Renewing or switching your mortgage
Most Canadian mortgages renew every few years. The renewal is the one moment you can move to another lender without a penalty, yet most people sign whatever arrives in the mail.
Figures checked September 24, 2026Term and amortization
The amortization is how long the whole mortgage takes to pay off, often 25 years. The term is how long the current rate and conditions last, often five years. At the end of each term the mortgage matures and has to be renewed, switched or paid off.
When to start
Most lenders let you renew or hold a rate 120 to 180 days before maturity. Federally regulated lenders must send the renewal statement at least 21 days before the date. Starting early gives you time to compare offers instead of taking the first one.
Switching to another lender
At maturity you can move the same balance and remaining amortization to a new lender with no penalty. The new lender usually covers the legal and appraisal costs. Since November 21, 2024, uninsured straight switches don't need the stress test; insured ones never did.
Mortgages registered as a collateral charge may need a new registration and legal fees to move.
Renewing, refinancing or blending
Adding money or lengthening the amortization is a refinance, with the stress test and an 80% loan-to-value limit. Changing rates mid-term can be done with a blend-and-extend, which mixes your current rate with today's instead of paying a penalty.
More guides
General information about Canadian mortgages, not financial, legal or tax advice. Lenders and insurers apply their own criteria, and rules change; confirm the details with a licensed mortgage professional before you act.