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Negotiating a mortgage renewal is tricky. Mortgage rates increased significantly over the last few years. Now, many Canadians face much higher monthly payments as the countdown toward a mortgage renewal deadline approaches. Whether this is your first or last time renewing your home loan, the good news is that renewing your mortgage involves the same process: compare rates and read the fine print.
To help, here are four tips for any real estate investor or homeowner facing a mortgage renewal in 2024 — plus a few key details to help you get it right.
BIG NUMBER: How many Canadian mortgages are up for renewal in 2024? According to the Bank of Canada, 80% of all mortgages are up for renewal in 2024. This represents $251 billion in outstanding mortgages. By 2026, all current mortgages will be up for renewal.