Your Mortgage is Up for Renewal? You are not alone

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Renewal Shock is Real: The New Reality for Homeowners

An unprecedented number of mortgages are up for renewal between now and the end of 2026. If your mortgage was originated during the low-rate pandemic era (2020-2021), you might be facing a jump from historically low interest rates (some below 2%) to a 5-year fixed rate hovering today around 4%.

With the consensus of economic forecasts predicting the Bank of Canada Overnight Rate is likely near its bottom (2.25%) and expected to hold here for the next 18 months, the time to plan is now. So, what should you do?

Don't Fall for the 21-Day Trap

In Canada, your bank or lender is required to notify you at least 21 days before your mortgage is due. This tight deadline makes it difficult to shop around, and banks rely on this rush to get you to sign the easiest option—often not the best one.

In the past, many homeowners just renewed with their current lender out of frustration. However, the market has changed, and many homeowners are no longer standing pat.

What the Savvy Homeowners Are Doing (Equifax Survey)

Here are key statistics showing how many Canadians are approaching their mortgage renewal:

• Most are Shopping: A majority of Canadian homeowners (56%) would consider refinancing with a different lender at renewal time

  
  

• Switching is Up: In Q1 2025, 28% of mortgage owners successfully switched lenders

  
  

• Younger Buyers Lead: Younger mortgage holders (under 35) are the most likely to explore options, with 62% planning to explore options elsewhere, compared to 52% of those aged 35 and up

  
  

• The Reason: A primary motivation for switching is securing a better rate. Homeowners can save a significant amount annually by shopping around for the best market rate rather than accepting their current bank's initial offer.

  
  

The 60+ Lender Advantage (The Broker Difference)

When shopping for a mortgage, you would historically check rates at the Big 6 Banks who hold about half the mortgages in Canada. Royal Bank holds the largest share of all mortgages in Canada (19.8%), and that number is decreasing.

Thinking the Big 6 are your only options is like thinking the Detroit 3 are the only choices for your new car purchase! The truth is: Better options—and often better rates—are often found at:

• Smaller/regional banks like ATB, B2B Bank or CWB (Canadian Western Bank)

  
  

• Credit Unions like Servus

  
  

• A large number of Mortgage and Insurance Companies that you likely never heard of.

  
  

Rarely do the Big 6 rise to the top when I do a Rate Compare.

Get Market Leverage Today

The best time to start shopping is at least 120 days before your renewal is due. Most lenders give you the ability to lock in rates 90 days in advance, with some offering 120.

Next Steps:

1. Get a Full Market View: Reach out to me, and I can give you a high-level view of the range of mortgage rates and options for your circumstance

   
   

2. Zero Pressure: There are no forms to fill out and absolutely no commitment for this high level assessment

   
   

3. Give You Leverage: Knowing what you can get at another lender will, at a

   minimum, give you leverage in your negotiations with your current bank

   
   

4. Watch the Market: I can keep you apprised of changes in rates, Rate Specials, and any "Whisper Specials" as they come up.

   
   

Don't wait for the 21-day notice.

Contact me today to start your rate comparison.