FairRate Canada Mortgage Renewal Watch
A practical briefing for borrowers reviewing a Canadian mortgage renewal offer before signing. It organizes the questions and decision factors that deserve attention; it is not a statistical study of Canadian borrowers or lender pricing.
Method and limitation
This page is based on FairRate's educational review framework and common renewal decision questions. It does not report a representative borrower sample, lender survey, market share study, or statistically validated national dataset.
FairRate collects voluntary renewal-offer submissions for possible future analysis, but no claim on this page should be read as a finding from a representative population unless a separate publication explicitly defines its sample, period, exclusions, and methodology.
What to watch in a renewal offer
Review questions borrowers often face
These are questions to investigate, not predetermined recommendations:
- • What does the written offer actually say?
- • Should I ask the lender to explain the rate or terms?
- • Are the penalty and prepayment rules clear?
- • What would need to be verified before relying on another product or lender?
- • What costs and qualification requirements could change a lender-switch comparison?
Before-you-sign questions
About payment differences
FairRate does not treat mortgage balance multiplied by a rate spread as an exact interest-savings or cost calculation. Scheduled-payment comparisons should use the balance, rate, remaining amortization, and Canadian mortgage math, and they still do not capture every fee, penalty, prepayment, timing difference, or switching cost.
A comparison rate is not proof that a borrower qualifies for that rate or that another lender will offer it.
Offer review questions
Review what to check before responding to a bank renewal offer.
Open guide →Methodology
See the supported 3-year and 5-year fixed comparison contract and limitations.
Open methodology →Renewal Offer Index
View the privacy-safe research methodology, sample threshold, and published aggregate findings.
Open research index →Lender-switch questions
Review fees, timing, qualification, product terms, and other switching friction.
Open guide →Check a supported renewal offer
FairRate Canada's benchmark-backed checker currently supports Canadian 3-year fixed and 5-year fixed renewal offers. It fails closed when fresh supported same-term comparison context cannot be verified.
Start Free 5-Year Fixed Check →Important limitation: FairRate Canada is an independent 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, or approve credit. If you choose to be introduced to a mortgage broker, FairRate may earn a referral fee; we’ll always ask first, and your result never depends on it. The current benchmark-backed checker and paid benchmark reports support Canadian 3-year fixed and 5-year fixed renewal offers and use fresh public same-term fixed comparison context when a usable source is available. Variable-rate and unsupported terms should not be compared against these fixed-term references. 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.