Renewing Your Mortgage in 2026? Do Not Sign First

There is a letter that shows up in the mail before your mortgage renews, and it is designed to be easy to say yes to. One rate, one signature, done. But easy for you is not the same as good for you, and that renewal letter is not the best your lender can do. It is just the least effort on their end. If your mortgage is coming up this year, that letter deserves a much harder look than most people give it.

Here is why this matters right now. According to CMHC, around 1.15 million Canadian mortgages are renewing in 2026, and a lot of them were locked in back when rates were near rock bottom. If you are one of those people, your renewal is probably landing higher than what you have been paying, and that jump is real.

I work with buyers and sellers all over the Okanagan, and the conversation I am having most this year is not about buying or selling at all. It is about renewals. So here is the practical version: how to actually approach this, and where people quietly overpay for years without realizing it.

1. Treat your renewal like a negotiation, because that is exactly what it is. When that renewal notice arrives, your lender is hoping you will just sign it and move on. Do not. Get a couple of competing quotes first, even a quick call to a mortgage broker, and then take those numbers back to your current lender.

Lenders have room to sharpen their offer when they know you are willing to walk. The rate on that page is a starting point, not a finish line.

2. Know that you do not have to wait until your term is actually up. In some situations it is worth breaking your mortgage early, even with a penalty, if the savings over your next term outweigh that cost. That math is very specific to you, your balance, your rate, and your penalty, so it is exactly the kind of thing worth running with a good broker before you decide.

Sometimes, breaking early is the smart move, and sometimes it is not. The only way to know is to actually do the calculation.

3. Let today’s numbers shape your decision, not a rate cut that might never come. Here is the piece of context that should guide you. The Bank of Canada has been holding its key rate steady at 2.25%, and that tells you something useful. Rates are not in a free fall, so waiting around for some big drop to rescue your renewal is not really a plan. Make your decision based on the numbers in front of you today, not on a cut that may or may not arrive.

If you have a renewal coming up and you want a clear head about your options, reach out to me before you sign anything. I can point you in the right direction and connect you with people who will run the numbers properly, so we make sure this renewal works in your favour. Call or text me at 250-801-4322, email me at amanda@vantagewestrealty.com, or visit amanda.vantagewestrealty.com. My name is Amanda Tak with Vantage West Realty, and I’m here to help with all your real estate-related needs.