Brokerage #13763
Your bank's renewal letter is almost never their best rate. lendsimpl shops 50+ lenders, explains every trade-off, and locks in the rate that actually works for your life — lender-paid.
Rate holds available — lock in before rates change
Approximate market ranges, updated regularly. Your actual rate depends on lender, term, amortization, and qualification — we'll get you the best available.
5-Year Fixed
4.44 – 4.89%
Locked payment for 5 years. Ideal for budget certainty.
3-Year Fixed
4.49 – 5.09%
Shorter term if you expect rates to drop further.
Variable Rate
Prime – 0.9%
Floats with Bank of Canada. Currently ~5.25%.
2-Year Fixed
4.79 – 5.29%
Bridge option for borrowers expecting rate drops by 2027.
These are approximate market ranges. Your bank's posted renewal rate is typically 0.25–0.75% higher than what a broker can secure from the same lender.
Mortgages taken at 1.5–2.5% in 2021–2022 are maturing in 2025–2026. Current 5-year fixed rates sit around 4.5–5.4% — a $500–$1,500/month payment increase on a typical Toronto mortgage.
The difference between signing your bank's posted renewal offer and shopping the market is often $3,000–$12,000+ saved over your next 5-year term. Every week you wait is a rate-hold window lost.
Rate difference impact — $700K mortgage, 5-year term
*Illustrative. Actual savings depend on balance, amortization, and rate at renewal.
Your existing lender's renewal offer is a starting point — not a final answer. Here's what changes when you work with a broker.
Your bank offers one product — its own. We access every major bank, monoline, and credit union in Canada — giving you real market competition.
Lenders pay our fee when you choose them. You never pay a cent for our service. Expert renewal advice — available to you.
Renewal maturity is the only time you can switch lenders without an IRD penalty. We run a full net-benefit analysis including all transfer costs.
We're regulated by the Financial Services Regulatory Authority of Ontario (Brokerage #13763). Your interests are legally protected.
No pressure · Personalized rate comparison · 100% broker service
This window lets you rate-hold, compare multiple lenders, and make a calm, informed decision — not a last-minute scramble. Most homeowners start too late.
Four clear steps. No jargon, no surprises. We guide you through the entire renewal process so you feel confident at every stage.
We review your current mortgage, maturity date, and financial goals. Starting early gives you the full rate-hold window and maximum lender options.
We pull live rates from major banks, monolines, and credit unions. Every difference — rate, term, prepayment, portability — is explained in plain English.
We identify the optimal term type for your situation and hold your rate up to 120 days. No deadline scramble, no pressure to sign under the clock.
We handle all paperwork, lender coordination, and transfer logistics. You close with confidence and full transparency — no hidden surprises.
Toronto's competitive market means your renewal strategy matters more than most markets. We help GTA homeowners navigate rate type, lender choice, and term with local expertise and live market access.
Having these ready speeds up your renewal — especially when switching lenders.
Know exactly when to act. The earlier you start, the more lender options you have.
Step 01 · Featured
Contact lendsimpl — begin rate comparison from 50+ lenders and lock a rate hold. Maximum time to make the best, most informed decision.
Step 02 · 90 days
Receive your lender's renewal letter. Do NOT sign — compare it against broker options first. The bank's posted rate is rarely the best rate.
Step 03 · 60 days
Select your new lender or confirm with your existing one. Negotiate terms, prepayment privileges, and rate with broker support.
Step 04 · 30 days
Lawyer required for a lender switch (not for a same-lender renewal). We coordinate title insurance and discharge documentation.
Step 05 · Featured
New mortgage begins at your best rate. Zero penalty. The savings you locked in now compound over your entire term.
Both happen at your maturity date. Understanding the difference helps you choose the right path.
Homeowners who prioritize payment stability and peace of mind over the term.
Borrowers with financial flexibility who can absorb payment movement over time.
Not sure which to pick? Talk to a renewal expert.
"Damien Atapattu made my mortgage process completely stress‑free. He prepared all documents ahead of time and clearly understands lender, lawyer, and appraisal requirements. A friendly, energetic professional who gets results."
"Highly recommend! Damien took a lot of time to explain the terms thoroughly. He is very knowledgeable and trustworthy. Looking forward to working with him again!"
"Shamal was amazing throughout the whole process. He is very helpful, knowledgeable and patient. If you need a good reliable mortgage broker he is the guy! He will find you the best solution."
"Highly recommend. Damien was excellent throughout everything. Walking us through everything step by step. He was extremely well prepared and well versed in everything we needed to get a mortgage at a great rate."
"I had a great experience working with Damien. He helped me secure a very competitive mortgage rate through Scotiabank and made the entire process smooth and stress-free. He was knowledgeable, transparent, and always quick to respond to my questions. I highly recommend him."
"I approached lendsimpl for some financing and was amazed at the quality and time frame of service. Within a matter of days my deal was completed. Thanks to Damien and the team for expediting my business so efficiently. I highly recommend them for your financing needs. Five stars from us."
Most GTA homeowners make at least one of these. Knowing them in advance saves real money.
The renewal offer mailed to you is not your best rate — it's a starting point. Banks offer better rates to brokers than to their own renewal clients.
Waiting until the last month eliminates your rate-hold window, lender selection options, and time for proper documentation.
The right rate type depends on your income, payment flexibility, and the current rate cycle — not on what you chose 5 years ago.
Switching lenders at renewal is always penalty-free. Many homeowners stay out of inertia and never realize they could save thousands.
Rate is not the only number. Prepayment privileges, portability, and blend-and-extend terms can matter more depending on your plans.
Renewal is the most cost-effective time to add a home equity line of credit. After maturity, you'd need a full refinance to access equity.
lendsimpl walks you through every decision — rate type, lender comparison, term strategy, and paperwork. Licensed & Confidential.
Our calculators give you instant clarity on savings, payments, and costs — so you walk into your renewal fully prepared.
Enter your current mortgage details and compare renewal offers side-by-side. See whether switching lenders saves money after penalties, fees, and rate differences.
Open Renewal CalculatorRenewal isn't always the only option. Depending on your goals, one of these may serve you better.
Unlock equity, consolidate debt, or restructure at renewal.
Self-employed or non-standard income? We have 50+ lender options.
Equity-based bridge financing for urgent situations.
Unlock a revolving credit line against your home equity.
Roll high-interest debt into your mortgage rate.
Lenders that look beyond your credit score — we access them.
24 of the most-asked questions from Toronto homeowners — answered honestly by FSRA-licensed brokers.
Our FSRA-licensed mortgage brokers help homeowners renew, compare, and save across every city in Ontario.
Not sure if we serve your area? Get in touch — we cover all of Ontario.
Written by FSRA-licensed mortgage brokers. Updated April 2026. Everything a Toronto homeowner needs to know before their next renewal.
10 min · personalized rate comparison
Sources: CMHC, Bank of Canada, OSFI, CREA, MPAC
The largest renewal wave in Canadian history, triggered by the 2021–2022 low-rate origination period.
Borrowers who locked in at these rates are now renewing into a 4–5% environment.
On an $800K mortgage, 0.50% savings = $24,000 over 5 years.
You can borrow up to 80% of your home's current appraised value when refinancing at renewal.
But you should start shopping 120 days before maturity, not when you receive this letter.
Applies when switching to a federally regulated lender at renewal. Does not apply at Ontario credit unions.
Easily offset by rate savings in the first 12 months on most GTA mortgages over $400K.
A rate hold is a ceiling, not a lock — if rates drop before closing, you get the lower rate.
A mortgage renewal in Ontario happens when your current mortgage term ends and you must negotiate new terms with your existing lender — or switch to a new one. Unlike a refinance (which breaks your mortgage mid-term), renewal at maturity is always penalty-free. This makes it the single most important financial window in your homeownership cycle.
In 2026, this moment is especially critical. Over 750,000 Canadians took mortgages at ultra-low rates of 1.5–2.5% during the 2021–2022 pandemic period. Those terms are now maturing — and the current landscape for mortgage renewal rates in Toronto sits between 4.44–5.09% for 5-year fixed. That's a monthly payment shock of $500–$1,500+ on a typical $700K GTA mortgage.
What most Torontonians don't know: your bank's posted renewal rate is not their best rate. Banks offer lower rates to mortgage brokers than to their own clients — because brokers bring volume. A licensed Toronto mortgage broker like lendsimpl can access rates your branch manager simply cannot offer you directly.
Under OSFI Guideline B-20, if you switch to a new federally regulated lender at renewal, you must qualify at the higher of: your contract rate plus 2%, or 5.25%. This means most borrowers qualify at approximately 6.44–7.09% — even though their actual payment is based on their negotiated rate of 4.44–5.09%.
Crucially: if you renew with your existing lender, you are not subject to the stress test. This is why some borrowers with lower income or tighter debt ratios (GDS/TDS above 39%/44%) may choose to renew with their current lender rather than switch — even if a competitor offers a slightly better rate. lendsimpl models the exact breakeven point for your situation.
For homeowners in Peel Region (Mississauga, Brampton), York Region (Vaughan, Richmond Hill, Markham), Durham Region (Oshawa, Ajax, Whitby, Pickering), and all Toronto districts — OSFI B-20 applies equally. The stress test does not apply at provincially regulated credit unions in Ontario, which gives additional flexibility for some borrowers.
All FSRA-licensed, serving Toronto & all of Ontario
Live rate comparison across 50+ lenders — updated daily.
FSRA-licensed brokers serving the GTA — no fee.
Restructure, borrow more, or access equity at maturity.
Add a revolving credit line at renewal — penalty-free.
Self-employed, irregular income, or B-lender products.
Equity-based bridge financing when banks won't lend.
Roll high-interest debt into your renewal — lower payments.
Lenders that look beyond your credit score at renewal.
Investment property and multi-unit renewal solutions.
Model exact savings vs. switching costs — mortgage tools.
Calculate your new payment at renewal rates.
Budget legal fees and land transfer tax for a switch.
| Term | Rate range | Best for | Watch for |
|---|---|---|---|
| 1-Year Fixed | 5.09–5.49% | Expecting major rate drops; planning to sell soon | High rate now; re-qualifies every year; less certainty |
| 2-Year Fixed | 4.74–5.09% | Short-term certainty; expect lower rates in 2027 | Renewal risk — must re-qualify in 2 years |
| 3-Year Fixed | 4.44–4.74% | Balance of certainty + flexibility; Bank of Canada watchers | If rates stay flat, you re-shop sooner |
| 5-Year Fixed | 4.44–4.89% | Payment certainty; risk-averse; families on tight budgets | IRD penalty if you break early (property sale, divorce, etc.) |
| 5-Year Variable | Prime −0.4% to −0.7% (~4.25–4.55%) | Strong income buffer; expect continued BoC cuts | Rate fluctuations; payment shock if BoC hikes |
| 7-Year Fixed | 4.89–5.29% | Maximum long-term certainty; not planning to move | Higher rate premium; hard to break without major IRD |
Rates shown are indicative ranges for well-qualified borrowers in Ontario, updated regularly. Contact lendsimpl for your personalized live rate.
TD, RBC, BMO, Scotia, CIBC, National Bank
First National, MCAP, CMLS, Lendwise, Radius Financial
Meridian, FirstOntario, DUCA, Alterna
Equitable Bank, Home Trust, Haventree, Bridgewater
Home equity required: ~$50K above mortgage balance (GTA homes typically have $200–$600K equity)
If rates rise during your hold period, you keep the lower rate you locked in. You're protected against upward rate movements.
A hold is not a lock. If the posted rate drops below your hold rate before closing, lendsimpl automatically re-applies at the lower rate.
Holding a rate doesn't commit you to that lender. You can decline, switch lenders, or even stay with your current bank if they match the offer.
Most Toronto homeowners only know about the rate hold concept because a broker explained it. Banks don't advertise rate holds aggressively — they prefer you to wait until renewal day and sign whatever offer is on the table.
Max amortization is 25 years for insured (CMHC) mortgages, 30 years for uninsured.
No penalty for shortening. This is always permitted at renewal.
Every term you'll encounter when renewing your mortgage in Ontario — explained without jargon.
lendsimpl serves homeowners renewing mortgages across every GTA neighbourhood and municipality: Toronto proper (Leaside, The Beaches, Leslieville, Roncesvalles, Annex, Lawrence Park, Forest Hill, Summerhill, Riverdale, Corktown, Liberty Village), Scarborough (Agincourt, Wexford, Birchcliffe, Guildwood, Port Union), North York (Willowdale, Don Mills, Bayview Village, Bathurst Manor), Etobicoke (Mimico, Long Branch, Alderwood, Princess-Rosethorn), Mississauga (Port Credit, Streetsville, Clarkson, Erin Mills), Brampton (Bramalea, Heart Lake, Springdale, Castlemore), Markham, Vaughan, Richmond Hill, Oakville, Burlington, Hamilton, Barrie, and all points across Ontario.
No matter where your property is in Ontario — whether you're renewing a Toronto condo mortgage, a Mississauga detached home, or a Brampton semi-detached — the renewal process and broker advantage are the same. Start 120 days out, connect with a lendsimpl broker, and we'll give you a real live rate comparison within one business day — Licensed & Confidential, personalized rate comparison.
Start 120 days before your maturity date. No pressure, no commitment — just a clear conversation about what's best for your mortgage, your budget, and your life.
750,000+ Ontario mortgages renew in 2026. We compare 50+ lenders and save Toronto homeowners thousands. Start 120 days early, no pressure.