1.25 Million Canadians Will Renew in 2025–2026
According to CMHC and industry projections, more than 1.25 million mortgage holders in Canada will be up for renewal between 2025 and 2026 — representing over 25% of the total mortgage market.
With interest rates climbing from historic lows, the financial impact for homeowners is very real. Payments are expected to rise for the vast majority of borrowers coming off fixed terms between 1.75–2.5% and renewing into rates ranging between 4.5% to 6%.
A 2024 RBC study found that 80% of Canadian homeowners with a renewal approaching were worried about how their new rate would affect monthly cash flow. [Source: RBC 2024 Housing Trends]
Renewal Inertia: The Hidden Cost of Convenience
Most Canadians don’t switch lenders at renewal time. In fact, a recent Mortgage Professionals Canada survey found that more than 70% of borrowers simply sign their renewal offer without shopping around.
This phenomenon is called renewal inertia — and it’s expensive.
Banks know this. That’s why they rarely lead with their best offer. Instead, they rely on your silence, comfort, or fear of change to secure a highly profitable renewal.
Real Story: One Client Saved $11,000 Without Switching Lenders
At Pilot Mortgage Group, we recently helped a client who received a 4.75% renewal offer from their bank.
After running a market comparison and preparing a simple negotiation plan, we empowered them to push back. The result?
Rate reduced to 3.99%
Total savings: $11,000 over 3 years
Effort: A few emails and one phone call
The Mortgage Renewal Survival Checklist
Before signing anything from your bank, ask yourself:
1. Will I still be in this home in 3–5 years?
Your mortgage should align with your life plans — especially if you may want to port, sell, or refinance.
2. Do I carry high-interest debt?
Rolling 19%+ credit card debt into a 4–5% mortgage could save hundreds per month.
3. Will I need access to equity in the next few years?
Whether it’s university tuition, renovations, or a second property, a flexible mortgage now can prevent costly penalties later.
Bank vs Broker: What’s the Real Difference?
The Cost of Doing Nothing
Let’s break it down:
Renewal inertia costs Canadians an estimated $1.5–$2.3 billion annually in higher interest payments — simply because they didn’t negotiate or explore other options.
And with 1 in 4 Canadians renewing soon, that cost could be much higher in 2025–2026.
“Mortgage holders with variable or fixed terms expiring over the next 12–24 months face the biggest risk. Many will see payments increase by $400 to $1,000 per month.”
– National Bank of Canada, 2024
What Smart Homeowners Do
Smart homeowners don’t guess. They:
- Compare lenders
- Ask questions
- Review terms, not just rates
- Work with someone who advocates for them
And most importantly:
They don’t wait until the last minute.
Final Recap
- 1.25 million Canadians will face mortgage renewal soon.
- 70%+ will overpay unless they shop around.
- You can save thousands by reviewing your options.
- You don’t even need to switch lenders — just negotiate smarter.
Book a Free Mortgage Renewal Strategy Call
We’ll review your offer, compare it to today’s best options, and give you honest, pressure-free advice.
Whether you work with us or not, you’ll leave the call with clarity, confidence, and a strategy for the next 3–5 years.
Disclosure:
Tyler Wilson is a licensed mortgage broker with Pilot Mortgage Group. This article is for educational purposes only and should not be interpreted as direct mortgage advice. Always speak with a licensed professional before making financial decisions.
Sources:
- Mortgage Professionals Canada (2024). Mortgage Consumer Survey.
- RBC Economics (2024). Canadian Housing Outlook.
- CMHC Data Tables. Mortgage Renewal Projections.
- National Bank (2024). Interest Rate Impact on Renewals.
- Statistics Canada. Household Debt Ratios and Equity Use Trends.
