CMHC Spring 2026: One Million Households Still Renewing CMHC Spring 2026: One Million Households Still Renewing

CMHC’s Spring 2026 Residential Mortgage Industry Report (RMIR) estimates roughly one million Canadian households will renew their mortgages in 2026 — about 13% fewer than the 2025 peak when volumes topped 1.2 million.

Why 2026 still feels intense

Many 2020–2021 borrowers locked ultra-low fixed rates. Those 5-year terms are maturing into a market where competitive renewal rates remain well above pandemic-era contract rates — even after the Bank of Canada eased to 2.25% overnight (prime 4.45%) through early 2026.

Payment shock is arithmetic: the same balance at a higher contract rate means a higher monthly payment unless you shop for a lower rate or extend amortization with lender approval.

Three practical takeaways

1. Start early — rate holds at 120 days out protect you from market moves before maturity.
2. Shop before you sign — inertia is expensive; broker quotes often beat first renewal letters.
3. Model your number — use the renewal payment calculator with your statement balance and both rates.

Read the full mortgage renewal guide for the 12-month timeline.

Source

• CMHC Spring 2026 RMIR