Leaving your mortgage renewal too late narrows your options
The Bank of Canada has also projected that roughly two thirds of borrowers renewing in 2026 could see their payments increase, with average hikes near 20% for holders of five-year fixed-rate mortgages.
For brokers working with clients through renewal, when homeowners start the process matters as much as which product they ultimately choose.
Leah Zlatkin, licensed mortgage broker and LowestRates.ca expert, said the pattern she sees among clients points to a costly and preventable mistake.
“I’ve had homeowners come to me close to their renewal date because they weren’t happy with the rate their lender offered, and by that point, time becomes an issue,” Zlatkin said.
“There can be a better rate available elsewhere, but if you leave it too late, you might not have enough time to get approved and complete the switch.”
