.10% |
Methodology: These figures are a sample comparison, not a live quote. Posted bank renewal letters are typically 0.5%–1.0% higher. Your rate depends on profile, LTV, and income. Build your renewal plan or see how broker pricing works.
Big 5 Bank 5-Year Rates (October 2026 snapshot)
| Bank | 5-Yr Fixed | 5-Yr Variable |
|---|---|---|
| RBC | 5.04% | 3.95% |
| TD | 5.34% | 4.24% |
| Scotiabank | — | — |
| BMO | 4.94% | 4.10% |
| CIBC | 5.14% | 4.10% |
Standard (uninsured) 5-year specials from each bank's own rate page — October 2026 snapshot, not a live rate sheet. "—" = no special published online. BMO fixed is Smart Fixed. Posted rates are higher.
Get a live quote from 30+ Canadian lenders.
October 2026 snapshot — not a live rate sheet (fixed and variable). Book a call for current offers.
Rates depend on your profile
Insured vs. uninsured, rental, and credit band all change your quote. Use our planner for a personalized checklist.
Build my renewal plan → Weekly sample — updated Oct 1, 2026: October 2026 sample comparison — not a live rate sheet. Rates change daily by credit, LTV, occupancy and property type — book a call for a live quote.
Quick Answer
Tables on this page are a sample comparison, not a live rate sheet. Big Six renewal letters typically sit 0.25–0.75% above a shopped broker-channel offer — on $600K, a 0.50% gap costs ~$15,000 over five years. Get a live quote before you auto-renew.
Your bank's renewal letter will almost always quote higher than a shopped broker-channel offer — a mortgage broker is free and typically saves 0.25–0.75%. Sample figures below are illustrative only; they are not “best rates today.”
Your mortgage renewal is one of the most significant financial decisions you'll make. The rate you accept today will determine how much interest you pay over the next term — often $5,000 to $30,000 worth of difference depending on your balance and how hard you shop. Use our mortgage renewal calculator to see the impact on your specific numbers. Licensed brokers at LendCity Mortgages compare 30+ lenders at no cost.
Key Takeaways
- • Sample comparison — get a live quote. Do not treat the tables below as today's best rates.
- • Big Six renewal letters typically quote 0.25–0.75% above broker-channel offers — on $600K, 0.5% costs ~$15,000 over 5 years.
- • Confirm the current overnight rate on the Bank of Canada site, or see our current mortgage rates Canada snapshot; posted/broker rates move independently of that print.
- • Lock a rate hold 120 days before maturity; if rates drop, most lenders honour the lower rate.
- • Primary next step: talk to a licensed broker for a live quote.
Sample Rate Comparison (Big Six vs. Broker)
Big-bank published specials (from each bank's own rate page, October 1, 2026) against broker-channel sample rates for qualified borrowers. Not a live feed. A renewal letter is often higher than the published special unless you negotiate.
| Term | Big Bank Published Special | Broker Best (Insured) | Spread |
|---|---|---|---|
| 1-Year Fixed | RBC 5.04% · CIBC 4.94% | ~4.54% | ~0.40% |
| 2-Year Fixed | RBC 4.94% · CIBC 4.69% | ~4.19% | ~0.50% |
| 3-Year Fixed | 4.90% (Big 5 avg) | ~4.19% | ~0.71% |
| 5-Year Fixed | 5.12% (Big 5 avg) | ~4.34% | ~0.78% |
| 5-Year Variable | ~Prime − 0.35% | ~Prime − 1.05% | ~0.70% |
Sample comparison — get a live quote. Bank rates = Big 5 average of published specials (3- and 5-year; BMO's 5-year is Smart Fixed) or RBC and CIBC published specials (1- and 2-year, the only Big 5 banks that publish them; spread uses the lower). Broker rates = sample insured channel. Your quote depends on credit, LTV, and property type. Talk to a broker.
Sample Market Renewal Rates
Illustrative broker-channel figures for qualified borrowers — not a live quote. Your actual rate depends on your credit score, LTV ratio, income, and property type. Always get a personalized quote.
| Term | Type | Approx. Best Rate | Notes |
|---|---|---|---|
| 1-Year Fixed | Fixed | ~4.54% | Short commitment, maximum flexibility |
| 2-Year Fixed | Fixed | ~4.19% | Balance of flexibility and rate |
| 3-Year Fixed | Fixed | ~4.19% | Most popular balance point |
| 4-Year Fixed | Fixed | ~4.39% | Less common, sometimes poor value |
| 5-Year Fixed | Fixed | ~4.34% | Most common insured term; uninsured is often a little higher (equal in this sample) |
| 3-Year Variable | Variable | ~Prime − 0.85% | Prime rate currently 4.45%; effective ~3.60% |
| 5-Year Variable | Variable | ~Prime − 1.05% | Sample spread vs prime — confirm with a live quote |
| Open Mortgage | Open | ~7.0%+ | Pay off anytime, much higher rate |
Sample comparison — get a live quote. Figures are illustrative broker-channel samples for insured mortgages. Rates change daily. Talk to a broker.
Frequently Asked Questions
What are the best mortgage renewal rates in Canada right now?
There is no single posted “best rate today” that fits every file. Tables on this page are an October 2026 sample comparison — not a live rate sheet. Your quote depends on credit, LTV, occupancy, and property type. Get a live quote from a licensed broker; Big Six renewal letters typically sit 0.25–0.75% above a shopped broker-channel offer.
Are renewal rates the same as purchase rates in Canada?
Not always. At renewal, your loan-to-value may have improved (home appreciation), you may qualify for different insurance tiers, and uninsured straight switches are exempt from the prescribed MQR since November 21, 2024 (B-20 overlays remain). Broker renewal rates are often competitive with purchase rates for insured mortgages, but bank renewal letters rarely reflect market-best pricing.
How much can I save by not accepting my bank's renewal rate?
On a $600,000 mortgage, a 0.50% rate difference costs approximately $15,000 in extra interest over a 5-year term. Canadians who compare through a mortgage broker typically save 0.25–0.75% versus their bank's first renewal offer.
Should I choose fixed or variable at renewal in 2026?
Fixed offers payment certainty; variable offers flexibility if policy rates move. Confirm current overnight and prime on the Bank of Canada site, then have a broker model both with your balance and a live quote — sample tables on this page are not a forecast.
When should I lock in a renewal rate hold?
Start shopping 120 days before your maturity date. Most lenders offer rate holds of 90–120 days (some up to 180). If rates drop after you lock in, many lenders honour the lower market rate automatically.
What documents do I need to get a renewal rate quote?
For a straight switch quote: government ID, recent mortgage statement (balance and maturity), property address, and employment/income details if the lender requests them. Straight transfers since November 2024 often need less income documentation than a refinance. Use our renewal document checklist generator for a tailored list.
Are best renewal rates the same in every province?
Broker-channel insured rates are largely national, but Quebec notary costs, credit-union pricing, and local lender overlays change your net savings. Compare the rate gap against switch costs for your province before you accept a bank letter.
How Renewal Rates Differ From Purchase Rates
At renewal, you may qualify for different rates than when you first bought. Key factors that have likely changed: your loan-to-value ratio (your home has likely appreciated), your overall debt load, and the regulatory environment. The November 2024 OSFI change exempts uninsured straight switches from the prescribed MQR; B-20 and lender overlays remain — see our switching lenders guide.
Why Your Bank's First Offer Is Rarely the Best Rate
Canada's Big 6 banks rely on inertia. They know that over 70% of Canadians will simply sign the renewal offer that arrives in the mail without shopping around — a costly renewal mistake. As a result, they often quote rates that are 0.25–0.75% higher than what you could get through a mortgage broker.
On a $600,000 mortgage, 0.5% in extra interest over 5 years costs approximately $15,000. The bank's strategy is profitable precisely because most Canadians never compare.
Insured vs. Insurable vs. Uninsurable: Rate Impact
Insured Mortgage
Originally purchased with less than 20% down. CMHC-insured. Best rates available at renewal. Insured simple renewals and uninsured straight switches are prescribed-MQR exempt; overlays can still apply.
Rate Tier
Best available
Insurable Mortgage
Originally 20%+ down, purchase price ≤$1.5M, amortization ≤25 years. Lender may bulk-insure. Good rates, slightly above insured.
Rate Tier
Mid-tier
Uninsurable Mortgage
Refinances, purchase prices >$1.5M, amortization >25 years, rental properties. Lender carries full risk. Higher rates.
Rate Tier
+0.10–0.30%
Fixed vs. Variable at Renewal (2026)
With the Bank of Canada overnight rate at 2.25% (prime at 4.45%), the gap between fixed and variable rates has narrowed significantly. Variable rates are currently close to or slightly below short-term fixed rates. The decision now depends heavily on your outlook for rates and your risk tolerance.
See our full Fixed vs. Variable at Renewal guide for a complete analysis.
How to Get the Best Rate at Renewal
1
Start 120 days early
Rate holds are available up to 120–180 days before maturity. Lock in today's rate as protection if rates rise.
2
Use a mortgage broker
Brokers access 30+ lenders — including monolines that only work through the broker channel and consistently offer better rates than banks.
3
Get your bank's offer first
Use your bank's offer as a negotiation starting point with your broker. Sometimes just showing a competing rate gets your bank to match.
4
Know your mortgage type
Standard charge mortgages switch at no cost. Collateral charges require legal fees but may still be worth switching. Know which you have.
5
Improve your credit beforehand
A credit score above 720 unlocks the best rates. Check your score 6 months out and address any issues.
Rate Forecast: 2026–2027
The Bank of Canada held its overnight rate at 2.25% on September 2, 2026 (7th consecutive hold). Next announcement: October 28, 2026. Sample tables on this page are a October 2026 snapshot — not a live rate sheet. For a deeper analysis, see our full Canadian mortgage rate forecast.
For fixed rates, the key driver is Canadian government bond yields. 5-year bond yields have been elevated due to inflation uncertainty and US tariff concerns. Fixed rates are unlikely to return to the sub-2% levels seen in 2020–2021.
📊
What This Means for Your Renewal Decision
If you're renewing in 2026, a 3-year fixed term lets you re-evaluate in 2029 when rates may be lower. A 5-year variable lets you benefit immediately if the BoC cuts. A broker can model both scenarios with your specific numbers.
Related Guides
All Renewal Calculators
Payment, stress test, switch break-even, prepayment — all in one place.
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.
Current Mortgage Rates
Today's Canadian mortgage rates across major lenders.
Canadian Rate Forecast
Where rates are heading — major bank forecasts for 2026 and beyond.
Book a Free Strategy Call
20-minute call with a licensed broker — free, no obligation.
Rate tables are step one
A call turns posted rates into a renewal plan for your file.