Anonymized, representative Ontario renewal case studies. Each example shows the bank's offer, the best available competitive alternative, the five-year dollar impact, and — crucially — the full decision, not just the rate.
Published: July 10, 2026 · Last reviewed: July 14, 2026
These examples are composite representations reflecting typical Ontario renewal patterns across the YourMortgageRenewalCalculator.com client base. Dollar amounts and rates are realistic and rounded for readability. They are not individual real client files. Quantitative aggregate data may be published separately once the anonymized sample threshold is met.
GTA family, $485K TD renewal — negotiated then switched
Dual-income family, two kids, 12 years into a 25-year amortization · Mississauga, ON
Balance at renewal
$485,000
Current lender
TD (collateral charge)
Bank renewal offer
4.89%
Best competitive option
4.19%
5-year interest difference
$15,200
Decision
Switched
The family received a TD renewal letter 24 days before maturity offering 4.89% on a 5-year fixed. A quick call to TD retention brought the offer to 4.54% — a real improvement, but still 35 bps above what a monoline was willing to write for the same file.
Because the TD mortgage was registered as a collateral charge, the switch legal cost was $950 — not covered under the receiving lender's switch program. Net five-year savings after legal: approximately $13,900.
The decision to switch was ultimately about future flexibility as much as the current rate. Moving to a standard-charge mortgage means the next renewal can be shopped for $300–$400 instead of $950.
Jay's commentary
"A 35-basis-point gap sounds small until you multiply it by the balance and term. On $485K over five years, 35 bps is over $8,000 in interest. Almost any legal fee is worth it at that spread."
Self-employed contractor, $612K Scotia STEP — stayed and negotiated hard
Incorporated IT consultant, 8 years self-employed · Toronto, ON
Balance at renewal
$612,000
Current lender
Scotiabank (STEP)
Bank renewal offer
4.94%
Best competitive option
4.34%
5-year interest difference
$8,900
Decision
Stayed and negotiated
The borrower's income is heavily written down at the corporate level — meaning her personal T1 line 150 doesn't reflect what she actually earns. A switch to a monoline would have required stated-income underwriting, adding 25–35 bps to the quoted competitive rate.
The Scotia STEP structure meant a switch would also have cost $875 in discharge and re-registration. Between the stated-income premium and the legal cost, the real net advantage of switching was under 20 bps.
Scotia retention matched the broker quote to 4.44% after two calls. She stayed. Five-year interest savings vs Scotia's first offer: approximately $8,900.
Jay's commentary
"Self-employed borrowers should almost always renew with their existing lender first — no re-qualification, no stress test. Only switch if the after-legal, after-stated-income premium still beats the retention offer."
Retired couple, $286K First National — moved for better prepayment
Both retired, CPP + OAS + workplace pensions, no mortgage default risk · Ottawa, ON
Balance at renewal
$286,000
Current lender
First National
Bank renewal offer
4.54%
Best competitive option
4.29%
5-year interest difference
$3,400
Decision
Switched
First National's renewal rate was reasonable but 25 bps above their own new-money rate. A broker requoted the file as new money — the same lender came back at 4.39%. A second monoline came in at 4.29% with 20% annual prepayment (vs 15% at First National).
Because First National uses standard charges, the switch cost was $475 — covered by the receiving lender's switch program.
The couple prioritized prepayment flexibility so they could accelerate the payoff before their next planned RRIF-to-mortgage conversion decision.
Jay's commentary
"Rate isn't the only variable. On smaller balances, prepayment flexibility and portability often matter more than another 10 bps. Shop the whole product, not just the number."
First-time renewer, $395K RBC — a 60-bp negotiated match
First 5-year fixed maturing, single income, condo purchase in 2021 · Toronto, ON
Balance at renewal
$395,000
Current lender
RBC
Bank renewal offer
4.94%
Best competitive option
4.29%
5-year interest difference
$12,100
Decision
Renewed as offered
The borrower called RBC without a broker quote and was told the best rate was 4.79% — 15 bps off the mailed offer. He accepted before shopping.
This is exactly the pattern that costs Canadian homeowners the most money at renewal. A broker quote at 4.29% was available on his file — he just didn't get one before signing.
This example is included as a caution, not a success. Estimated five-year over-payment vs the achievable rate: approximately $12,100.
Jay's commentary
"The single most valuable 30 minutes at renewal is spent getting one broker quote before you call retention. It doesn't mean you have to switch. It means your negotiation is grounded in real numbers."
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Jay Klair, Mortgage Agent Level 2 (M09000869) — Real Mortgage Associates, FSRA #10464, part of the DLGC Group of Companies · 5675 Whittle Rd, Suite 100, Mississauga, ON L4Z 3P8