Millions renewing in 2025–2027. Start 4 months early, shop around, and never accept your lender's first offer.
An estimated 1.2 million Canadian mortgages are up for renewal in 2025–2027. Many of these were locked in at 2–3% during the pandemic. Renewing at today's rates (4.5–5%) means significantly higher payments.
Most lenders will let you lock in a rate 120 days before your maturity date. This protects you if rates rise before your renewal. Don't wait until the last minute.
Your current lender will send you a renewal offer — often by mail or email. This is almost never their best rate. They're counting on inertia. Here's what to do:
Renewal is the perfect time to refinance — you can increase your mortgage, change your amortization, or access equity with no break penalty. Lenders can lend up to 80% of your home's current value.
With BoC holding at 2.25% and possible rate cuts in late 2026, variable rates are attractively priced. However, if your budget is tight, locking in a fixed rate gives payment certainty for your next term.
When your mortgage term ends, you have three choices: renew with your current lender, switch to a new lender, or refinance entirely. Most Canadians simply sign the renewal offer their bank sends — and that is almost always a mistake. Your lender's first renewal offer is designed for the 70% of Canadians who don't shop around. Many Canadians have successfully negotiated 0.25–0.50% off the posted renewal rate simply by calling and mentioning they are shopping around.
There is no penalty to switch lenders at renewal. Switching for a 0.30% better rate on a $400,000 mortgage saves approximately $6,000 over a 5-year term. Your new lender handles most of the paperwork. The entire process takes 2–3 weeks.
"I have received renewal offers from [competitor] at [rate]. I would prefer to stay with you, but I need you to match or beat that rate."
Most lenders have a retention team whose entire job is to keep you from switching. If the first person cannot help, ask specifically for the retention department.
Amrinder is a Winnipeg-based engineer and MBA who built canadamortgagerates.net to give Canadian homebuyers a single, unbiased platform covering every aspect of the home buying process — from mortgage rates and calculators to first-time buyer programs and professional connections.