The Bank of Canada dropped its latest Financial Stability Report this month, and one number is worth paying attention to: roughly 9% of GTA mortgage holders could have trouble refinancing when their mortgage comes up for renewal in 2027. If home prices dip another 10%, that number climbs to 12%.
Don’t panic just yet: almost everyone can renew their mortgage with their current lender, no questions asked, as long as you’re paid up. The issue is what happens if you want to do anything other than that.
Equity Position and Mortgage Renewal
Equity Decreased?
You might be stuck renewing with your current lender at whatever rate they offer, with no ability to negotiate elsewhere. That’s not the end of the world, but it’s a lot better to know that before your renewal letter shows up than after.
Renewal in 6-12 mos?
Now’s the time to get a clear picture of where you stand. We call it a Renewal Position Check: a quick look at your current equity, your mortgage category, and what your real options are when your term is up. No cost or obligation.
If your renewal is approaching, now is a great time to check in with your equity and loan-to-value position.
Book Your Renewal Position Check
Renewing your Mortgage but Confused about Insurable vs. Uninsurable Mortgage Options?
If your renewal is approaching, now is a great time to check in with your equity and loan-to-value position.
When people are shopping for mortgage rates, they get attracted to the lowest mortgage rate thinking this is what they want.
The reality is, depending on your situation, the listed rate may not apply to you. It’s important to understand the distinction between insured, insurable and uninsurable mortgages. Here’s a quick breakdown or read our full guide here: