Mortgage renewal rates in Canada.
Today’s best 5-year fixed is 3.94% and variable 3.60%. Don’t auto-renew at your bank’s first offer — switching at maturity is penalty-free and renewal shoppers save 30-60 bps. We shop 100+ lenders for you.
The best mortgage renewal rate today is about 3.94% (5-year fixed). Your bank’s renewal letter is rarely its best offer — switching lenders at maturity is penalty-free (the new lender usually covers discharge and appraisal), and renewal shoppers save 30-60 bps. Start 120 days before maturity to lock a rate and force the market to compete.
Why your renewal rate should beat the bank’s letter
The renewal notice your bank mails is rarely its best rate — it’s a starting offer. Because a transfer at maturity carries no penalty (and often no stress test), you have full leverage to move. We put your renewal out to 100+ lenders and bring back the lowest, so the bank either matches or loses you.
This matters more than usual right now: roughly 60% of Canadian mortgages renew in 2025–26, many rolling off pandemic-era 1.5–2.5% rates into today’s 4–5% market. The banks know an auto-renewal at their first offer is their most profitable outcome, so the single best move is to start 120 days before maturity and force the market to compete. Renewal is also three different decisions — renew (stay, fastest), switch (move the same balance for a better rate, usually $0 cost as the new lender covers discharge + appraisal), or refinance (restructure to consolidate debt or pull equity). We model all three on your numbers so you don’t leave 30–60 bps — or a smarter structure — on the table.
Renewing? Here's every path
Renew, switch, refinance, or blend — and the tools to decide. Same 100+ lender network behind each.
Refinance instead
Pull equity or consolidate debt while you're renewing — sometimes the smarter structure.
Renewal calculator
Compare your bank's offer against the market on real numbers.
Payment shock
Coming off a sub-2% rate? See the jump before it hits, then soften it.
Blend & extend
Lock a longer term early without breaking — see the blended rate.
Self-employed renewal
BFS files renewed right across A-lender, alt-A and private.
Free renewal reminder
We track your maturity and ping you 120 days out automatically.
6 reasons not to auto-renew with your bank
Why renewal shoppers save 30-60 bps versus signing the first offer.
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 the new lender usually covers discharge and appraisal — so a transfer to a lower rate is typically $0 cost to you.
Often no stress test to switch
Many straight transfers skip fresh underwriting, and several credit unions qualify on your contract rate rather than B-20 — so even a tighter file has a path to a better rate.
120-day rate hold protects you
Lock today's renewal rate up to 120 days before maturity; a rising market can't catch you, and many lenders honour a drop if rates fall.
Renew, switch, or refinance — modelled
These are three different decisions. We run all three on your numbers so you don't leave 30-60 bps — or a smarter structure — on the table.
Never auto-renew again
Maya tracks your maturity and reminds you 120 days out, every term — so the most expensive mistake (signing the first offer) never happens.
Why shop your renewal with us
- 100+ lenders shop your renewal — the bank either matches or loses you.
- Penalty-free switch handled end-to-end — appraisal, legal, discharge, timing.
- Renew vs switch vs refinance modelled on your numbers, net of every cost.
- FSRA #13737 · best-rate guarantee or $500 · no bureau pull to start.