Renewing your mortgage in Toronto?
Don't sign your lender's renewal letter without comparing first. Get a free personalized guide and a match to a licensed Ontario broker who shops 30+ lenders for you.
Get Your Free GuideGreater Toronto Area • Population: 2,800,000+
What Toronto homeowners need to know about mortgage renewal
If your mortgage is coming up for renewal in Toronto, you're not alone. Thousands of Ontario homeowners face this decision every month. The key mistake most make: signing the renewal letter from their current lender without shopping around.
Your lender's first renewal offer is typically 0.15% to 0.40% above the best available rate. On a $400,000 mortgage, that difference costs $1,000 to $4,000+ over a five-year term. A licensed Ontario mortgage broker can shop 30+ lenders for you at no cost. They're paid by the lender, not by you.
Since the 2024 stress-test exemption for uninsured straight switches at renewal, switching lenders has never been easier. Learn more about the 2024 rule change.
Figures shown are indicative and for general information only, subject to qualification and lender approval, OAC. Not a quote. A licensed mortgage broker provides your personalized quote.
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Mortgage renewal FAQ for Toronto
How do I negotiate my mortgage renewal in Toronto?
Start by checking current rates from multiple lenders at least 120 days before your renewal date. Toronto's competitive lending market means you have leverage. Your current lender's first offer is rarely the best. A licensed broker can shop 30+ lenders on your behalf at no cost to you.
Can I switch mortgage lenders at renewal in Toronto without a stress test?
Often, yes. As of the 2024 rule change, uninsured mortgage holders doing a straight switch at renewal are exempt from the stress test (insured borrowers already were). This opens up significantly more options for Toronto homeowners to find a better rate.
What is the average mortgage renewal rate in Toronto right now?
Rates change daily and depend on your specific situation: term length, whether the mortgage is insured or uninsured, fixed vs variable, and your equity position. Rather than relying on advertised averages, get a personalized comparison from a licensed broker who can access wholesale rates from 30+ lenders.