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.

For 2020–2021 borrowers the modelled payment increase often marks their first real renewal shock, which First Renewal Payment Shock: A 2020–2021 Borrower’s Checklist lays out in sequence.

Mortgage Renewal Hub tracks these multi-year renewal waves for Canadian households, as outlined in the About Mortgage Renewal Hub.

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

Source

• CMHC Spring 2026 RMIR