Mortgage Renewal 2026: Time to Act Smart!
Get a second opinion for free. $400 billion in Canadian mortgages renew in 2026 and 2027 — don't let yours auto-renew.
Free Renewal Review + Exclusive Offer
Claim $300 appraisal rebate and $300 legal fee credit with promo code:
Use this code when booking your appointment. Valid Mar 1 – May 1.
The Renewal Wave Is Here
This year, more Canadian mortgages are renewing than any period in the last decade. Most people will just sign the renewal letter their bank sends — and that's exactly what banks are counting on.
Many Toronto homeowners are renewing 5-year fixed mortgages from ultra-low pandemic rates (~1.5–2%). Payments could rise 10–25% on average — manageable for most thanks to equity buildup and stable rates, but don't auto-renew!
$400B
Mortgages renewing in 2026–2027
10–25%
Potential payment increase
$1,000s
Savings by shopping around
You're not obligated to stay with your current lender.
You're not even obligated to start there.
The difference between shopping your renewal and auto-renewing can be thousands of dollars per year.
The process takes one conversation.
When Should You Start?
Ideally 6 months (180 days) before maturity, or at least 120 days. Lenders send offers ~21–60 days prior, but early shopping lets you compare, negotiate, or switch penalty-free.
Will your lender renew? Yes — most auto-renew at their new rate if you do nothing. But it's rarely the best deal! Shop around; many borrowers secure significantly lower rates and better terms.
The Renewal Process
Review Your Current Mortgage
Check your balance, end date, and credit score.
Get Your Lender's Renewal Offer
See what your current lender is proposing — but don't sign yet.
Shop Around Via a Broker
Compare fixed vs. variable rates across multiple lenders.
Negotiate
Lenders often match better deals for solid borrowers.
Sign New Terms or Switch
Stress test may apply if making significant changes.
2026 Key Data (as of Feb 2026)
BoC Overnight Rate
2.25%
Held Jan 28 · Prime 4.45%
Outlook
Stable / Possible Hike
Expected stable most of year, small hike possible late 2026
Best 5-yr Variable
~3.50%
Best 5-yr Fixed
3.84–3.99%
Impact: Many face higher payments (e.g., from ~2% to ~4% = 15–25% payment jump), but variable holders may see relief or stability.
Pro Tips
Check your credit score before you start the renewal conversation.
Build a payment buffer now — set aside extra in case rates rise further.
Consider fixed for predictability, or variable if you believe rates will hold.
Don't sign the first offer your bank sends — it's almost never the best one.
Ready to save thousands on your renewal?
The process takes one conversation. Book a free renewal review today.
Use code 300300 when booking for $300 appraisal rebate + $300 legal fee credit.
Saminder Juneja | Mortgage Broker | Mortgage Centre Canada | Independently Owned and Operated | Get A Better Mortgage Inc. | Lic. 10874 | P: 289-536-0066 | E: info@thejunejagroup.ca | thejunejagroup.ca
This post is for informational purposes only and does not constitute financial advice.
Related guide
Mortgage Renewal 2026: Rates, Traps & Negotiation Strategy
Renewing in 2026? Our full renewal playbook covers current rates, auto-renewal traps and the 180-day negotiation window.
Private Lending Assessment
Let's see if we can help you access your home equity