Quick answer: Ontario renewal borrowers should compare their bank offer against public benchmarks: 3-year fixed 3.84%, 5-year fixed 3.94%, and 5-year variable 3.25%. A renewal letter is only one offer.
July 2026 benchmark snapshot
| Product | Public benchmark | Best-fit borrower |
|---|---|---|
| 3-year fixed | 3.84% | Wants stability with earlier renewal flexibility |
| 5-year fixed | 3.94% | Wants longer payment certainty |
| 5-year variable | 3.25% | Comfortable with prime-rate movement |
Start 90–120 days before maturity
Starting early gives time to compare lenders, review penalties or discharge fees, and decide whether switching makes sense.
Do not compare rate alone
Compare rate, payment, prepayment privileges, portability, penalty calculation, and whether you need to borrow more.
How to compare this rate properly
- Confirm whether the rate is insured, insurable, or uninsured.
- Compare prepayment privileges, portability, and penalty calculations.
- Use the Mortgage Wave calculator to test payment comfort.
- Get a personalized quote before relying on a public benchmark.
Related MortgageWave resources
Ontario rates hub
Compare all current researched best rates.
Payment calculator
Estimate monthly cost using Canadian compounding.
Renewal help
Compare your bank renewal before signing.
Personalized quote
Confirm live lender availability.
FAQs
Often yes. A broker can compare multiple lender channels before you accept your bank’s renewal letter.
Start 90 to 120 days before your maturity date.
Rules depend on whether you stay with your lender, switch, or borrow more. Confirm your exact situation before signing.
Rates are public market benchmarks only, subject to change without notice, OAC, and not a guarantee of approval or lender availability.