Mortgage Newsletter
Mortgage rates move fast! Don’t get caught off guard. WOWA provides regular outlooks on the best mortgage rates in Canada. By subscribing to our newsletter, you will receive:
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Recent Newsletters
Big Bank Mortgage Rates: What They Advertise vs. What You Actually Get
Reported by WOWA Data Labs
At WOWA Data Labs, we track 100+ daily mortgage rates submitted by real borrowers. And the truth? Advertised rates aren’t the real story.
📊 Our Findings (Aug 11 – Sep 17, 2025):
From 171 mortgage shoppers at RBC, TD, BMO, and CIBC (more than half finalized), the average 3-year fixed rate offered was significantly lower than what the banks advertised.
💡 Example:
At TD, the gap was 48 bps—saving borrowers about $2,400/year on a $500K mortgage compared to the posted website rate.
📉 The lesson: Big banks’ advertised rates are just a starting point. If you have solid credit and income, never accept the first number—negotiate & shop around!
Big Banks’ Mortgage Rates Unmasked
Comparison of Advertised and Actual 3-Year Fixed Conventional Mortgage Rates
RBC Real vs. Advertised Rates
Source: WOWA Data Labs
BMO Real vs. Advertised Rates
Source: WOWA Data Labs
CIBC Real vs. Advertised Rates
Source: WOWA Data Labs
TD Real vs. Advertised Rates
Source: WOWA Data Labs
Learn more about our Data Packages designed for Financial Institutions here: WOWA Data Labs
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:
- 🔹 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
| 6 Months | 6 – 12 Months | 1–2 Years | 2–5 Years | 5+ Years | 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
| 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
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Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.