The 2026 Renewal Wave
With ~1.5 million Canadian mortgages renewing in 2026, competition for borrowers is fierce. This is your opportunity to save thousands.
Why 2026 Renewals Are Different
The Good News
If you locked in during 2019-2021:
- You may face higher rates, but much lower than 2023-2024 peaks
- Rates have normalized significantly
- Competition among lenders is strong
The Reality Check
| Original Rate | Current Rate | Monthly Change ($500K) |
|---|---|---|
| 2.5% (2021) | 4.0% (2026) | +$425 |
| 3.0% (2022) | 4.0% (2026) | +$290 |
| 5.5% (2024) | 4.0% (2026) | -$430 |
The 5 Renewal Mistakes to Avoid
Mistake #1: Signing the Renewal Letter
Your lender's renewal offer is rarely their best rate. Always negotiate or shop around.
Mistake #2: Waiting Too Long
Start shopping 120+ days before maturity to lock in the best rate.
Mistake #3: Not Considering Switching
Switching lenders at renewal has minimal or no cost, and can save significantly.
Don't Just Sign Your Renewal
Your lender's renewal offer may not be the best deal. Compare rates and potentially save thousands over your next term.
Compare RatesMistake #4: Ignoring Term Options
In falling rate environments, shorter terms (2-3 years) may make sense.
Mistake #5: Overlooking Mortgage Features
Beyond rate, consider prepayment privileges, portability, and penalty calculations.
Frequently Asked Questions
When should I start my renewal process?
At least 120 days before maturity to get rate holds and shop properly.
Do I need to requalify at renewal?
Not if staying with current lender. Switching triggers new qualification.
Can my lender refuse to renew?
Rare, but possible if your situation has deteriorated significantly.
Get a free renewal rate comparison before signing anything.
Renewal Coming Up?
Start shopping 120 days before your renewal date. We help you find the best rate and negotiate on your behalf.
