Let me give it to you straight.

Right now, millions of Canadian homeowners are sitting on a time bomb.

They just don’t know it yet.

Between now and the end of 2026, over two million mortgages - more than a third of all Canadian households - are coming up for renewal.

Most of these people are sitting on those sweet, low rates they locked in between 2020 and 2022 - when money was cheap and lenders were basically handing out debt like Halloween candy.

That’s over.

And when that clock runs out?

BOOM. Payments are going up. In some cases, way up - hundreds of dollars a month.

Once Upon a Time… Renewals Were Boring

It used to be simple:

• Sign the renewal

• Don’t overthink it

• Move on with your life

Today?

A renewal could be one of the biggest financial decisions you’ll make in the next 5–10 years.

Ignore it, and it could bury you.

Handle it right, and you protect your home, your cash flow, and your peace of mind.

What’s Coming (And When to Brace for Impact)

Let’s break it down by year:

According to the Bank of Canada, the average payment increase in 2024 - 2025 is 20% to 40%. Some higher.

Think about that.

If you’re paying $2,000 now, you could be looking at $2,400 to $2,800 - every month.

Why Canadians Are Feeling the Crunch

Let’s not sugarcoat this.

Most Canadians were already stretched thin.

StatsCan says we now owe $1.80 for every $1 of disposable income.

Add in groceries, gas, insurance hikes, and you’ve got a pressure cooker situation. Renewal season is just turning up the heat.

71% of mortgage holders are worried about their next renewal.

That’s not a niche group. That’s the majority.

What Lenders Are Looking At (Even If You’re Just Renewing)

Renewals aren’t brand-new applications - but that doesn’t mean lenders aren’t watching.

Here’s what they still care about:

• Income stability: Are you still solid? Or one job loss away from default?

• Outside debt: Credit cards and car loans count. Too much debt = red flag.

• Credit behaviour: Missed payments? Maxed cards? They see it.

• Property value: If your equity’s solid, you’ve got options. If it dropped, buckle up.

Switching lenders? Get ready for full documentation - income, credit, property - just like a new application.

How Smart Homeowners Are Fighting Back

This isn’t doom and gloom. There are moves you can make right now to stay in control.

Here’s what we’re seeing:

Extending Amortization

Spreads out your payments. Lowers monthly cost. Yes, more interest long-term but it buys breathing room now.

Switching Lenders

Shop around. Don't just accept the bank’s first offer. You can do better.

Refinancing to Consolidate Debt

Roll high-interest credit cards or lines into your mortgage at a lower rate. Clean, simple, smart.

Choosing Shorter Terms

Go 1- or 2-year term now, then pounce when rates drop.

Tightening the Budget

Not sexy. But necessary. Every dollar saved is one less dollar your bank owns.

Common Scenarios We’re Seeing

• Homeowners coming off 1.5% fixed rates and now staring at 5.5%+

• Variable borrowers switching to fixed, sick of playing rate roulette

• People juggling car loans, credit cards, and mortgages - looking to simplify

• First-timers renewing for the first time - blindsided by payment spikes

It’s a jungle out there. But there’s a map, if you know where to look.

Here’s What You Need to Remember

The next 24 months are critical.

• The biggest renewal wave in decades is coming

• Most Canadians will see payment increases

• Lenders still care about your income, debt, and credit

• The right strategy (refinance, amortization tweak, switching lenders) can make all the difference

And most importantly…

You need to talk to someone before the renewal hits your mailbox.

This isn’t about paperwork.

It’s about your lifestyle, your stress level, and your long-term wealth.

Don’t Let the Bank Decide Your Future

When you treat a renewal like a rubber-stamp decision, the lender wins.

When you treat it like a financial reset opportunity, you win.

Let’s make sure your next mortgage actually fits your life — not the other way around.

1. Book a free call.

2. Get a plan.

3. Stop guessing.

Because 2026 is coming — and it’s not waiting for you to catch up.