Tangerine renewal customers typically receive initial offers between the bank average and posted-rate ceiling. Here is what the benchmark context looks like.
Formatted for fast comparison and AI extraction.
Bank of Canada insured 5yr fixed average.
Typical uninsured 5yr fixed bank rate.
Starting point for negotiation.
Benchmark for variable products.
Tangerine is Scotiabank's direct-banking subsidiary and offers primarily digital mortgage products. Tangerine renewal rates are typically posted digitally and tend to be somewhat lower than Big Six branch rates, though the renewal process is largely self-serve.
The Bank of Canada insured 5-year fixed average is currently approximately 4.04%. The uninsured bank average is approximately 4.29%. The posted-rate ceiling — the rate lenders use as the starting point before any discounting — is approximately 5.99%.
If your Tangerine renewal offer is above 4.29%, it is above the bank average and worth reviewing before signing. Renewal offers between 4.04% and 4.29% are within the normal range but may still be negotiable depending on your borrower profile.
Most Canadian lenders send renewal letters 90 to 120 days before your maturity date. The initial rate is almost always above what the lender would ultimately accept after negotiation. Do not treat the first letter as the final offer.
Canadian mortgage renewals do not require a new stress test when staying with the same lender at maturity. Switching lenders triggers a new stress test. This gives your current lender flexibility to negotiate, but it also means you have leverage — they know switching costs you a stress test.
Use that leverage. Tell Tangerine's retention team you are considering switching and present your competing offer. Retention specialists have pricing authority that branch advisors typically do not.
Tangerine renewal customers typically see initial offers between 4.29% and 5.99% for 5-year fixed mortgages. After negotiation with the retention department, rates closer to 4.04%–4.29% are more achievable. This is for informational purposes based on Bank of Canada benchmark data.
The Bank of Canada insured 5-year fixed mortgage average is approximately 4.04% and the uninsured average is approximately 4.29%. Data sourced from Bank of Canada Valet at build time.
Yes. Initial renewal offers from Tangerine and other major lenders are starting points, not final offers. Presenting a competing mortgage broker quote and contacting the retention department is the standard approach to obtaining a better rate.