2026 Mortgage Renewal Surge: What Every Canadian Homeowner Needs to Know

The Canadian mortgage landscape is heading into uncharted territory. According to mortgage expert Dion Beg, 2026 will see the largest wave of mortgage renewals in Canadian history, and many homeowners are unprepared for what’s coming.

Whether you’re a homeowner, investor, or first-time buyer, here’s what you need to know and how to prepare.

Why 2026 Is a Big Deal for Canadian Mortgages

Over the last decade, most Canadians have opted for 5-year fixed mortgage terms. That means a huge portion of those who bought homes during the 2021 real estate frenzy, when rates were historically low, will be up for renewal in 2026.

But here’s the problem:

Those homeowners locked in rates as low as 1.6%. Today, renewal rates are expected to be closer to 4% or more. That could mean a $400+ monthly payment increase for many families.

And it’s not just a few. Dion estimates that over 30% of Canadian mortgages will be up for renewal in 2026, well above the typical 20% average.

The Financial Impact of Higher Rates

For many households, the jump in rates will bring financial stress. The average mortgage payment is projected to rise by:

• $400 to $600/month, depending on loan size and term

• That’s $4,800 to $7,200 extra per year

Homeowners who stretched to buy during the 2020 to 2021 market peak may find themselves facing tighter budgets, reduced cash flow, or worse — the need to sell or refinance under pressure.

What to Do If You’re Renewing in 2026

Don’t wait. The biggest mistake homeowners make is waiting until the month before renewal to take action. Here’s what Dion Beg recommends:

1. Start 6 to 7 Months Ahead

Reach out to your lender or broker at least 6 months before your renewal date to review your options.

2. Consider Extending Your Amortization

If your monthly payment increase is too high, extending from 20 to 30 years could help manage cash flow.

3. Consolidate Other Debt

Many homeowners carry car loans, credit cards, or lines of credit. Rolling this into your mortgage may reduce your total monthly payments.

4. Order an Updated Appraisal

Don’t assume your home is worth what you paid. In some markets, 2021 buyers may see their home appraise for less than their original purchase price, which affects refinancing and equity access.

5. Stay Realistic

This may not be the time to treat your home as an ATM. With modest or even declining home prices forecasted in 2026, accessing equity could become harder.

Market Outlook: Stable Rates, Unstable Budgets?

As of early 2026, interest rates are holding steady, but not low. Inflation is under control, employment is holding, and the Bank of Canada has signaled that big rate drops are unlikely this year.

That leaves many Canadians in a tight spot:

• Higher mortgage payments

• Flat or declining home values

• Slower wage growth

Bottom Line: Be Proactive, Not Reactive

If your mortgage is up for renewal in 2026, this is your wake-up call. The volume of renewals will put pressure on lenders, brokers, and the system. Starting early gives you time to explore options, avoid panic decisions, and protect your household budget.

Need Help Navigating Your Renewal?

Connect with mortgage expert Dion Beg at kangamortgage.ca or follow him on Instagram @thedionbeg for more tips and updates.