If your mortgage is coming up for renewal, this is one of those moments where a little planning goes a long way. Canada is moving through one of the largest mortgage renewal waves in decades. Canada Mortgage and Housing Corporation estimates that roughly 1.15 million mortgages are set to renew in 2026, which is about 60 percent of all outstanding mortgages in the country.
A lot of those mortgages were set up when rates were much lower than they are today, so it makes sense that renewal is on so many homeowners’ minds right now, especially here in Durham Region where so many families bought during those lower-rate years.
Here is why timing matters. Renewal is one of the few points in the life of your mortgage when you can make changes without a penalty. Starting early takes the pressure off and makes the whole process feel a lot less stressful than scrambling at the last minute.
Most lenders now send a renewal notice several months before your maturity date, and in some cases up to six months ahead. That head start is actually an opportunity. The more time you give yourself, the more room you have to review your options carefully instead of feeling rushed. Even if you decide to keep everything the same, having a plan in place early puts you back in control.
Understanding payment shock and your options
The biggest worry at renewal right now is payment shock. That is the jump in your monthly payment that can come with a higher interest rate. Before making any decisions, it helps to see the real numbers. What would your payment look like at today’s rates, and how does that fit your budget?
If the new payment feels tight, there are ways to ease the transition. Extending your amortization can lower your monthly payment by spreading it over a longer period. That does add to your total interest over time, but it can give you breathing room in the short term. For homeowners with enough equity, refinancing at renewal may also be worth a look. In some cases it can help you consolidate higher-interest debt, free up cash flow, or restructure the mortgage so it fits your life today. None of these options are right for everyone, but they are all worth reviewing before you lock into a new term.
Renewal is about more than just the rate
It is natural to focus on the interest rate, but the features of your mortgage matter too. Things like prepayment privileges, penalties, and portability all affect how well the mortgage works for you over the next few years. Sometimes a slightly higher rate with better flexibility gives you more peace of mind than the lowest number on paper.
Think of renewal as a chance to reset and make sure your mortgage still matches your goals. A simple review of your numbers and your options can give you real clarity and direction. The one thing I would not do is let your mortgage automatically renew with your current lender without comparing anything, because that can quietly cost you money. If you have a renewal coming up this year, connect with a trusted mortgage professional early, and loop me in too. Between the two of us we can make sure your next move fits both your monthly budget and your longer-term plans.
Thinking about buying or selling in Durham Region? I’d love to help. Reach out anytime.
Julie Marticorena | REALTOR® | The Marticorena Group | (416) 526-3786 | julie@themarticorenagroup.com
