My mortgage is one of the1.8 million Canadian mortgages renewing in 2026.
And like roughly 60% of those renewals,
my monthly payment is going up by 20%.
So I want to walk you through exactly what I’m doing about it.
Step 1: I didn’t sit on the renewal package
When the letter arrived in March, I booked a call with my bank right away.
I wanted to understand:
- The rate they were offering
- What my new payment would look like
- What options existed within their system
Then I had themlock in the rate.
Step 2: I got a second opinion
After that meeting, I booked time with an independent mortgage broker.
This order matters.
When you walk into a broker conversation knowing exactly what your bank is offering, you’re grounded. You’re not negotiating from uncertainty.
In my case?
She told me she couldn’t beat the bank’s offer.
And I appreciated that.
Clarity builds trust and she’ll continue to get my referrals because of it.
Step 3: I left the door open
I booked a follow-up with my bank for mid-June. If rates drop before renewal (which Bank of Canada guidance suggests is unlikely), I’ll revisit.
If they don’t, I’m already prepared.
Step 4: I adjusted my spending plan
This is the part most people avoid.
A 20% increase isn’t something you absorb.
It’s something youreallocate for.
So I looked at:
- What my new fixed costs actually are
- What my true “spendable” becomes
- Where I can find that additional 20%
Your renewal date is not the time to figure this out.
At least three months ahead — that’s your window.
One final thought
Many people are going to be “caught off guard” at renewal time.
You don’t have to be one of them if you choose to engage early and get clear.
You already have the information you need: rates, predictions, opinions.
Stop chasing returns you can’t control and ask yourself instead; How does this fit into your spending plan?
That’s the decision.
That’s where your control is.
If you’re staring at your own renewal and not sure how to walk through it, this is exactly the work I do with clients translating the numbers into a plan that works in real life.
You don’t have to guess your way through it.
We can build a plan together.
