Reviewed by Scott Dillingham · Licensed Mortgage Agent (Ontario, Level 2) · Updated May 21, 2026
Ontario is Canada’s largest mortgage market. Nationally, CMHC’s Spring 2026 RMIR projects roughly one million households renewing in 2026 — about 13% below the 2025 peak. CMHC does not publish a 2026 Ontario headcount on this page. Here's what Ontario homeowners need to know.
Source: CMHC Spring 2026 RMIR
Ontario remains Canada's most active housing market, accounting for more than 40% of all residential mortgages by dollar value. The Greater Toronto Area alone sees hundreds of thousands of mortgage renewals annually, with mortgages on homes worth well over $1 million not uncommon.
This means that even a 0.25% improvement on the best mortgage renewal rates saves significantly more for Ontario homeowners than for those elsewhere in the country. A $800,000 mortgage at 0.25% lower saves approximately $1,000/year — or $5,000 over a 5-year term.
Ontario's mortgage market is also highly competitive, with hundreds of lenders — including national banks, credit unions, trust companies, and monolines — actively competing for renewal business.
Several major Ontario lenders — particularly TD and those using STEP products — register mortgages as collateral charges. This makes <a class='text-pulse' href='/switching-lenders-at-renewal/'>switching lenders</a> harder and more expensive (often requiring a real estate lawyer and $700–$1,500 in fees). Know your charge type before renewal.
Ontario charges its own provincial LTT on property purchases, in addition to the municipal LTT in Toronto. These don't apply at renewal — but if you're considering porting vs. renewing, LTT on a new purchase is a significant cost to factor in.
Toronto charges an additional Municipal Land Transfer Tax. Again, this doesn't affect a straight renewal — but matters if you're weighing whether to sell and buy something else vs. renewing your existing home.
Ontario has a rich credit union sector (Meridian, Alterna, FirstOntario, DUCA, and many others) that often offer competitive rates and more flexible qualification. Credit unions operate under provincial (FSRA) rather than federal oversight, giving them some flexibility federal lenders don't have.
Most Ontario lenders will hold a rate for 120 days. Starting early locks in today's rate as a floor while you continue shopping. See our <a class='text-pulse' href='/mortgage-renewal-checklist/'>renewal checklist</a> for a month-by-month timeline.
All <a class='text-pulse' href='/mortgage-broker-renewal/'>mortgage brokers</a> operating in Ontario must be licensed through FSRA (Financial Services Regulatory Authority of Ontario). Your broker will access both federally regulated lenders and Ontario credit unions.
Call your current lender and ask whether your mortgage is registered as a standard charge or collateral charge. This determines your switching flexibility and potential legal costs.
Your broker should present quotes from at least 3 different lenders — ideally comparing a bank, a monoline, and a credit union.
Compare penalties, prepayment privileges, portability, and discharge fees — not just the advertised rate. Our <a class='text-pulse' href='/fixed-vs-variable-mortgage-renewal/'>fixed vs. variable guide</a> can help with the rate type decision.
Our licensed Ontario mortgage brokers access 30+ lenders including monolines, credit unions, and banks — all in one call. Free, no obligation.
Book Free Call →Yes for most switches — a lawyer handles discharge and registration. Many new lenders cover legal fees on straight switches. Standard charges are cheaper to switch than collateral charges (TD, National Bank).
Quebec Mortgage Renewal
Quebec-specific civil code rules for renewing your mortgage.
British Columbia Mortgage Renewal
BC renewals — property-transfer tax, PTT, and lender landscape.
Alberta Mortgage Renewal
Alberta renewals — non-recourse lending and unique considerations.
Credit Union Renewals
Provincially-regulated credit unions and renewal flexibility.
Payment Shock at Renewal 2026
Why renewal payments rise in 2026 — and how to estimate and reduce the increase.
Book a Free Strategy Call
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Local checklist first, then a call for lender options that fit. LendCity Mortgages is licensed in Ontario (Mortgage Architects, FSRA #12728) and will say if your province needs a local broker.
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