The 21-day mortgage renewal statement rule in Canada

What the renewal-statement rule says

Your term is the length of your current mortgage contract. When the term ends, the mortgage "matures" and comes up for renewal. At least 21 days before that date, a federally regulated lender must give you either a renewal statement or a notice that it will not renew.

What the renewal statement must include

According to FCAC's page "Renewing your mortgage", the renewal statement sets out:

• the balance, or remaining principal, at the renewal date;
• the interest rate;
• the payment frequency;
• the term;
• any charges or fees that apply.

The renewal statement also says that the offered rate will not increase before the renewal date.

If you do nothing at renewal

FCAC puts it plainly: "If you don't take action, the renewal of your mortgage term may be automatic." A lender that plans to renew you automatically says so in the statement, so the letter is worth reading line by line. Our page on how to read a renewal letter walks through each line.

What the renewal-statement rule means for an Ontario homeowner

Twenty-one days is the minimum notice, not a comfortable window. Comparing offers, getting another lender's approval and arranging the legal transfer all take time. Because the notice is short, many borrowers start looking well before the statement arrives.

The renewal statement is also one offer, not the only one. FCAC notes that you may qualify for a discounted rate lower than the rate quoted in your renewal letter.

The Charter's 4–6 month expectation is not a law

In the Fall Economic Statement 2023, the Department of Finance announced the Canadian Mortgage Charter. The Charter sets out expectations for federally regulated lenders, including proactive communication about renewal options 4 to 6 months in advance.

FCAC's briefing note to the House Standing Committee on Finance ("The Canada Mortgage Charter", meeting of February 13, 2024, page dated September 9, 2025) records that the Charter is not legislation and grants no new rights. Federally regulated lenders are expected to contact you months ahead, but the 21-day statement is the rule.

What the renewal-statement rule does not cover

• Ontario credit unions. Ontario credit unions are provincially regulated, and this federal rule does not cover them. If your mortgage is with a credit union, read your contract and ask the credit union what notice it gives.
• The rate itself. The rule governs when the statement arrives and what the statement contains. The rule says nothing about what rate the lender offers.

Sources

• Financial Consumer Agency of Canada — Renewing your mortgage, page dated 2025-10-15, checked 2026-10-26.
• Financial Consumer Agency of Canada — House Standing Committee on Finance (February 13, 2024), The Canada Mortgage Charter, page dated 2025-09-09, checked 2026-10-26.

What to do next

If your statement has arrived, enter its numbers in the offer check to see what to ask about. Or start at Can your bank do better? and we will compare your statement with the lenders we work with. Staying is a real answer: if staying is the right one, we will say so.