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Mortgage renewal is the process of signing a new contract — a new interest rate, term, and sometimes a new lender — when an existing mortgage term ends and the balance still isn’t paid off. CMHC estimates roughly 60% of all outstanding Canadian mortgages will renew by the end of 2026, making renewal one of the biggest volume moments in a broker’s book of business.
When a mortgage term ends, the balance almost never reaches zero — renewal is simply signing a new contract for a new term at a new rate, either with the same lender or a different one. The lender typically sends a renewal statement ahead of the maturity date with its own offer, but that offer isn’t the only option.
Renewing with the same lender is usually the path of least resistance and, for most borrowers, doesn’t require requalifying at the minimum qualifying rate since the loan amount and amortization stay the same. Moving to a new lender is a switch or transfer, and since November 21, 2024, straight switches of uninsured mortgages are exempt from the stress test as well.
Because roughly 60% of all outstanding Canadian mortgages are projected to renew by the end of 2026, renewal has become one of the highest-volume conversations brokers and agents have with existing clients — and one of the easiest moments to win or lose a relationship on rate alone.
Same-lender renewals: typically don’t require the borrower to requalify at the minimum qualifying rate again, since the amount and amortization aren’t changing.
Switching lenders got easier: since November 21, 2024, OSFI no longer requires re-qualification at the minimum qualifying rate for a straight switch of an uninsured mortgage — same amount, same amortization, new lender.
~60% of mortgages renew by 2026: CMHC’s Residential Mortgage Industry Report projects roughly 60% of all outstanding Canadian mortgages will renew by the end of 2026, concentrating renewal activity across the industry.
Who handles it: mortgage agents (Ontario, FSRA), submortgage brokers (BC, BCFSA), mortgage associates (Alberta, RECA), and courtiers hypothécaires (Quebec, AMF) can shop a renewal across lenders rather than accepting the incumbent’s default offer.
Definitions reflect Canadian federal and provincial rules as of the “Updated” date above. Not advice for any specific file.
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