Canada Mortgage Renewals: Deadlines and Traps | Outsmart The Banks Today!

With >1.5M Canadian renewals already done and another 1M ahead this year, borrowers benefit from finding their maturity date and starting 120 days early.
Federally regulated lenders must send renewal statements, or non-renewal notice, 21 days before term end, but that timeline leaves little room to compare offers.
Treat the renewal letter as an opening offer. One survey found 13% did not know negotiating was possible, though a quick call saves thousands.
For real leverage, keep income proof, mortgage statements, tax bills, and ID ready. After Late-Q4 2024, straight switches no longer need stress-test requalification.
Choose your term on purpose. Five-year fixed is often the default, but the best fit depends on rate expectations, move plans, and payment certainty.