The steps, in order
Mortgage Renewal Process in Canada — Step by Step (2026)
Renewing a Canadian mortgage follows a set order, not a single event. Here is each step from six months before your term ends to the day you sign, with the rule or typical timeline cited.
Six months out: ask about rate holds
Ask your current lender and at least one alternative lender when their rate-hold window opens. Typical windows run 90–120 days before your term ends, though the exact window varies by lender and product. Build your renewal timeline to see these dates against your own renewal date.
Ratehub renewal-timing guide (2025) · nesto rate-hold corroboration (2026-04-07)Four months out: compare, and check the switch rules
Once a rate hold is in place, compare your lender's renewal offer against the market. Since November 21, 2024, an eligible straight switch — same outstanding balance, same remaining amortization, moving to a different federally regulated lender — does not require the OSFI mortgage stress test. Switching lenders can still add a new appraisal fee and a discharge fee from your current lender. Check whether the stress test applies to your move and see what a new rate would cost.
OSFI minimum qualifying rate guidance, reaffirmed Jan 29, 202621 days out: the statement rule
Federally regulated lenders must send you the prescribed renewal disclosure statement at least 21 days before your term ends. Your rights under the existing agreement continue until that period is up, even if it runs past your term-end date.
Financial Consumer Protection Framework Regulations, ss.43–46Signing day checklist
- Confirm the interest rate and whether it is fixed or variable.
- Confirm the payment amount and payment frequency.
- Confirm the remaining amortization has not changed unintentionally.
- Confirm prepayment privileges for the new term.
- Confirm the effective date, and get the agreement in writing.
If anything on the signed agreement does not match what was discussed, ask before signing. Check penalty math if you are weighing an early move instead of renewing as offered.
After renewal
Keep the signed renewal agreement with your mortgage records. Note your next term-end date so the rate-hold and statement windows are not a surprise next time, and if your mortgage is a variable fixed-payment product, check your trigger rate whenever rates move.
See your renewal payment shock any time your rate assumptions change.
Renewal process FAQ
When should I start the mortgage renewal process?
Start about six months before your term ends. That gives enough time to ask about rate holds, compare offers, and still meet the federal 21-day disclosure window with room to negotiate.
Do I need to pass a stress test to renew my mortgage?
No, not with your current lender. And since November 21, 2024, an eligible straight switch — same balance, same remaining amortization, to another federally regulated lender — does not require the stress test either.
OSFI minimum qualifying rate guidance, reaffirmed Jan 29, 2026
How much notice must my lender give before renewal?
Federally regulated lenders must send the prescribed renewal disclosure statement at least 21 days before your term ends.
Financial Consumer Protection Framework Regulations, s.45(2)
What should I check before signing my renewal?
Confirm the rate, payment amount, remaining amortization, prepayment privileges, and effective date in writing before you sign, and keep a copy with your mortgage records.