🎯 Is your mortgage coming up for renewal?
Estimate your property’s current value before you negotiate
Estimate my property →The 2025–2026 mortgage renewal wave is unprecedented in Canada. Nearly 2.2 million households must renew at rates significantly higher than what they secured in 2020–2021. Here’s your complete guide.
📊 The Scale of the Renewal Wave
Never have this many mortgages expired at the same time in Canada. Five-year terms signed in 2020–2021, during the ultra-low rate period, are all maturing simultaneously.
60%
Of mortgages up for renewal
2.2M
Households affected in Canada
1.5–2.5%
Rates signed in 2020–2021
💸 Payment Shock — How Much More?
Here’s the concrete impact on a $400,000 mortgage (25-year amortization):
$1,750/mo
Payment at 2.0% (2021)
$2,200/mo
Payment at 3.89% (2026)
+$450/mo
Increase at best 2026 rate
❌ Worst case: at the posted rate of 4.29%, the payment would rise to $2,350/mo, or +$600/mo and +$7,200/year. This is why negotiating is critical.
📋 How to Prepare for Your Renewal
1. 📅 Start 120–180 days early — Lock in a rate in advance to protect yourself
2. 📊 Know your situation — Remaining balance, current property value, loan-to-value ratio
3. 💰 Shop around for rates — Never sign your bank’s first offer
4. 🤝 Consult a broker — A mortgage broker negotiates with 20+ institutions
5. 📝 Revise your budget — Factor the increase into your financial planning
💡 Tip: most lenders will send you a renewal offer by mail 21 days before your term expires. Don’t accept it without comparing — it’s rarely the best rate.
🤝 Strategies to Negotiate the Best Rate
✅ Do
Get 3+ written quotes
Show competing offers to your bank
Negotiate cashback and conditions
Consider switching lenders
❌ Don’t
Accept the first offer without negotiating
Wait until the last minute
Ignore hidden fees (penalties)
Choose a term by default
🤔 Should You Sell Instead of Renewing?
For some homeowners, renewing at a higher rate could make the property too expensive. Here are situations where selling may be the better option:
⚠️ Your payments would exceed 40% of gross income
⚠️ Your property has gained significant value since purchase
⚠️ You need to unlock equity for other projects
⚠️ Your family situation has changed (relocation, separation)
Renewal or sale? Start by knowing your property’s value
Free estimate to help you make the best financial decision.
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