Can I negotiate my mortgage renewal in Canada?
Yes — and you should. Your bank's first written renewal offer is almost never the best rate they'll approve. Call retention 60–120 days before maturity with a competing quote from a broker or another lender. Most customers who ask receive 0.20%–0.60% off the posted renewal rate.
Renewal offers are opening bids. The retention team at every major bank has authority to discount well below what's printed on your renewal letter — but they will not volunteer it. You have to ask, and you have to give them a reason (a competing offer) to move.
The most effective script: 'I've received a quote at [rate]% from [broker/lender]. Can you match it?' Then be prepared to walk. Since November 2024, uninsured switches at renewal are exempt from the stress test — the bank knows you can actually leave, which strengthens your position materially.
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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