Banks count on renewal autopilot. Enter the rate on your renewal letter and a competitive rate, and see what the difference is worth — monthly, over your term, and in equity. Since Nov 2024, straight switches don't even need a stress test.
✓ Updated July 17, 2026 · reflects Nov 2024 switch rulesAs of July 2026, well-qualified renewers are seeing 5-year fixed rates around 3.94–4.3%. First renewal letters often quote much higher.
A licensed Alberta broker can produce one in about a day — then your bank either matches it or you switch. Either way, you win.
At maturity there is no penalty to leave your lender, and since November 21, 2024, a straight switch (same balance, same amortization) doesn't require re-passing the stress test — OSFI removed that barrier for uninsured mortgages, matching the existing rule for insured ones. That makes renewal the one time your mortgage is fully portable at almost no cost.
Renewal letters commonly quote at or near posted rates — the sticker price almost no new customer pays. Banks rely on inertia: most Canadian borrowers renew with their existing lender, many without negotiating at all. A written outside offer flips the dynamic in minutes.
For a straight switch at renewal — same loan amount, same amortization — no stress test applies (rule change effective November 21, 2024). The new lender still verifies basics like income and property, but the 2%-higher qualifying hurdle is gone.
No penalty at maturity. Expect a discharge/assignment fee from your old lender (roughly $300–400 in Alberta); new lenders often cover appraisal and transfer fees on standard switches. Net cost is frequently under $400 — against thousands in savings.
120 days before maturity. That's when rate holds begin, and it gives you time to compare without pressure. If your renewal is inside 30 days, move quickly — a broker can still turn a competing offer around in about a day.
Yes, but that's a refinance rather than a straight switch — the stress test then applies, and pricing can differ. If you want to consolidate debt or extend amortization to lower payments, see our refinance guide.
If the match is genuine and the product terms are equal (prepayment privileges, penalty formula, portability), staying is fine — you just saved thousands with one email. Watch the fine print: big-bank fixed-rate penalties use posted-rate IRD formulas that can cost far more if you ever break the term early.
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