Is Your Mortgage Renewing in 2026? Here's What You Need to Know

If you purchased your home during 2020 or 2021, there's a good chance your mortgage term is coming up for renewal this year. During COVID, many Canadians locked in historically low rates — some as low as 1.9%. Now, as those 5-year terms expire, homeowners are being offered renewal rates significantly higher than what they're used to. Here's the thing most people don't realize: you don't have to accept your bank's renewal offer. As a licensed mortgage agent, I have access to over 86 lenders across Canada.

That means I can shop your renewal across the big five banks, credit unions, and alternative lenders to find you a better rate — often lower than what your current bank is offering. What should you do? Start early. Ideally, reach out to a mortgage agent 4-6 months before your renewal date. This gives us time to shop rates, lock in the best option, and review whether your current mortgage structure still makes sense for your goals. If your renewal is coming up, book a free consultation and let's make sure you're not leaving money on the table.

Muhammad Raees Licensed Mortgage Agent — Mortgage Alliance (416) 529-1010