Find the best mortgage renewal rates in Canada

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Best renewal mortgage rates in Canada

ratehub.ca insights: The Bank of Canada held its benchmark overnight lending rate steady at 2.25% on Wednesday, in its first announcement of 2026. As a result, variable mortgage rates -- currently at a low of 3.35% -- are unchanged. Fixed mortgage rates are stable as bond yields remain in the upper 2.8% range. Consider getting a pre-approval and rate hold to lock in a rate for up to 120 days.

Transaction type

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Current mortgage balance

Amortization

Rate term

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Do you have CMHC insurance?

Cashback	Rate	Provider
		Canadian Lender Ratehub.ca Exclusive
★Switch ^$800		Canwise A Ratehub.ca Company
★Switch ^$4,600		RBC Royal Bank
		Equitable Bank
		First National
		CMLS Financial
★Switch ^$800		Big 6 Bank
		Alterna Savings
		Meridian Credit Union
		MCAP
★Switch ^$800		Scotiabank
★Switch ^$4,100		TD Bank
		Desjardins
		ICICI Bank Canada
★Switch ^$4,100		Bank of Montreal
★Switch ^$4,500		CIBC
		Tangerine
		National Bank of Canada
		Simplii Financial ™

see which rates I qualify for

Why renew with Ratehub.ca?

Here's what you get:

Access to the best rates from day 1.
Did you know: You don't have to renew with your lender? You can usually get a lower rate by switching banks when your mortgage is up for renewal. In fact, re-signing with your current bank at renewal often means leaving money on the table. Your existing lender has less incentive to provide you with the most competitive rates, as they already have your mortgage business.
Switching comes with cash bonuses of up to $4,000 – that could pay for a vacation!
You could save $13,857 on average by switching with Ratehub.ca vs renewing with your bank. Speak to a Ratehub.ca mortgage agent today to see how easy switching can be.
Don't lose out on thousands in savings!

Frequently asked questions

How to compare renewal offers from different lenders?

Many Canadian lenders offer the same rates for both mortgage purchases and renewals.

As of January 31, 2026, the best high-ratio, 5-year fixed mortgage rate in Canada is 3.84%, which is available across much of the country, including in Ontario, Quebec, British Columbia and Alberta.

As of January 31, 2026, the best high-ratio, 5-year variable mortgage rate in Canada is 3.35%, which is available across Canada, including Ontario, Quebec, British Columbia and Alberta.

To find the best mortgage rates in Canada in 2026, use our rate table to compare the lowest mortgage rates currently offered by Canada’s Big Banks and top mortgage lenders.

Should I renew early or wait until my mortgage matures?

For many borrowers, starting the renewal process early is the better option. You can typically begin shopping for renewal rates up to 120 days before your mortgage term ends without paying a penalty. Renewing early doesn’t lock you in right away, but it does give you more flexibility. You’ll have time to compare offers from different lenders, negotiate with your current bank, make a lump-sum payment to reduce your balance, or choose a different mortgage term. If rates improve before your maturity date, you can still take advantage of them. By contrast, waiting until the last minute limits your options and often leaves borrowers accepting their lender’s first offer.

How to negotiate a lower renewal interest rate?

The most effective way to negotiate a lower renewal rate is to shop around first and compare rates. By checking what other lenders are offering and what you qualify for, you gain real leverage when speaking with your current lender. You can present competing offers and ask your lender to match or improve their renewal rate. If they won’t, you may be able to switch to a new lender at renewal. As of November 21, 2024, borrowers who switch lenders at renewal may be exempt from the mortgage stress test, as long as their mortgage amount and amortization don’t change and the mortgage is held with a federally regulated financial institution.

Can a bank deny a mortgage renewal in Canada?

In most cases, no, as long as you’ve made your payments on time and your financial situation hasn’t significantly changed, your lender is unlikely to deny your mortgage renewal. That said, a lender can choose not to renew if your income has dropped, your debt has increased substantially, or your credit profile has worsened. If this happens, you still have options, including switching to another lender at renewal, often through a straight switch where your mortgage amount and amortization stay the same. You may be able to do so without having to requalify for the mortgage stress test.

Learn more about your options if your mortgage renewal is denied.

Should I renew my mortgage for 2 or 5 years?

There are pros and cons to either approach. Renewing into a five-year fixed-rate term can provide longer-term stability in terms of predictable mortgage payments, and general peace of mind – there’s a reason five-year terms are the most popular among Canadian borrowers! However, locking in for that long can mean borrowers may miss out on better mortgage rates, should they trend lower during that time period. Taking out a shorter term, such as a two-year mortgage, can be a good solution for borrowers who want the flexibility to make a change to their mortgage at renewal time sooner. However, shorter-term mortgage rates tend to be higher than five-year terms.

You can use Ratehub’s Mortgage Renewal Calculator to see how your payments would change based on differing term lengths.

What happens at renewal if you have a collateral mortgage?

If you have a collateral mortgage, switching lenders at renewal is more complicated and often more expensive. In a collateral mortgage, the lender registers your home with a collateral charge for a higher amount than the mortgage loan amount that you initially need. This additional borrowing room allows the homeowner to take more money out against their home if they need extra cash. While you can still renew with your current lender as usual, moving to a new lender typically requires paying legal fees to discharge the collateral charge on your property, since it can’t be transferred. Because of these added costs, many borrowers with collateral mortgages choose to stay with their existing lender at renewal, even if better rates are available elsewhere, though some lenders will cover the fees for you to incentivize you to switch.

How is a mortgage renewal different from a refinance?

A mortgage renewal involves simply taking out a new rate and term by signing a new contract when your existing mortgage term expires. Generally, your original mortgage amount and amortization period don’t change. A mortgage refinance means making significant changes to your mortgage, such as the type of mortgage, the principal amount, and the amortization period. Borrowers can either refinance their mortgage at renewal time without having to incur a penalty, or break their mortgage mid-term to refinance and pay the required mortgage refinance penalties, which differ based on the type of mortgage.

What’s in the renewal statement?

Your renewal statement outlines the new interest rate, mortgage term, payment amount, and renewal options your current lender is offering once your term ends. It typically shows how your payments would change under different term lengths and may include instructions on how to accept the offer, negotiate, or explore other options. While it’s meant to make renewal easy, the statement usually reflects your lender’s default offer, not necessarily the most competitive rate available.

Renewal rates over time

From 2007 - Today

Guide to mortgage renewal rates

Jamie David, Sr. Director of Marketing and Mortgages

January 28, 2026

Key takeaways

When your mortgage term expires, you’ll need to renew it for a new contract.
By law, your lender must inform you of your upcoming renewal within 21 days, but borrowers can start the mortgage renewal process up to120 days before their term ends. This is a great opportunity to shop for better mortgage renewal rates, or to negotiate with your current lender.
Both insured and uninsured mortgage holders won’t be re-stress tested if they switch lenders at renewal, as long as their original mortgage amount and amortization doesn’t change.

2025-2026 Canadian mortgage renewal facts

65% Canadians renewed their mortgages in 2025. Almost half of them were concerned about the possibility of defaulting on their mortgage payments in the future.
64% of Canadians were impacted by the increase in mortgage interest rates.
80% of Canadians renewed with their current lender in 2024, with rate as the top reason for making the switch.

Sources:

What is mortgage renewal?

Mortgage renewal is the process of signing a new mortgage contract when your current term ends. At renewal, you choose a new interest rate, term length, and sometimes a different lender, while your remaining mortgage balance and amortization usually stay the same. This is a key decision point for borrowers, as it’s often the easiest time to negotiate a better rate or switch lenders without paying a penalty.

2026 housing and mortgage market update

The housing market in Canada saw a rather quiet start to 2025, as buyers stayed on the sidelines. When looked at from a historical perspective, both fixed and variable mortgage rates are currently elevated. Anyone shopping for a mortgage rate in Canada today should be aware of the economic factors below.

Inflation- December 2025

January 2026 real estate update

2026 housing market forecast

Bank of Canada’s December 10, 2025 announcement

When do lenders send the renewal statement in Canada?

In Canada, lenders typically send a mortgage renewal statement between 21 and 120 days before your mortgage term expires. By law, lenders must provide at least 21 days’ notice ahead of maturity, though many send renewal offers earlier to encourage borrowers to re-sign in advance. Receiving a renewal statement doesn’t mean you have to accept it. It simply outlines your lender’s proposed terms and gives you time to review your options, compare rates, and decide whether to renew early or wait until maturity.

Will my mortgage payments go down when I renew?

Not necessarily. The mortgage rates available at renewal time will reflect the current borrowing environment in Canada. If rates are the same or lower than when you first got your mortgage, your payment should decrease as your overall mortgage size will be smaller due to the payments you’ve made over the course of your first mortgage term.

If today’s mortgage rates are higher than when you first took out your loan, you’re not alone; according to a survey by Mortgage Professionals Canada, 63% of those renewing their mortgage are anxious about renewing at a higher rate.

Interest rates rose sharply between 2022 and 2023 as the Bank of Canada – which sets the benchmark for the prime rate used by lenders – increased this trend-setting to a historic high of 5%. While the central bank has since completed another rate-cutting cycle and rates have come down, they are still considerably higher than borrowing costs in 2020 and 2021, when the Bank’s rate sat at a record low of 0.25%.

Borrowers who are concerned about renewing at a higher mortgage rate should contact their lender to explore their options which can include extending their amortization, getting a lower rate elsewhere, or refinancing their mortgage.

Video: 3 tips for renewing your mortgage

What documents do I need for mortgage renewal in Canada?

The documents required at renewal depend on whether you stay with your current lender or switch, but commonly include:

Mortgage renewal statement from your current lender
Proof of income, such as recent pay stubs, an employment letter, or tax documents (especially if switching lenders)
Government-issued photo ID
Mortgage details, including your current balance, amortization, and property information
Property tax statement and home insurance confirmation (may be requested by a new lender)

Should you renew with your current lender or switch to a new lender?

The right choice depends on your rate, your mortgage features, and how much flexibility you want in your next term. Before deciding, it’s worth taking a broader look at what’s available.

Shop around: Familiarize yourself with the interest rates and products offered by other financial institutions, and whether they’d be a better fit for you in your next mortgage term.
Work with a broker: Rather than having to compare your mortgage rate options yourself, working with a broker is a helpful way to get a full picture of the Canadian mortgage rate landscape. These professionals have access to rates from a number of different lenders, and can help you find your right fit.
Compare mortgage features, not just rates: Different lenders offer different levels of flexibility, such as lump-sum prepayments, accelerated payment options, or the ability to port your mortgage if you move.
Consider limitations of certain mortgage types: Some mortgage products, such as collateral-charge mortgages, don’t allow borrowers to switch lenders at all during the lifetime of the mortgage, without using the services of a real estate lawyer.
Explore cash back bonuses and incentives: Some lenders offer cash promotions and bonuses to new clients, including those switching to a new lender at renewal time. These special promotions may also come with other product requirements, such as taking out a bank account with the bank, and may have required minimums in terms of mortgage size and term length. It’s important to read the fine print when taking out any mortgage product with a promotional cash bonus.

How to prepare for mortgage renewal

Getting ready ahead of time can help you avoid rushed decisions and put you in a stronger negotiating position. Consider the following steps as your renewal date approaches:

Review your current mortgage: Note your interest rate, term length, remaining balance, amortization, and any restrictions such as prepayment limits or penalties.
Start early: You can begin exploring renewal options up to 120 days before your term ends, giving you time to compare rates or negotiate.
Check your financial health: Review your credit score, income stability, and outstanding debts, especially if you’re considering switching lenders.
Compare renewal rates: Look beyond your lender’s initial offer to see what other banks and lenders are advertising for similar mortgage terms.
Decide what matters most: Consider whether you value lower payments, payment stability, flexibility, or the ability to make lump-sum prepayments.
Gather documents in advance: Having income and property documents ready can speed things up if you decide to switch lenders.
Ask about incentives and fees: Factor in cash bonuses, legal fees, and any potential costs of switching so you can compare offers accurately.

More information about mortgage renewals

Check out the Ratehub.ca education centre and blog for more information on mortgage renewal rates, and the mortgage renewal process.

The mortgage renewal process

See today’s best mortgage rates

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3.84%

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For more information, check out these helpful pages

Ratehub.ca education centre

Buying
So you've made the decision to buy a new home! The first step is to figure out how much you can afford to spend.
read more
Renewing
If your current mortgage is up within four months, now's the time when most lenders will allow you to start the early mortgage renewal process.
read more
Refinancing
When deciding whether or not you should refinance your current mortgage and replace it with a new one, there are a few important things to consider.
read more