Renewing Your Mortgage in 2026? Here's What to Actually Expect

If your mortgage came up for renewal in the last year, you've probably felt a small jolt of anxiety when the renewal notice showed up in your mailbox. And if yours is coming due sometime in 2026, that notice is on its way.

I want to talk you through this calmly, because renewal season tends to bring out a lot of noise — and very little of it is actually useful.

Why This Renewal Feels Different

If you locked in your mortgage back in 2020 or 2021, you were likely sitting on one of the lowest rates in Canadian history. Renewing now, even with the Bank of Canada in a more accommodating mood, often means a higher rate than what you started with. That's not a reflection of anything you did — it's just the cycle we're in.

The honest answer is: most homeowners renewing this year will see their payment shift upward compared to what they signed five years ago. Some will see it shift only slightly. A few, depending on their situation, may actually see relief. There's no single story that applies to everyone, which is exactly why I'd rather look at your numbers than repeat a headline.

The Mistake I See Most Often

Here's the one I want you to avoid: signing whatever renewal letter your current lender mails you, without comparing it to anything else.

That letter is not a bill. It's an offer — usually not their best one. Lenders count on the fact that renewing is easy to ignore, so they often start with a rate that has room to move. You are under no obligation to sign it, and you have more leverage at renewal than most people realize.

Fixed or Variable — And Why I Won't Just Tell You

I get asked constantly which one is "better" right now. I'll be straight with you: anyone who gives you a confident, one-size-fits-all answer to that question is skipping the part where they actually learn about your life.

Fixed gives you certainty. You know your payment for the term, full stop. Variable ties you to the Bank of Canada's moves, which can work in your favour if rates trend down, and against you if they don't. The right choice depends on your risk tolerance, how long you plan to stay in the home, whether you're the type who checks the news every time the Bank of Canada meets, and what else is happening in your financial life over the next few years.

This is a conversation, not a coin flip — and it's worth having a few months before your renewal date, not the week it's due.

What "Slowing Down" Looks Like Here

I always tell clients: slow down to speed up. With a renewal, that means starting the conversation 90–120 days before your maturity date. That gives us time to look at your full picture — not just the rate, but whether your current mortgage structure still fits your life. Maybe you want to shorten your amortization now that your income has grown. Maybe you want to consolidate something. Maybe nothing needs to change at all, and we simply secure you a better rate than the one in that letter.

None of that is possible if we're doing it in the final week before your term expires.

What I'd Ask Myself in Your Shoes

Before you sign anything, ask: Has my income or household changed since I last set up this mortgage? Am I still comfortable with how much of my paycheque goes to housing? Do I actually understand why my new rate is what it is? If the answer to any of those is "not really," that's your sign to have a proper conversation before renewing — not after.

If your renewal date is within the next six months, that's the right time to start this conversation — not the week the letter arrives. I'm happy to look at your current mortgage and walk you through what your options actually look like.