What happens when your mortgage renews in Canada?

Six months before maturity

Pull the current balance, payment, remaining amortization, maturity date, and prepayment privileges from the lender portal or statement. A renewal comparison made with the original mortgage amount will overstate the payment.

Build a range of payment scenarios. Use a rate below, at, and above the offer you expect so the household budget is not anchored to one uncertain number.

• Check whether the mortgage is charge or collateral-charge security.
• List products tied to the current lender that could change price if moved.
• Ask what documentation another lender would require.

When the renewal offer arrives

If your mortgage is with a federally regulated financial institution, the lender must provide a renewal statement at least 21 days before the end of the existing term. The statement includes the remaining balance, rate, payment frequency, term, and applicable charges or fees.

The first offer is a starting point, not a requirement to accept. Compare the effective rate, term, prepayment privileges, portability, penalty language, and fees—not only the headline rate.

A lower payment created by extending amortization is not free. It usually means paying interest for longer and carrying a larger balance into the next renewal.

At maturity

If you stay with the lender and do not increase the mortgage, the renewal may be operationally simple. Switching lenders is a new underwriting event and can take time. Avoid leaving the decision until the last week.

Keep written copies of the new agreement and payment schedule. Confirm the first payment date and whether the payment frequency changes.