Apr 20, 2026
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Many Canadians approaching mortgage renewal say they’re worried about getting it wrong, as uncertainty around interest rates continues to shape borrowing decisions.
A new poll from CIBC found that 55% of mortgage holders are concerned about making the wrong choice when renewing, while nearly half (48%) say they’ll need help from a financial advisor to navigate the process.
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“With today’s changing rate environment, Canadians are looking for more certainty,” said Mudit Jain, senior vice-president, Borrowing Solutions at CIBC, in a statement.
Fixed rates gaining favour as borrowers seek stability
The CIBC survey suggests many homeowners are prioritizing predictability over flexibility as they approach renewal.
Among those expecting to renew in the next two years, 60% said they plan to choose a fixed-rate mortgage, pointing to a continued preference for stable payments even as rate expectations shift.
That trend comes as a large wave of mortgages taken out during the pandemic-era low-rate period begins to reset at higher borrowing costs. For many households, that means weighing whether to lock in now or wait for potential rate cuts — a decision that can have long-term financial consequences.
At the same time, more than one-third (35%) of mortgage holders say they expect to renew within the next two years, underscoring how widespread these decisions will be across Canadian households.
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Renewal decisions becoming more complex
Beyond rate selection, borrowers are navigating a range of competing considerations when renewing their mortgage.
Factors such as amortization periods, payment frequency and overall affordability can all influence the total cost of borrowing, particularly in a higher-rate environment.
Jain noted that the renewal process can feel overwhelming, with homeowners balancing current financial pressures against longer-term goals.
“We understand that renewing a mortgage can feel overwhelming as there is a lot to consider,” he said, noting that borrowers often need to weigh both immediate payment changes and broader financial planning.
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That complexity may help explain why many Canadians say they’re seeking outside guidance, whether through financial advisors or by comparing offers across lenders.
Banks push digital tools as renewal wave builds
Against that backdrop, CIBC said it is introducing a new digital tool aimed at helping borrowers explore their options ahead of renewal.
The tool allows users to generate a personalized estimate and potential rate in minutes, without affecting their credit score, while also connecting them with an advisor for further support.
While tools like this are becoming more common across the banking sector, they reflect a broader shift toward self-serve mortgage planning — particularly as more borrowers look to compare options before committing to a renewal.
For consumers, such tools might help to provide more visibility into potential payment changes, hopefully without adding another layer to an already complex decision process.
Easiest place to start is with an online mortgage broker
If you want to secure a better mortgage rate, a good place to start is shopping around and comparing rates from Canada’s biggest banks and best lenders. However, doing so takes research, time and effort that you might not have, especially if you’re working full time — let alone if you have child care responsibilities.
That’s where online aggregators, like Homewise, can help. Rather than emailing back and forth with individual lenders, a consolidator lets you compare rates from a pool of over 30 banks and lenders.
It’s easy to get started: All you have to do is provide a few details, and Homewise will connect you with nearby providers to get you the best rates.
You can also get end-to-end support from Homewise Advisors — giving you almost-instant access to the best rates and peace of mind guidance from a professional. Even better, no credit check is required, so you can start comparing rates right away.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and US brands, while also working as a ghostwriter for financial influencers.
