Canadian renewal guide
Canadian Mortgage Renewal Guide
Check a Canadian mortgage renewal offer before accepting. Compare benchmark context, estimate Rate Gap Cost, and review your next steps.
Check your actual renewal offer before you sign
Use FairRate Canada to compare your your lender renewal offer, estimate the Rate Gap Cost, and decide whether accepting, negotiating, or comparing another quote makes sense.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Current benchmark context
Quoted renewal offer
Enter yours
Use your actual offer for a real check.
BoC insured benchmark
4.04%
Published benchmark context; verify current data before signing.
Bank average
4.29%
Typical uninsured 5-year fixed context.
Posted-rate ceiling
5.99%
Often a starting point, not the final negotiated outcome.
Is this renewal offer competitive?
A renewal offer from your lender should not be judged by the rate alone. Compare your quoted rate against current benchmark context, your balance, remaining amortization, rate type, term length, and switching friction. The goal is not to chase the lowest advertised rate; it is to understand whether your actual offer deserves accepting, negotiating, or comparison.
What the rate gap can mean in dollars
On a large mortgage balance, even a 0.25% or 0.50% rate gap can become meaningful over a full term. FairRate calls this Rate Gap Cost: the estimated dollar impact of the quoted rate being above reasonable benchmark context. Use the free checker for your actual balance and province before signing.
What to ask your lender before signing
- Ask whether this is the best available renewal rate for your file.
- Ask whether another term is priced better.
- Ask what prepayment privileges and penalty rules apply.
- Ask for the revised offer in writing before accepting.
- Compare the offer against benchmark context and at least one alternative quote if time allows.
Check your actual renewal offer before you sign
Use FairRate Canada to compare your your lender renewal offer, estimate the Rate Gap Cost, and decide whether accepting, negotiating, or comparing another quote makes sense.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
Related Canadian mortgage guides
Important limitation: FairRate Canada is an independent consumer-paid educational comparison and reporting product — not a lender, mortgage broker, mortgage agent, law firm, financial advisor, or mortgage underwriter. FairRate does not arrange mortgages, take applications, approve credit, or sell mortgage inquiries to lenders or brokers. The current benchmark-backed checker and paid benchmark reports support 5-year fixed renewal offers only and use fresh public 5-year fixed comparison context when a usable source is available. Broader Bank of Canada data may be used for contextual purposes. Results are not a lender quote, approval, qualification result, personalized advice, or guarantee of a lower rate or savings. Verify current rates, eligibility, fees, penalties, product terms, and switching costs with the relevant lender and, where appropriate, a licensed mortgage professional or other qualified advisor.