- Your bank must send a renewal statement at least 21 days before the term ends.
- Under the Canadian Mortgage Charter, lenders are expected to contact you four to six months before renewal.
- A straight switch to a new lender no longer needs a new stress test (insured or uninsured).
- Compare total cost and fine print, not just the headline rate.
Three ways to renew
- Renew with your bank. Easiest; no legal or appraisal work. Ask for its best rate, not the one in the letter.
- Switch to another lender. Same balance and amortization, new lender. Since 2024 no new stress test is required for a straight switch. The new lender may cover legal and appraisal costs; your old bank may charge a discharge or transfer fee.
- Refinance. Change the amount or amortization. This is a new mortgage application with the stress test, and possibly a new insurance premium if the loan or amortization increases (FCAC).
What the rules require
FCAC: a federally regulated lender must give you a renewal statement at least 21 days before the end of your term, and must tell you at least 21 days before if it will not renew. The Financial Consumer Protection Framework Regulations (ss.45–46) set this out for banks. The Canadian Mortgage Charter (2023) adds an expectation that lenders contact homeowners four to six months before renewal.
Early renewal at the big banks
Most big banks let you lock in a renewal rate some months before maturity. What each bank says:
| Bank | Early renewal |
|---|---|
| RBC Royal Bank | Up to 120 days early, no penalty. |
| TD Canada Trust | TD says start 120 days before maturity (renew online through EasyWeb or the app). |
| Scotiabank | Up to 6 months early, no prepayment charge. |
| BMO Bank of Montreal | Up to 180 days early, no penalty. |
| CIBC | CIBC suggests starting 5 months before expiry; early-renewal window not stated. |
| National Bank | Renew up to 4 months early with no penalty; protect a rate from 6 months out. |
Rules change. Every figure on this page links to the official source and shows when we checked it. If something looks out of date, tell us and we will re-check.
Frequently asked questions
Will switching banks hurt my credit?
The new lender will check your credit, as with any application. Shopping quotes over a short period is normal.
What if my renewal rate is much higher than my old one?
Run the new payment in the payment calculator. Ask about a longer amortization at renewal (a straight switch keeps the same amortization), and use IsThisAGoodRate.ca for options.
Sources
- Renewing your mortgage — FCAC, checked Oct 31, 2026
- Financial Consumer Protection Framework Regulations (SOR/2021-181) — Justice Laws, checked Oct 31, 2026
- Canadian Mortgage Charter (2023 Fall Economic Statement, chapter 1) — Department of Finance Canada, checked Oct 31, 2026
- OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits — OSFI, checked Oct 31, 2026
- Boldest mortgage reforms in decades come into force today — Department of Finance Canada, checked Oct 31, 2026
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.