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 3.44%5 yearvariable $1,990monthly payment Other rates from Meridian4.44% 3 year fixed $2,210 per month 4.59% 5 year fixed $2,244 per month |
 Lender highlights Some mortgage features.Good monthly pre-payment.Skip a payment.Good annual pre-payment. Best rate from Manulife Financial 3.50%5 yearvariable $2,002monthly payment Other rates from Manulife Financial4.24% 3 year fixed $2,165 per month 4.39% 5 year fixed $2,198 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 3.50%5 yearvariable $2,002monthly payment Other rates from Marathon Mortgage4.69% 5 year fixed $2,267 per month 4.79% 3 year fixed $2,290 per month 5.19% 4 year fixed $2,383 per month 5.64% 2 year fixed $2,490 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip a payment.Very good annual pre-payment. Best rate from Bank Of Montreal 3.60%5 yearvariable $2,024monthly payment Other rates from Bank Of Montreal4.50% 4 year fixed $2,223 per month 4.58% 3 year fixed $2,242 per month 4.73% 2 year fixed $2,276 per month 4.95% 5 year fixed $2,327 per month 5.33% 1 year fixed $2,416 per month 5.44% 7 year fixed $2,442 per month 5.90% 10 year fixed $2,553 per month |
 Lender highlights Strong mortgage features.Very good monthly pre-payment.Skip payment not available.Very good annual pre-payment. Best rate from Neo Financial 3.60%5 yearvariable $2,024monthly payment Other rates from Neo Financial4.69% 5 year fixed $2,267 per month 4.79% 3 year fixed $2,290 per month 4.94% 4 year fixed $2,324 per month 5.84% 2 year fixed $2,538 per month 5.94% 1 year fixed $2,563 per month |
How much will renewing your mortgage cost?
Take a minute to find out using our mortgage renewal calculator.
Mortgage renewal rate update: October 2026
Mortgage renewal is becoming a murkier proposition this October.
The last two weeks of September saw fixed renewal rates rise significantly; 25-basis point increases were not uncommon. Finding a fixed renewal rate for under 4.2% will be challenging, so if you’re planning on going fixed for your renewal, start calculating your new mortgage payments using current mortgage rates.
Variable renewal rates will remain stable for most of the month. However, the Bank of Canada’s October 28 overnight rate decision complicates things.
If the Bank holds the overnight rate, variable renewal rates will continue hovering at their current levels. If the Bank announces a rate hike, variable rates will shoot up as well.
A growing number of analysts expect the Bank to announce an increase, but NerdWallet’s take is that a rate hike would throttle economic growth at a time when it’s increasingly hard to come by. We expect the Bank to hold.
Whatever the Bank decides, variable renewal rates will remain the most affordable option for months to come.
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 October 2026, lenders’ renewal rates are no different than their purchase mortgage rates. Three- and five-year fixed renewal rates can be found for around 4.2% at some brokerages. Variable renewal rates are generally 3.4% or higher.
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Clay Jarvis
Clay Jarvis
Clay Jarvis