What CMHC’s Latest Data Means If Your Mortgage Is Coming Up for Renewal
A mortgage renewal is becoming significantly more expensive for many Canadian homeowners. CMHC’s 2026 Mortgage Consumer Survey found that among mortgage holders facing higher payments at renewal, the average increase was approximately $375 a month.
CMHC found that 35% of mortgage holders renewing their mortgage experienced higher payments. Among those borrowers, the average increase was approximately $375 per month — about $4,500 a year.
What Is Happening at Mortgage Renewal?
Millions of Canadian homeowners renew their mortgages periodically as their existing mortgage terms expire.
A renewal does not normally mean taking out an entirely new mortgage. The remaining mortgage balance continues, but the interest rate and other terms may change.
That can have a major effect on the monthly payment.
According to Canada Mortgage and Housing Corporation’s 2026 Mortgage Consumer Survey, 35% of renewing mortgage holders experienced an increase in their mortgage payment.
For those borrowers, the average increase was approximately $375 per month.
Monthly increase: $375
Annual increase: $4,500
Five years at that difference: $22,500
The five-year figure is a simple illustration and does not account for changes in interest rates, principal balances or mortgage terms during that period.
Why Are Some Renewals So Much More Expensive?
Many Canadians took out or renewed mortgages when interest rates were considerably different from the rates available when their mortgage later came up for renewal.
When a borrower renews at a higher interest rate, more of the payment may be required to cover interest costs.
The effect depends on several factors, including the remaining mortgage balance, the new interest rate, amortization period and payment frequency.
Not Everyone Is Paying More
The $375 figure should not be interpreted as the average increase for every Canadian renewing a mortgage.
It is the average increase reported among the mortgage holders in CMHC’s survey who experienced higher payments.
Some borrowers renewed without an increase, while individual increases among those paying more varied according to their mortgage circumstances.
Interest Rates Are a Major Concern for Homeowners
CMHC found that interest-rate fluctuations were the most commonly cited concern among mortgage consumers who expressed uncertainty about the mortgage process.
That concern is understandable because even a relatively small difference in the interest rate can have a meaningful effect when applied to a mortgage balance of several hundred thousand dollars.
Don’t Wait Until the Renewal Notice Arrives
One of the practical lessons from the CMHC data is that homeowners should know when their mortgage term ends and begin looking at their options before the renewal date.
Your existing lender will normally offer a renewal, but accepting that offer immediately is not your only option.
Before renewing, homeowners can compare the proposed interest rate and mortgage terms with alternatives available from other lenders.
Check your renewal date, remaining balance, current interest rate and amortization. Then compare the renewal offer with other available options before agreeing to a new term.
Can You Switch Mortgage Lenders?
Yes. Canadians are generally not required to renew with their existing mortgage lender.
A borrower may be able to move the mortgage to another financial institution offering a more attractive rate or terms.
However, switching lenders can involve qualification requirements, administrative steps and possible costs. Those should be considered when comparing the potential savings.
What If the New Payment Is Difficult to Afford?
If a substantially higher renewal payment could create financial difficulty, dealing with the issue before the mortgage renews gives you more time to understand the available options.
Depending on the mortgage and lender, possible changes could include adjusting the mortgage term, payment schedule or amortization.
Changes that reduce the immediate monthly payment can sometimes increase the total interest paid over the life of the mortgage, so the monthly payment should not be the only number considered.
What Should You Compare?
The interest rate is important, but it isn’t the only feature of a mortgage.
When comparing renewal options, consider the interest rate, term length, payment amount, amortization, prepayment privileges, penalties and whether the mortgage is open or closed.
A lower advertised rate does not automatically mean a particular mortgage is the best fit for every borrower.
The Bottom Line
CMHC’s latest survey provides a useful warning for Canadians approaching a mortgage renewal.
Among renewing mortgage holders who experienced higher payments, the average increase was approximately $375 per month.
That’s roughly $4,500 a year in additional household expenses.
If your mortgage is coming up for renewal, the most useful action may be simple: know your renewal date and start comparing your options before you have to make a decision.
Canada Mortgage and Housing Corporation — 2026 Mortgage Consumer Survey
Financial Consumer Agency of Canada — Renewing Your Mortgage
VIPNews explains Canadian government information in plain English. This article provides general information and is not personal financial or mortgage advice.