What is a good mortgage renewal rate in Canada?
Short answer
There is no single “good” renewal rate for every borrower. Compare the same term and mortgage structure and review the full written terms, eligibility, fees, penalties, portability, prepayment privileges, timing, and switching costs. FairRate’s benchmark-backed checker currently supports Canadian 3-year fixed and 5-year fixed renewal offers.
Generic rate tables can provide context, but they do not establish whether a specific written renewal offer is the best overall option for a particular borrower.
The useful comparison is current, dated, and like for like. A different term, insurance status, transaction type, lender channel, or borrower profile may not be comparable.
What to check
- Term length
- Fixed or variable structure
- Insurance and transaction type
- Mortgage balance and amortization
- Fees and product restrictions
- Current like-for-like context
FairRate compared with other options
| Option | Usually paid by | Main role |
|---|---|---|
| Bank renewal page | The lender | Present the lender’s renewal offer |
| Broker or rate marketplace | Varies by business model | Help investigate mortgage options |
| FairRate Canada | Consumer-paid optional reports | Educational review of a written renewal offer |
Have a supported 5-year fixed offer?
Use the free FairRate Canada checker to review a supported Canadian 5-year fixed renewal offer before you respond.
Start free renewal check →Educational context only. FairRate is not a lender, broker, law firm, financial advisor, or underwriter.
FAQ
Can I compare my rate to one advertised number?
Use public rates as context only when the product structure is genuinely comparable. An advertised rate is not a quote, approval, or guarantee that it is available to you.
Why do borrowers receive different renewal rates?
Offers and available alternatives can differ based on mortgage structure, borrower circumstances, property, insurance status, lender policy, timing, and other eligibility factors.