Major Changes to Mortgage Renewals & The Benefits

Homeowners can now renew mortgages over $1 million or with more than 20% down without a stress test—giving them the freedom to shop for better rates and save more.

A Game-Changer for Homeowners

Homeowners with mortgages over $1 million or who originally put down more than 20% can now renew without undergoing the stress test. This long-awaited update from OSFI gives Canadians the freedom to explore better mortgage rates instead of feeling locked into their current lender.

Why This Update Benefits You

In the past, renewing a mortgage often meant sticking with your existing bank—even if better rates were available elsewhere. Since banks didn’t have to compete, they could charge higher rates without consequences. Now, with this change, borrowers have more leverage, leading to a fairer and more competitive mortgage market.

Time to Start Shopping for Better Rates

If your mortgage is up for renewal soon, don’t wait until the last minute. The earlier you start comparing rates, the better your chances of securing a lower payment. Even if your renewal is months away, it’s smart to research your options now.

Need help navigating the process?

Our team can assist you in comparing rates, understanding terms, and ensuring you make the best financial decision.

Breaking a High Fixed-Rate Mortgage: Is It Worth It?

If you're currently locked into a 5% to 6% fixed-rate mortgage, it might be time to crunch the numbers. While breaking a mortgage can come with penalties, waiting could make those penalties even higher. We can help you analyze the costs and potential savings to see if switching to a lower rate makes financial sense.

Take Advantage of This Opportunity

With this new rule, homeowners have more flexibility than ever before. If you’re looking to secure a better rate or explore your renewal options, now is the time to act.

📩 Contact us today for a personalized review of your mortgage renewal options—we're here to help you save!