07/08/2026
Renewing in Ontario in 2026? Here's What Your Payment Shock Actually Looks Like
If your mortgage is coming up for renewal this year, you're not alone — a huge wave of Simcoe County homeowners locked in their rates back in 2020-2022, when money was cheap. Renewing now, into a very different rate environment, can be a real jolt to the budget.
Here's the good news first: the Bank of Canada has held its rate steady through 2026, so at least you're not renewing into a moving target. But "steady" doesn't mean "the same as before" — a lot of homeowners are still looking at meaningfully higher payments than what they signed up for.
A few things worth knowing before your renewal letter shows up:
You do not have to renew with your current lender. Your bank knows this — and counts on most people not shopping around. It costs you nothing to compare.
Renewal is also a free window to restructure. You can switch from fixed to variable (or vice versa), change your term length, or even refinance to access equity — all without a penalty, as long as you're within about 120 days of your maturity date.
The number that matters isn't the rate — it's the payment. A slightly higher rate with better prepayment privileges can beat a slightly lower rate with none.
If Barrie, Orillia, or anywhere else in the surrounding area is home for you and your renewal is coming up in the next 6-12 months, let's run the numbers together before you sign anything.
Learn more. Own more.
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