Today’s Mortgage Renewal Rates in Canada
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Meridian 3.59%5 yearvariable $2,022monthly payment Other rates from Meridian3.99% 3 year fixed $2,109 per month 4.14% 5 year fixed $2,142 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Marathon Mortgage 3.60%5 yearvariable $2,024monthly payment Other rates from Marathon Mortgage4.24% 5 year fixed $2,165 per month 4.39% 3 year fixed $2,198 per month 5.04% 4 year fixed $2,348 per month 5.64% 2 year fixed $2,490 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Pine Financial 3.60%5 yearvariable $2,024monthly payment Other rates from Pine Financial4.24% 3 year fixed $2,165 per month 4.29% 4 year fixed $2,176 per month 4.34% 5 year fixed $2,187 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Radius Financial 3.60%5 yearvariable $2,024monthly payment Other rates from Radius Financial4.24% 5 year fixed $2,165 per month 4.39% 3 year fixed $2,198 per month 4.54% 4 year fixed $2,232 per month 4.69% 2 year fixed $2,267 per month 4.89% 1 year fixed $2,313 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Scotia Bank 3.65%5 yearvariable $2,035monthly payment Other rates from Scotia Bank3.65% 5 year variable $2,035 per month 3.99% 2 year fixed $2,109 per month 4.04% 3 year fixed $2,120 per month 4.19% 4 year fixed $2,154 per month 4.24% 5 year fixed $2,165 per month 4.59% 1 year fixed $2,244 per month 4.95% 7 year fixed $2,327 per month 5.35% 10 year fixed $2,421 per month |
How much will renewing your mortgage cost?
Take a minute to find out using our mortgage renewal calculator.
Mortgage renewal rate update: August 2026
The immediate future of mortgage renewal rates still hinges on the war in Iran.
The drawdown in hostilities seen in early August bodes well for home buyers waiting for fixed renewal rates to decline. If the current situation holds, oil prices should drop further and take pressure off of government bond yields, which lenders use to price their fixed rates.
Yields still have a ways to fall before lenders feel comfortable slashing their fixed renewal offers. If all goes well — fingers crossed — fixed rates could inch down by 10 basis points. But a lot has to go right before that happens.
Variable renewal rates shouldn’t see the same volatility. The Bank of Canada, which directly influences variable rates through its overnight lending rate, isn’t scheduled to make its next rate decision until September 2.
Until then, variable renewal rates will continue hovering at their current levels.
Read more about the Bank of Canada's latest rate announcement.
The BoC makes policy interest rate announcements eight times a year. Find out how its latest decision might impact Canada's housing market.
Renewing your mortgage soon?
Remember:
Assessing your own finances is an important step when renewing.
There are ways to lower your monthly payment for your next mortgage contract, even if rates have risen.
To get the best mortgage renewal rate, plan to negotiate
There are two ways to secure the best rate on your mortgage renewal: using a broker or negotiating on your own behalf.
Renew with your current lender | Renew with another lender | |
|---|---|---|
Who negotiates? | You. | A mortgage broker can negotiate on your behalf, or you can negotiate directly. |
Do you need to submit a new application? | No. This can be helpful if you’d have trouble getting approved with your current finances. | Yes. |
Will you face the stress test? | No. | No, assuming you have an uninsured mortgage and are not making any changes to your mortgage amount or amortization period. |
How to begin the process. | Wait for your current lender to send you a renewal offer. | Contact a mortgage broker, or begin contacting other lenders directly. |
How to negotiate. | Don’t accept your lender’s first offer. Ask for rates more in line with advertised discounted or special rates. | Mortgage broker negotiates on your behalf. If you’re negotiating with a lender directly, share the most competitive rates you’re getting from other lenders. |
Many alternative lenders work exclusively with mortgage brokers, so even if you take care of the comparisons yourself, you may need to tag in a broker to get your application underway at the lender of your choosing.
How to estimate your new mortgage payment
A simple way to estimate the cost of your next mortgage term is to use a mortgage renewal calculator:
Enter your potential renewal details, including the new interest rate and any changes you may be considering to the amortization period, rate type or payment frequency.
Compare the results to your current mortgage payment to find out how much more you could be paying upon renewal.
Running these numbers yourself can be helpful, but consider your lender or mortgage broker to be the ultimate source of truth when it comes to determining the cost of your renewal.
You're 5 minutes away from a great renewal.
Connect with Homewise to get a renewal rate quote that's personalized to you.Frequently asked questions
Does my mortgage rate change when I renew?
It’s very likely that your mortgage interest rate will change when you renew. Renewal rates are based on lenders’ current mortgage rates, so if rates have risen or fallen since you signed your last mortgage, your next rate will almost certainly be different.
What's a good mortgage renewal rate right now?
As of August 2026, many lenders’ renewal rates are no different than their purchase mortgage rates. Three- and five-year fixed renewal rates can be found for around 3.9% at some brokerages. Variable renewal rates are generally 3.4% or higher.
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Clay Jarvis
Clay Jarvis
Clay Jarvis