Find the best mortgage renewal rates in Canada

Q: Which major bank offers the best mortgage renewal rates?

As of July 29, 2026, among Canada's Big Five banks, Scotiabank advertises the lowest five-year fixed mortgage rate in Ontario at 4.24%, while RBC and Scotiabank advertise the lowest five-year variable mortgage rate at 3.65%. Actual renewal rates may vary based on your financial profile and mortgage details.

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Today's best renewal mortgage rates in Canada

ratehub.ca insights: Government of Canada bond yield spiked up above 3.3% this week, increasing pressure on fixed mortgage rates. Canada’s lowest insured 5-year fixed mortgage rate is still available at 4.04%, but borrowers may have limited time left to secure it if bond yields remain elevated. Meanwhile, variable rates remain stable.

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Current mortgage balance

Amortization

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Do you have CMHC insurance?

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

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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?

When comparing mortgage renewal offers from different lenders, it’s important to look beyond just the interest rate. You should also compare the overall mortgage terms, flexibility, and borrowing costs. Consider whether the lender is offering a fixed or variable mortgage rate, how the renewal affects your payment amount and total interest paid, and whether the term and amortization align with your financial goals. It’s also worth reviewing prepayment privileges, penalty rules, portability options, and any fees or incentives tied to switching lenders, such as cashback offers or covered legal fees.

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.

Which major bank offers the best mortgage renewal rates?

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

Ratehub's guide to mortgage renewal rates

Jamie David, VP of Marketing and Mortgages

July 30, 2026

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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.

Ratehub.ca study: Impact on your monthly mortgage payment when renewing in 2026?

2026 is one of the busiest mortgage renewal years in recent history, as Canadians who bought during the height of the pandemic come up for renewal. Many homeowners who secured historically low mortgage rates in 2020 and 2021 are now renewing into a higher-rate environment, making it more important to shop mortgage rates, compare lenders, and negotiate instead of accepting your current lender’s renewal offer.

Our analysis of Ratehub.ca mortgage inquiry data found that:

Renewal activity is rising: Renewal inquiries now account for more than half of all mortgage inquiries in 2026, up from 40% during the same period in 2025, while purchase inquiries have declined from 46% to 36%.
Interest in variable rates has grown: 31% of mortgage rate inquiries are now for 5-year variable mortgages, compared with 10% a year ago. However, the 5-year fixed mortgage remains the most popular option, accounting for 69% of inquiries.
Many borrowers will see higher payments: Based on Ratehub.ca calculations, borrowers renewing from a 5-year fixed mortgage could see their monthly payment increase by $622 (24%), while those renewing from a 5-year variable mortgage may see an increase of just $36 (1%).

Mortgage renewal is no longer a routine administrative step. More Canadians are actively comparing lenders instead of automatically renewing with their current bank, recognizing that even a small difference in mortgage rates can translate into thousands of dollars in savings.

Read more on the Ratehub.ca blog: Renewing your mortgage in 2026? Here’s what to expect

How today's market affects mortgage renewals

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.

Bank of Canada’s July 15 announcement

Inflation- June 2026

July 2026 real estate update

2026 housing market forecast

Will my mortgage payments go down when I renew?

It depends on two main factors: today's mortgage rates and how much of your mortgage you've paid off since your last renewal. If the mortgage rates available at the time of your renewal are the same as, or lower than, the rate on your current mortgage, your monthly payment may decrease because your remaining mortgage balance will be smaller after years of regular payments.

However, if today's mortgage rates are higher than when you first took out your mortgage, as is the case for many Canadians who locked in historically low rates in 2020 and 2021, your monthly payment could increase, even though you've reduced your mortgage balance over the course of your term. According to a survey by Mortgage Professionals Canada, 63% of borrowers renewing their mortgage in 2025 were concerned about renewing at a higher interest rate.

What can you do if your mortgage payment is increasing?

If you're facing higher monthly payments at renewal, you still have several options to help manage your costs:

Shop around and compare mortgage renewal rates from multiple lenders instead of automatically accepting your current lender's first offer.
Negotiate with your current lender, who may be willing to match a competing rate or offer better mortgage terms.
Consider extending your amortization (if you qualify), which can lower your monthly payments by spreading them over a longer period.
Adjust your payment strategy, such as increasing payments later if your financial situation improves.

Video: Ratehub's top tips for renewing your mortgage

How to choose the best mortgage renewal offer

The best mortgage renewal offer should align with your financial goals, provide the features you need, and offer good long-term value.

Compare mortgage rates: Don't automatically accept your lender's first renewal offer. Shopping around and comparing rates from multiple lenders could save you thousands of dollars over your next mortgage term.
Look beyond the interest rate: Consider the mortgage features that matter to you, including:
- - - Prepayment privileges: Can you make extra payments or lump-sum contributions without penalty?
    - Portability: Can you transfer your mortgage to a new property if you move?
    - Prepayment penalties: What will it cost if you break your mortgage before the end of the term?
    - Payment flexibility: Can you increase, decrease, or skip payments if your financial situation changes?
Choose the right mortgage term: The lowest rate isn't always the best option. Consider whether a shorter or longer term, or a fixed vs variable rate best suits your current budget, risk tolerance, and future plans.
Compare the overall value of each offer: Some lenders may provide cash bonuses, mortgage transfer incentives, or other promotions. Be sure to weigh these against any fees, restrictions, or differences in mortgage features before making your decision.

How to prepare for mortgage renewal

1. Start comparing offers early

Most lenders allow you to renew your mortgage up to 120 days before your renewal date, giving you plenty of time to compare mortgage renewal rates, negotiate with your current lender, and switch lenders if a better offer is available. Starting early also means you're less likely to feel pressured into accepting your lender's first offer. If mortgage rates are expected to fall, however, you may want to delay locking in a rate until you're closer to your renewal date.

2. Review your finances and mortgage goals

Before choosing your next mortgage term, think about how your financial situation has changed since you first took out your mortgage. Ask yourself:

Has your household income increased or decreased?
Can you comfortably afford higher monthly payments to pay off your mortgage sooner?
Would lower monthly payments provide more flexibility?
Are you planning to move, renovate, or make other major financial changes during your next term?

Your answers can help determine whether you should choose a shorter or longer term, a fixed or variable rate, or adjust features such as your payment frequency or prepayment privileges.

3. Pay down your mortgage before renewing

If your mortgage allows prepayments, consider making a lump-sum payment before your renewal date. Reducing your outstanding mortgage balance means you'll pay interest on a smaller amount during your next term, which can lower your borrowing costs over time.

Before making additional payments, review your mortgage agreement to understand your annual prepayment limits and avoid potential prepayment penalties.

4. Negotiate your renewal offer

Many lenders expect borrowers to accept their renewal without shopping around, so it's worth negotiating before you sign a new mortgage term. Start by asking your lender whether they can improve on their initial offer. If the rate isn't competitive with current mortgage renewal rates, let them know you're comparing offers from other lenders. In many cases, they're willing to lower their rate or improve your mortgage terms to keep your business.

If you're not comfortable negotiating yourself, consider working with a mortgage broker. Brokers compare mortgage renewal rates from multiple lenders and negotiate on your behalf. In most cases, their services are paid for by the lender, not the borrower.

See today’s best mortgage rates

Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.

4.04%

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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)

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

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