Mortgage Renewal in 2026–2027: What Canadian Homeowners Should Expect

Many Canadians who took 5-year fixed mortgages in 2020–2022, when rates were near record lows, renew in 2025–2027. Even with rates below their 2023 peak, many will renew at a higher rate than they had.

Estimate your new payment

Enter your balance, remaining amortization and a few possible rates in the renewal shock tool or the mortgage renewal calculator.

Your options at renewal

1. Renew with your lender — the first offer is rarely the best; negotiate. See how to negotiate a renewal.
2. Switch lenders — straight switches of insured mortgages generally don't need a new stress test. Compare offers with our lender comparison.
3. Extend amortization to lower the payment (costs more interest overall).
4. Make a lump-sum payment before renewing, when there's no prepayment penalty.

Fixed or variable this time?

Read fixed vs variable and look at the prime rate history to see how quickly variable rates can move.

Start early

Lenders often let you lock a rate up to 120 days ahead. Use our pre-renewal checklist.