The rules
The rules behind your renewal, sourced
Our short rules pages set out the public rules in Canada on what your lender must tell you, what switching involves and what breaking a mortgage costs. Each rules page names its primary source and the date we checked it.
Written by Stonefield Mortgage · Reviewed by David Steinfeld, principal broker · Stonefield Mortgage, FSRA mortgage brokerage licence #13722 · [review pending — before this page is indexed]
Published · Updated
Each rules page states one rule in its first two sentences and names where the rule comes from: the Financial Consumer Agency of Canada, OSFI, the Interest Act, CMHC or the Bank of Canada. Where a practice is common rather than a published rule, each rules page says so.
The rules for your mortgage at renewal and during the term
When your term ends and you renew or switch
- The 21-day mortgage renewal statement rule in Canada →
- In Canada, federally regulated lenders must send a renewal statement at least 21 days before your term ends. What it includes, and what it does not cover.
- What a lender's retention desk can and cannot do at renewal (Canada) →
- In Canada you can negotiate your renewal and may qualify for a rate lower than your letter. What the rules say, what retention teams often do, and their limits.
- Switching mortgage lenders at renewal: the rules in Canada →
- In Canada you can switch lenders at the end of your term with no prepayment penalty, and a straight switch skips the stress test. The new lender still decides.
- Does switching your mortgage at renewal check your credit? (Canada) →
- In Canada, a new lender checks your credit when you apply at renewal. Mortgage quotes within 2 weeks count as 1 inquiry; checking your own score has no effect.
When you pay extra, break the mortgage or move during the term
- Mortgage prepayment privileges in Canada: the limits and what to compare →
- In Canada, your mortgage may limit how much extra you can pay each year without a penalty. What the rules say, what lenders must tell you, and what to ask.
- Mortgage prepayment penalties in Canada: three months' interest or the IRD →
- In Canada, breaking a fixed mortgage early usually costs the higher of three months' interest or the IRD. Your contract governs, and lenders must explain it.
- Porting mortgage default insurance in Canada: CMHC's rules →
- In Canada, CMHC mortgage insurance can move to a new home: no extra premium if you borrow no more, and a premium credit if you borrow more within 2 years.
Bank of Canada benchmarks for posted rates, prime and decision dates
- Bank of Canada rate decisions and your mortgage renewal →
- Posted vs discounted mortgage rates in Canada →
- What is the prime rate in Canada, and how does it affect my mortgage? →
This page is general information for Ontario readers, not legal advice; your mortgage contract governs.
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Stonefield Mortgage is a trade name of Stonefield Capital Inc., FSRA mortgage brokerage licence #13722. Every mortgage is subject to lender approval.