Tips If You are Renewing Your Mortgage In 2024

Author: Gary Corriveau | Categories: Business Owner Mortgage , Certified Financial Planner , Commercial Mortgage

Blog by Mortgages with Gary


As we step into 2024, the landscape for  mortgage renewals in Canada appears poised for significant changes. Understanding the dynamics of the current market becomes crucial to navigating the renewal process successfully. We understand the challenges and complexities involved in renewing your mortgage, and we are here to guide you through the process. Here are some essential tips to consider if you are renewing your mortgage this year:


Understanding the Shift in Mortgage Rates:

The borrowing environment has undergone a dramatic transformation since 2022, with both fixed and variable mortgage rates experiencing considerable increases. The Bank of Canada's aggressive hiking cycles have propelled interest rates upwards, significantly impacting  variable mortgage rates.

Assessing the Impact on Mortgage Payments:

For many borrowers, the prospect of higher mortgage payments looms large. According to projections, a substantial portion of Canadian mortgages, totalling billions of dollars, will come up for renewal in 2024, 2025, and 2026. Borrowers can expect monthly payment increases, based on the fact that mortgage rates are higher than they were 5 years ago.

Navigating Renewal Challenges:

For borrowers facing a mortgage renewal, understanding the implications of our current environment is paramount. Various types of mortgages, including fixed-rate, variable-rate, and variable-rate mortgages on a fixed payment schedule, carry distinct renewal challenges. It's essential to anticipate potential payment shocks and explore proactive measures to mitigate their impact.

Preparing for Mortgage Renewal:

As the renewal date approaches, proactive planning can help ease the transition. Here are some practical steps to consider:

Engage with Your Mortgage Agent  Early: Partnering with a knowledgeable mortgage agent can provide invaluable insights into available products and lenders. Early engagement allows ample time to explore options and negotiate terms effectively.

Initiate the Renewal Process in Advance: Start the renewal process well in advance of your term expiration date. Leveraging the early renewal window enables thorough research and facilitates informed decision-making.

Consider Refinancing Options: Assess the possibility of refinancing to leverage accrued equity or restructure debt obligations. Options such as HELOCs and blend-and-extend mortgages offer avenues to alleviate financial strain.

Evaluate Fixed vs. Variable Rates: Assess the merits of fixed and variable-rate mortgages, considering current market trends and future rate projections. Variable-rate mortgages offer flexibility in uncertain economic climates, while fixed-rate options provide stability over the long term.

Explore Shorter-Term Fixed Rates: Shorter-term fixed-rate mortgages offer a balance between rate stability and flexibility. Evaluate the potential benefits of shorter-term options, especially in a dynamic rate environment.

Extend Amortization Periods: Extending the mortgage's amortization period can reduce monthly payment burdens. However, weigh the long-term implications of increased interest costs against short-term payment relief.

Embracing Uncertainty with Expert Guidance:

As we navigate the intricacies of mortgage renewals in 2024, uncertainty remains a constant companion. Economic variables, market fluctuations, and global events contribute to the fluidity of mortgage rates and terms. By partnering with seasoned professionals, borrowers gain access to tailored solutions and proactive strategies designed to weather economic storms.


In the realm of mortgage renewals, 2024 promises to be a year of transition and adaptation. While challenges abound, informed decision-making and strategic planning can empower borrowers to navigate renewal processes with confidence. We remain committed to guiding our clients through every stage of the mortgage journey, ensuring their financial goals are met with clarity and certainty.

For personalized guidance and comprehensive mortgage solutions, contact us today. Your pathway to mortgage renewal success awaits. To get in touch with us, please click here or call us at (519) 668-9739