Is your Scotiabank mortgage renewal offer fair?
Compare your Scotiabank renewal offer against today's lowest advertised market rate. Scotia's Step mortgage is a collateral charge with a HELOC component. At renewal, moving to another lender means discharging both. If you don't use the HELOC portion, switching is usually still worth it above ~$300K. Today's lowest advertised Canadian mortgage rate is 4.29% (5-year fixed) — refreshed weekly.
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Poor — your bank is charging you a significant premium.
Frequently asked
Can I negotiate my Scotiabank mortgage renewal?
Yes. Scotiabank's first written offer is almost never the best rate they'll give you. Call the retention line 60–90 days before renewal with a competing quote from a broker or another bank. Most customers who ask for a better rate receive one — typically 0.20%–0.60% off the posted renewal.
What happens if I don't sign my Scotiabank renewal letter?
Your mortgage automatically converts to an open or short-term posted-rate product — usually the most expensive rate Scotiabank offers. You then have full flexibility to switch lenders, but every extra month costs meaningful interest. Decide before your term ends.
Is it worth switching from Scotiabank to another lender at renewal?
On a $400,000+ balance, a 0.40%–0.50% better rate typically saves $6,000–$10,000 over five years — comfortably more than the $300–$1,500 in switching costs. Below $200,000, a smaller rate gap often makes staying (with a negotiated discount) the better call.
Does the OSFI stress test apply if I switch from Scotiabank at renewal?
Since November 2024, uninsured borrowers switching to a new federally regulated lender at renewal are exempt from the stress test — provided the loan amount and amortization don't increase. This makes switching materially easier than it was pre-2024.
When should I start comparing Scotiabank's offer?
Start 120 days before renewal. Most lenders (Scotiabank included) will hold a rate for 90–120 days, and you'll have time to shop, submit a switch application, and complete legal work without payment interruption.