You locked in at approximately 2.89% in 2019. Today's best renewal rate is 4.04% (broker floor). On a $500K mortgage, your monthly payment increases approximately $303/month.
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Borrowers who locked in a 5-Year Fixed mortgage in 2019 received approximately 2.89% based on the Bank of Canada insured mortgage benchmark at that time. This reflects the BoC-reported insured fixed-rate average for the 5-Year Fixed term, adjusted for the specific lock-in period.
Rates in 2019 were at moderate levels, reflecting a relatively stable pre-pandemic mortgage market. The BoC held the overnight rate steady for most of 2019.
Your mortgage matured (or matures) in approximately 2024. Based on that timeline, you are renewing in the current rate environment.
The current broker floor for a 5-year fixed renewal is approximately 4.04% and the bank average is 4.29%. This means:
Your payment is <strong>increasing</strong> at renewal — from 2.89% to approximately 4.04%–4.29%. On a $500,000 mortgage, this increase is approximately $303/month or $3,636/year.
The key action before renewal: do not accept your lender's first offer. The initial renewal letter rate is typically above the best available rate. Compare it against the current benchmark and request a rate review or competing broker quote before signing.
| Balance | Original payment | New payment | Monthly change | Annual change |
|---|---|---|---|---|
| $300K | $1,403/mo | $1,585/mo | +$182/mo | +$2,184/yr |
| $400K | $1,870/mo | $2,113/mo | +$243/mo | +$2,916/yr |
| $500K | $2,338/mo | $2,641/mo | +$303/mo | +$3,636/yr |
| $600K | $2,806/mo | $3,169/mo | +$363/mo | +$4,356/yr |
| $700K | $3,273/mo | $3,697/mo | +$424/mo | +$5,088/yr |
| $800K | $3,741/mo | $4,226/mo | +$485/mo | +$5,820/yr |
Good news: if you renew your 5-Year Fixed from 2019 with the <strong>same lender</strong>, you are exempt from stress test requalification. This exemption has applied since January 2023 and means you can renew your balance at current rates without income re-verification.
However, if you want to switch lenders at renewal to access better rates, the new lender will require you to qualify at the stress test rate: 6.04%. This can limit your ability to switch — particularly if your income has not kept pace with the balance you are renewing.
The strategic approach: get pre-approved with another lender before approaching your current lender. If you qualify with the new lender at 6.04%, use that competing offer to negotiate a better rate with your current lender (where no stress test applies). You get the best of both worlds.
In Quebec, renewal options include the major chartered banks (TD, RBC, BMO, Scotiabank, CIBC, National Bank), credit unions (Desjardins, Laurentian), and monoline lenders accessed through the broker channel (MCAP, First National, Merix).
Monoline lenders often offer lower renewal rates than banks because they operate exclusively through the broker channel with lower overhead. If your original mortgage was through the broker channel, your renewal options are broader.
Timeline: Your lender must send a renewal offer at least 21 days before maturity. Start comparing 90–120 days before maturity to give yourself time to negotiate or switch.
The approximate Bank of Canada insured mortgage benchmark for a 5-Year Fixed in 2019 was around 2.89%. Actual rates varied by lender, insured status, and individual credit profile. This figure is derived from BoC benchmark data.
If renewing with the same lender, you are exempt from stress test requalification (since January 2023). If switching lenders, the new lender requires qualification at 6.04%.
On a $500,000 mortgage, renewing from 2.89% (approximate 2019 rate) to 4.04% (current broker floor) means a payment change of approximately +$303/month or +$3,636/year. Actual results vary by exact balance and amortization.
Yes — your lender's first renewal offer is not their best offer. Compare the offer against the current BoC benchmark (broker floor: 4.04%, bank average: 4.29%). Then request a rate review, get a competing broker quote, and present both to your lender's retention team (not a branch). Lenders have pricing authority above what the branch initially offers.