Mortgage renewal rates —
beat your rate.
Today’s lowest 5-year fixed renewal rate is 4.14% and variable 3.44% (Oct 24, 2026). Don’t auto-renew at your bank’s first offer — switching at maturity is penalty-free and broker-channel rates often beat a bank’s renewal notice. We shop 100+ lenders for you.
Four reasons not to
auto-renew with your bank.
Roughly 60% of Canadian mortgages renew in 2025–26. Banks know auto-renewal is their most profitable outcome.
The bank's letter isn't its best rate
The renewal notice is a starting offer engineered to capture your inertia. Banks reserve their sharpest pricing for clients who show a competing quote — so we get you one.
Switching at maturity is penalty-free
There's no prepayment penalty at maturity, and many new lenders cover the legal and appraisal costs of a straight switch, so a transfer to a lower rate often costs little or nothing beyond a possible discharge fee.
Start 120 days before maturity
Many lenders hold a renewal or switch rate for up to 120 days before maturity, so a rising market can't catch you — and some will pass on a drop if rates fall. A free reminder from us keeps you on schedule.
Renew, switch, or refinance — all modelled
These are three different decisions with different costs and outcomes. We run all three on your numbers so you don't leave money — or a smarter structure — on the table.
How to get your
best renewal rate.
Market first, bank second.
That order matters.
Share your maturity date and bank's offer
Tell us your lender, current rate, balance, and maturity date — takes about 5 minutes. Sharing the bank's renewal letter (if you have it) helps us respond to the specific offer on the table.
We shop 100+ lenders and model every path
Renewal, switch, and refinance options across A-lenders, monolines, B-lenders, and credit unions — compared side by side. You see every number before you decide.
Close penalty-free with the best rate in hand
No stress test on a straight switch (since November 2024). No penalty at maturity. Many new lenders cover the legal and appraisal costs of a transfer. We handle the paperwork from rate hold through funding.
Every renewal path,
covered.
Tap your situation to see how we handle it.
If you’re…Your renewal letter just arrived and the rate looks high
Your renewal letter just arrived and the rate looks high
It probably is. We shop your renewal across 100+ lenders and bring back a competing offer — which many banks will match or beat to keep you. The bank either meets market pricing or loses you.
Get a competing rateIf you’re…You want to pull equity or consolidate debt at renewal
You want to pull equity or consolidate debt at renewal
Renewal is the cleanest window to restructure — no penalty. If you need more than your current balance, that's a refinance. We model both side by side and show you the net saving or cost.
Model my optionsIf you’re…You're coming off a sub-2% pandemic rate
You're coming off a sub-2% pandemic rate
Most Canadians in this position face a significant payment increase. Run the payment shock calculator to see the jump, then we'll find the lowest renewal rate available to soften it.
Calculate my payment shockIf you’re…You're self-employed and your income looks different on paper
You're self-employed and your income looks different on paper
A and alt-A lenders can underwrite stated income, T1 averages, and contract income. Your file has a path — we identify which lenders fit and bring you the best rate among them.
Explore self-employed renewalIf you’re…Your mortgage is a collateral charge (TD, Tangerine, HELOC-bundled)
Your mortgage is a collateral charge (TD, Tangerine, HELOC-bundled)
Collateral charges usually can't be transferred — you'll need a new registration and legal fees. We confirm your charge type and run the real net numbers: often the saving still beats the cost.
Check if switching still savesIf you’re…You want to lock a rate hold now and decide closer to maturity
You want to lock a rate hold now and decide closer to maturity
Many lenders hold a renewal or switch rate for up to 120 days before maturity. We set the hold, monitor for rate drops, and let you choose with the full market picture in hand.
Set a free renewal reminderWhat shopping your
renewal actually saves.
The bank’s first offer vs. the market rate — here’s what the spread can look like.
- Remaining balance$450,000
- Bank's renewal offer5.89% fixed
- Monthly payment~$3,030
- 5-year interest cost~$124,800
- Shopping aroundSkipped
- Monthly outflow~$3,030
- Same balance$450,000
- Our best rate4.29% fixed
- Monthly payment~$2,590
- 5-year interest cost~$88,200
- Switch penaltyPenalty-free
- Monthly outflow~$2,590
Illustrative only — your rate and savings will differ based on balance, amortization, lender, and market conditions. Try the renewal calculator.
Renewal questions,
plain answers.
Stress test rules, switching costs, collateral charges, and rate holds — answered plainly.
Are renewal rates the same as new mortgage rates?
Not always. Banks often send a renewal offer above their best advertised rate, betting you'll just sign, and broker-channel rates often beat a bank's first renewal offer. We show the lowest renewal rates on our live board above and shop them for you.
Can I switch lenders at renewal without a penalty?
Yes. At maturity there's no prepayment penalty, and many new lenders cover the legal and appraisal costs of a straight transfer (your current lender may charge a small discharge fee). A straight switch (same balance, same amortization) doesn't require re-passing the stress test2. We handle the paperwork.
When should I lock my renewal rate?
About 120 days before maturity, because many lenders will hold a renewal or switch rate that far ahead. That's a lender practice, not a federal rule: federally regulated lenders only have to send your renewal statement at least 21 days before the term ends1. Lock a rate while you shop so you're protected if rates rise. Set a free renewal reminder so you don't miss it.
What will my payment be at renewal?
If you came off a sub-2% pandemic rate, expect a jump. Run it on our payment shock calculator — then we'll find the lowest renewal rate to soften it.
Will I have to re-qualify under the stress test when I renew?
If you stay with your current lender, generally no — there's no re-qualification, even if your income changed. If you switch to a new lender on the same balance and amortization, also no stress test — that's been exempt since November 21, 2024, though the new lender still reviews your credit and income. Add money or extend your amortization and you're qualified under OSFI's B-20 stress test (the greater of your rate + 2% or 5.25%)3, though some provincially regulated credit unions set their own qualifying rules. We flag which lenders will approve your file so a tight file still has a path.
My mortgage is with TD or Tangerine — can I still switch at renewal?
Maybe, but check first. TD, Tangerine, and any readvanceable/HELOC-bundled mortgage are registered as a collateral charge, which usually can't be assigned to a new lender — switching needs a new registration and legal fees (often several hundred dollars up to about $1,000, which some new lenders cover). Often the rate saving still beats that cost; we confirm your charge type and the real net number before you move.
Sources
Primary sources for the rules and figures above. Rules, rates and lender policies change, so confirm anything you plan to act on with a licensed advisor.
- 1. Financial Consumer Agency of Canada, Renewing your mortgage: Federally regulated lenders must send a renewal statement at least 21 days before the end of your term; you can shop around and switch lenders at renewal.
- 2. OSFI, OSFI exempts uninsured mortgage straight switches from the prescribed MQR (Nov 21, 2024): Uninsured straight switches at renewal (no increase in loan amount or amortization) no longer need to be re-qualified at the minimum qualifying rate.
- 3. OSFI, Minimum qualifying rate for uninsured mortgages: Uninsured mortgages at federally regulated lenders are qualified at the greater of the contract rate plus 2% or 5.25%.
- 4. Bank of Canada, Staff Analytical Note 2025-21: mortgage renewals in 2025 and 2026: About 60% of outstanding mortgages in Canada renew in 2025 or 2026, and most of those borrowers face a higher payment.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Mortgage renewal rates by city
We shop renewal rates across Canada — find your lowest renewal rate in your market.