60 Percent of Canadian Mortgages Are Renewing Right Now. Yours Might Be One.
The renewal letter is sitting on the counter. You have not opened it yet. You already have a feeling about what is inside, and you would rather deal with it after the weekend tournament. We get it. We are at the same diamonds, and nobody wants to do scary math on a Saturday morning before a doubleheader.
Here is the part worth knowing before you sign anything.
The local picture
Around 60 percent of all mortgages in Canada are renewing in 2025 and 2026. A lot of families around Norfolk and Haldimand locked in at 1.5 to 2 percent back in 2020 and 2021. Those are the ones rolling over now, and the average five year fixed renewing this year is landing about 20 percent higher on the monthly payment.
On a $400,000 mortgage, a 20 percent jump can mean roughly $500 to $700 more a month. That is a full baseball season. That is a set of winter tires and a tournament weekend put together. That is real money walking out of a real family budget, every single month, for the whole term.
What most families miss
The renewal letter from your lender is an offer, not a verdict. You do not have to sign it. You have the right to shop the entire market in the months before your maturity date, and the gap between the letter rate and the best rate you actually qualify for can be hundreds of dollars a month.
A ringette family I worked with this spring had a renewal letter quoting them a rate that would have added about $480 to their monthly payment. We started 120 days before their maturity date, moved the mortgage to a lender that actually fit their file, and the increase came in at about $180 instead.
That is $300 a month they kept. Every month. Enough to cover the ringette season and then some, without touching anything else in the budget.
The part I actually care about
We did not stop at the rate. Once the renewal was handled, we mapped out what the next five years look like, so the following renewal is a non event instead of a gut punch. That is where my partners come in, the folks who help you grow and protect what you have built once the cashflow is steady.
I am not here for one signature. I am here for the family I am still helping when those ringette players are in high school and the mortgage is the last thing they worry about.
If your renewal is coming up this year, do not wait for the deadline to find out your options. Five minutes at
www.adamwalkermortgages.com/payment-shock-protection
shows you what your real payment could be and where the levers are. No email gate. Just your numbers, while you still have time to use them.
