Is this a good rate?Second opinion · Canada

Second opinion · data checked 2026-11-01

Is this a good mortgage renewal rate?

In Ontario today the lowest published insurable 5-year fixed rate is 4.34%, and the median listing is 5.04%. A rate within 0.10 points of the lowest grades A.

Grade a renewal offer

Free · no sign-up

The annual rate on the offer, e.g. 4.39.

Type
Mortgage insurance

The grade updates as you type. Nothing you enter leaves this page.

Rate report card · Ontario

4.59% · insurable 5-year fixed renewal · $380,000 · 20-yr amortization

Graded Nov 1, 2026

B80/100

0.25 points above the best published insurable 5-year fixed renewal rate in Ontario

4.59% is 0.25 points above the lowest rate listed today (4.34%). On $380,000 that is about $4,444 more interest over the 5-year term.

vs best today+$4,444interest over the 5-year term
vs big-bank median−$9,814negative = you pay less
vs typical−$4,276negative = you pay less
Monthly payment$2,414$2,363 at the best rate
  1. A+≤ 4.34%
  2. Ato 4.44%
  3. Bto 4.59%
  4. Cto 4.84%
  5. Dto 5.19%
  6. Fover 5.19%

Bands are measured from today's lowest published rate for the same term, type, insurance class and province.

Your rate compared with each yardstick
YardstickRateWhere it comes from
Your rate4.59%What you entered.
Best today4.34%Lowest of 29 insurable 5-year fixed rates listed for Ontario on WOWA.ca (listings updated to October 30, 2026). Third-lowest 4.59%, median 5.04%. Source
Big-bank advertised5.14%+5.14% (National Bank) to 5.39% (TD), as listed for the same cell. Advertised special rates, not posted rates.
Typical (estimated)4.83%Effective rate on new uninsured fixed mortgages, 5 years and over: 4.58% for August 2026 (Bank of Canada), moved +0.25 for market moves since. Estimate. Source
Big-bank posted6.19%Posted conventional mortgage rate, 5-year, October 28, 2026 (Bank of Canada). List price; many lenders use it to calculate penalties.

Mitey's margin note · Good, with one fix

A good paper. One polite ask could close the last 0.25 points, worth about $4,444.

What to ask for

Hi, I've been offered 4.59% on a 5-year fixed renewal of $380,000. The lowest published insurable rate for the same term in Ontario is 4.34% today (wowa.ca, Oct 30, 2026). Big banks advertise from 5.14% for the same term. I'd like to stay with you. Can you offer 4.44% or better? Please also send me the prepayment privileges and how the prepayment penalty is calculated, in writing.

Full negotiation script
  • The lowest listed rate can come with conditions: a short rate hold, a quick closing date, a limited-feature product or a stricter penalty. Compare the whole offer, not just the rate.
  • The 5-year Government of Canada yield moved up 0.25 points between August 2026 (3.33%) and October 29, 2026 (3.58%). Fixed mortgage rates tend to follow these yields, so the benchmark is moved by the same amount. This is an estimate.
Printable report cardRead my renewal letterCompare two offers

Educational estimate, not advice or an offer. Best-today figures are the lowest rates published for the same cell; you may not qualify for them. Confirm every rate and term in writing.

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How this rate is graded

Two yardsticks, one grade

A renewal offer is good when it is close to the rate another lender would give you as a new customer today, because at the end of your term you can usually switch lenders without a prepayment penalty. That is why renewals are graded against the same best-published rates as new mortgages.

Switching got easier in late 2024. Since November 21, 2024, OSFI no longer expects federally regulated lenders to apply the minimum qualifying rate (the stress test) to an uninsured straight switch: same balance, same remaining amortization, moving from one federally regulated lender to another. Since December 16, 2024, the federal mortgage insurance rules do the same for low-ratio switches.

Your lender must send the renewal statement at least 21 days before the term ends. Paste it into the renewal letter reader to grade every option it lists at once.

1Your lender's first offer
Renewal letters often quote rates above what the same lender gives new customers. Ask.
2Insurance class
An insured mortgage stays insured at renewal and keeps access to insured pricing.
3Straight switch
No extra balance and no longer amortization keeps the switch outside the stress test.
4Switching costs
Discharge, legal and appraisal fees; many lenders cover some or all to win the switch.
5Timing
Many lenders hold a rate for 120 days, so you can line up a switch well before maturity.

Today's rate sheet

Lowest published 5-year fixed rates by province

The lowest rate listed for each cell on WOWA.ca, a Canadian rate-comparison site, with listings updated to 2026-11-01. Lenders' own pages are spot-checked on the best rates page.

5-year fixed: lowest listed rate by province and insurance class
ProvinceInsuredInsurableUninsuredBig banks from
Alberta4.34%4.59%4.59%4.69%
British Columbia4.34%4.44%4.44%4.69%
Manitoba4.29%4.35%4.35%4.69%
New Brunswick4.44%4.44%4.44%4.69%
Newfoundland and Labrador4.44%4.44%4.44%4.69%
Nova Scotia4.44%4.44%4.44%4.69%
Northwest Territories4.24%national4.24%national4.35%national—
Nunavut4.24%national4.24%national4.35%national—
Ontario4.34%4.34%4.34%4.69%
Prince Edward Island4.44%4.44%4.44%—
Quebec4.49%4.59%4.59%4.69%
Saskatchewan4.24%4.24%4.94%4.69%
Yukon4.24%national4.24%national4.35%national—

Negotiation script

Mortgage renewal negotiation script

What to gather, what to say and what to do if they say no.

Calculator

Renewal switch calculator

Does a lower rate elsewhere beat your renewal offer once switching costs are counted?

Calculator

Rate difference calculator

See what 0.25, 0.50 or 1.00 points costs over a mortgage term or a loan.

Calculator

Blend-and-extend calculator

Estimate a blended mortgage rate when your lender combines your old and new rates.

Guides for this rate

Questions people ask

Is my bank's renewal offer usually its best rate?

Not necessarily. Lenders know many borrowers sign the first offer. Compare it with the lowest rate published for the same term and insurance class, and ask your lender to match or explain the gap.

Do I have to pass the stress test to switch lenders at renewal?

For an uninsured straight switch between federally regulated lenders, OSFI has not expected the minimum qualifying rate to be applied since November 21, 2024, as long as the balance and remaining amortization don't increase. For low-ratio insured switches, federal insurance rules removed it from December 16, 2024. Lenders still underwrite the loan.

When will I get my renewal letter?

A federally regulated lender must send the renewal statement at least 21 days before your term ends, and must tell you 21 days ahead if it won't renew.

Sources