Will my bank match a mortgage broker's offer? (Canada)

In Canada, a bank will often consider matching a mortgage broker's offer at renewal, but a match is never certain. Each lender sets its own rates and makes its own decision, and a written offer for the same balance, term and amortization improves your chances. If the bank does not match, you can move to the other lender at the end of your term, subject to lender approval.

Why banks consider a match

Keeping a borrower is generally less work for a lender than finding a new one. Many banks have a renewal or retention team with room to improve on the renewal letter.

The Financial Consumer Agency of Canada says you can negotiate with your current lender and may qualify for a discounted rate lower than the one quoted in your renewal letter (checked October 2026). Our page on the retention desk explains what that team can and cannot do.

No rule requires a bank to match. A match is a business decision, made offer by offer.

What to bring when you ask your bank to match

• A written offer, not a verbal quote, with its date and how long it is held.
• The same balance, term and amortization as your renewal, and the same rate type, fixed or variable.
• The terms behind the rate: the penalty method, prepayment privileges, portability, and who pays the switching costs.
• Your renewal letter, so the two can be compared line by line.

An offer for a different term or a longer amortization is not like for like, and a bank may decline to match it.

Keeping the amount and amortization the same also keeps a move simple. Since November 21, 2024, OSFI does not expect lenders to apply the stress test when an uninsured mortgage moves to another federally regulated lender without a larger amount or a longer amortization (source: OSFI, checked October 2026). Insured mortgages can switch at renewal without re-qualifying (source: Canadian Mortgage Charter, Financial Consumer Agency of Canada briefing note, checked October 2026).

How match or move works

Match or move is how we work with a renewal. We check your offer against the lenders we work with and put a written offer in your hands, subject to lender approval. You take the written offer to your bank.

If the bank matches, you stay and pay less, and that is a good result. If the bank does not match, we arrange the move, subject to the new lender's approval, with the transfer timed for your maturity date. Either way, the decision is yours. Our match or move page walks through each step.

When a match falls short

A bank may decline, match part of the gap, or match the rate but not the other terms. Compare the whole offer before you decide. A full match on rate with less prepayment room or a stricter penalty method can still cost more, most of all if you might sell or refinance before the term ends.

Switching has costs too. A new lender may charge set-up fees and an appraisal fee. You can ask the new lender to cover some or all of your switching costs (source: Financial Consumer Agency of Canada, checked October 2026). If a partial match leaves only a small gap, staying can be the cheaper choice, and we will say so.

What to do next

Go to Can your bank do better?, and we will check your bank's renewal offer against the lenders we work with. We give you a written offer to take back to your bank. Or start with the offer check to see how your bank's terms score.