05/12/2026
How to prepare amid the mortgage renewal wave 🏡
According to a July 2025 Bank of Canada staff analysis, most of those borrowers will see payments rise. Five-year fixed renewers are facing average payment hikes of 15 to 20 per cent versus what they paid in December 2024.
1. Start shopping at least 120 days before renewal:
Most lenders will offer you a rate hold up to four months before your renewal date. That gives you a guaranteed rate, plus the freedom to keep shopping if rates fall.
2. Get honest about your full financial picture:
If your new payment is going to swallow more of your take-home pay than you can sustainably afford, a longer amortization or a different term structure might serve you better than chasing the lowest headline rate.
3. Use renewal as a chance to clean up other debt:
enewal is one of the few moments where you can refinance, consolidate, or restructure without penalty. If you’re carrying high-interest credit card balances or a line of credit, rolling those into a refinanced mortgage can save you thousands a year.
The catch: you’re trading short-term debt for long-term debt. That only works if you actually change the spending behaviour that created the credit card balance in the first place. Otherwise you’ll be back in the same position in two years, just with a bigger mortgage.
If you’re looking to review your mortgage Click the link in our bio to schedule a call with our team!
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