Mortgage Renewals On the Rise: As expected, residential mortgage renewals in Canada are set to rise sharply over the next 24 months, with more than 51% of mortgages coming up for renewal.
Mortgage Portfolio Overview:
Among the seven largest lenders, RBC does not disclose mortgage-specific renewal statistics in its quarterly reports, providing only aggregate data for its total loan portfolio.
We analyzed renewal statistics for the residential mortgage portfolios of TD, Scotiabank, BMO, CIBC, National Bank, and Desjardins, which together hold a global residential mortgage portfolio of $1.46 trillion—over 87% of which are Canadian residential mortgages.
Mortgage Renewal Projections:
Here’s the breakdown for the next two years:
- 🔹 Aug. 2025 – Jan. 2026: 10.6% of mortgages
- 🔹 Feb. 2026 – July 2026: 14.3% of mortgages
- 🔹 Aug. 2026 – July 2027: 26.6% of mortgages
What’s Driving the Surge?
This renewal wave stems from the low interest rate environment of 2020–2021, when many homeowners locked into 5-year fixed terms during refinancing and renewals.
Mortgage Renewals of Major Canadian Lenders
(Q3 2025)
| 6 Months (Aug 1, 2025 - Jan 31, 2026) | 6–12 Months (Feb 1, 2026 - Jul 31, 2026) | 1–2 Years (Aug 1, 2026 - Jul 31, 2027) | 2–5 Years (Aug 1, 2027 - Jul 31, 2030) | 5+ Years (Aug 1, 2030 - onwards) | No Specific Maturity | |
|---|---|---|---|---|---|---|
| Total of 5 Banks + Desjardins | 10.6% $154.1B | 14.3% $208.7B | 26.6% $388.5B | 37.4% $545.9B | 10.3% $150.6B | 0.9% $12.6B |
| TD | 7.4% $23.5B | 13.7% $43.4B | 26.5% $83.8B | 36.8% $116.2B | 15.5% $49.0B | 0% $0 |
| Scotiabank | 10.9% $39.2B | 14.3% $51.5B | 27.7% $100.0B | 34.3% $123.8B | 11.7% $42.1B | 1.2% $4.3B |
| BMO | 9.0% $17.6B | 13.0% $25.3B | 24.4% $47.7B | 35.5% $69.3B | 18.0% $35.0B | 0.1% $0.2B |
| CIBC | 13.4% $38.3B | 17.6% $50.2B | 30.3% $86.7B | 35.2% $100.8B | 3.5% $10.0B | 0.0% $0 |
| National Bank | 11.5% $12.8B | 13.3% $14.8B | 23.1% $25.7B | 42.0% $46.8B | 9.6% $10.6B | 0.5% $0.6B |
| Desjardins** | 11.9% $22.7B | 12.3% $23.4B | 23.3% $44.6B | 46.6% $89.0B | 2.0% $3.9B | 3.9% $7.5B |
Renewal of All Loans of RBC
(Inc. Mortgages, Credit Cards, Personal Loans, etc.)
| 6 Months | 6–12 Months | 1–2 Years | 2–5 Years | 5+ Years | No Specific Maturity | |
|---|---|---|---|---|---|---|
| RBC | 10.2% $104.7B | 11.6% $119.1B | 29.0% $297.7B | 29.1% $298.2B | 8.1% $82.6B | 12.0% $123.1B |
Source: Lenders' Quarterly and Annual Financial Reports
*The total mortgages for which we provided renewal statistics, excluding RBC, amount to $1,460B. Of this, $1,277B corresponds to residential mortgages in Canada.
**For Desjardins, the periods are 6 months - Jul 1, 2025 to Dec 31, 2025; 6–12 months - Jan 1, 2026 to Jun 30, 2026; 1–2 years - Jul 1, 2026 to Jun 30, 2027; 2–5 years - Jul 1, 2027 to Jun 30, 2030; 5+ years - Jul 1, 2030 onwards.
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