Marlando Bailey

Canada faced a huge renewal wave in 2025 and 2026, with ~60% of outstanding mortgages resetting and >1M loans expected to renew this year.
A survey found >two-thirds of renewing homeowners planned fixed rates, especially 5-yr terms, even as many experts said discounted variable options deserved consideration.
One expert favored a 5-yr variable near 3%, arguing fixed rates stayed above 4% and could bring payment relief for borrowers renewing higher-cost mortgages.
That expert also said variable inquiries reached ~30% of platform activity in Late-Q1, up from ~10% a year earlier, while warning borrowers needed flexibility.
Another expert also preferred variable, but said geopolitical conflict and inflation pressures could keep fixed rates elevated, making close monitoring essential before locking in.

Canada Renewals Put Choices in Focus

Mortgages with <20% down usually required default insurance. With 20%+ down, loans were typically uninsured, though some still qualified as insurable.
Insured mortgages often carried lower rates because insurance reduced lender risk. But borrowers usually paid an insurance premium, often added to the mortgage balance.
Default insurance protected the lender, not the borrower. It helped lenders approve smaller down payments that otherwise might have required at least 20%.
Uninsured mortgages usually applied to 20%+ down payments, higher-value homes, some investment or rental properties, and refinancing transactions.
Insurable mortgages sat between the two: 20%+ down, insurer-style rules, possible lender-paid coverage, and rates similar to insured loans in some cases.
Uninsured mortgages offered more flexibility, including possible 30-yr amortization and financing for properties that did not meet insured or insurable eligibility limits.
Choosing the right structure depended on down 