Free tool
Renewal Savings Calculator
Your renewal letter is an opening offer, not a final one. Enter your numbers and see what signing it back would actually cost you versus today's market rate (best 5-year fixed is around 3.94% — live rates).
Why the first offer is rarely the best offer
Most Canadian mortgages renew with the same lender, and most of those renew off the first letter. Lenders price that letter accordingly. A broker shopping 50+ lenders — or even just the credible threat of one — is usually what moves the number. Read more: when to start your renewal (the 120-day rule).
Frequently asked questions
How much can I save by not auto-renewing my mortgage?
It depends on your balance and the gap between your bank's renewal offer and the market's best rate. On a $500,000 balance, a 0.5 percentage point difference is roughly $140 a month — about $8,400 over a 5-year term. Banks count on auto-renewals, so their first letter is rarely their best rate.
Does switching lenders at renewal cost me anything?
Usually very little. Discharge and transfer fees are often covered or rebated by the new lender on a straight switch, and there is no prepayment penalty when you switch at maturity. Your broker handles the paperwork, and the service is free to you — lenders pay the broker.
Do I have to requalify under the stress test if I switch at renewal?
No. Since November 21, 2024, straight switches at renewal — same loan amount, same amortization — are exempt from re-passing the stress test, for both insured and uninsured mortgages. Refinances that increase the amount or amortization still require full qualification, so have a licensed broker confirm which case applies to you.
When should I start shopping my renewal?
120 days before maturity. That's when rate holds begin: you lock today's rate as insurance while keeping the right to take a lower one if rates fall before closing. Starting earlier costs nothing and removes all the time pressure.
Related: Payment calculator · Affordability & stress test · Today's rates
Rates shown are ranges observed in the Canadian market for illustration only, on approved credit (OAC), subject to change without notice, as of 2026-07-03. Where a specific rate is advertised for a fixed-amount mortgage, the APR equals the rate unless non-interest charges apply. Not an offer of credit.