Mortgage renewal in BC: what to check before you sign

Your mortgage term is ending: what your lender must send you, how switching works, the stress-test rule at renewal, and your new payment in 30 seconds.

Last checked November 8, 2026. Every rule below names its source; the official pages are listed at the end with their own dates.

In short

Federally regulated lenders must send a renewal statement at least 21 days before your term ends.
Since November 21, 2024, a straight switch of an uninsured mortgage to another federally regulated lender does not need the stress test.
The free Mortgage Renewal Check shows your new monthly payment at any rate, with no sign-up.

Mortgage Renewal Check Mortgage calculator (Canada and USA)Bank of Canada and Fed rates

What your lender must send you

Most BC mortgages from banks are federally regulated. The Financial Consumer Agency of Canada (FCAC) says the lender must give you a renewal statement at least 21 days before the end of your term, showing the balance, the interest rate, the payment frequency, the term and any charges or fees. If the lender will not renew, it must tell you 21 days before the end of the term too.

Credit unions in BC are regulated by the province, so their notice can follow different rules: check your mortgage agreement and ask early.

Work out your new payment

The payment at renewal depends on three things: the balance left, the years left to pay it off and the new rate. Enter them in the Mortgage Renewal Check and compare the rate you are offered with other quotes.

Live figure: the 5-year conventional mortgage rate

6.19%, dated November 4, 2026. Example: on a $400,000 balance with 20 years left, that rate means a payment of about $2,891.55 a month (interest compounded twice a year, as usual for Canadian fixed-rate mortgages).

Source: Bank of Canada, posted interest rates offered by chartered banks (5-year conventional mortgage rate, dated November 4, 2026). A posted rate; the rate a lender offers you can be different.

Renew, ask for a better rate, or switch

Sign the offer your lender sends. Read the rate, the term and any fees first.
Ask for a better rate. The renewal offer is a starting point; other lenders' quotes give you something to compare it with.
Switch lenders at the end of the term. There is no charge for breaking the mortgage early when the term has ended, but the lenders can charge other costs, such as discharge, appraisal or legal fees. Ask for them in writing.

The stress test: lenders regulated by OSFI qualify uninsured borrowers at the greater of the contract rate plus 2% or 5.25%. Since November 21, 2024, OSFI does not expect lenders to apply it to an uninsured straight switch at renewal: moving to another federally regulated lender without increasing the loan amount or the amortization. More in our stress test guide.

If the new payment is hard to manage

FCAC's guideline on existing mortgages in exceptional circumstances (in effect since July 5, 2023) lists relief options that federally regulated lenders can offer, including waiving prepayment penalties, waiving internal fees and costs, not charging interest on interest, and extending the amortization. Contact the lender before payments are missed.

Using a mortgage broker in BC

Mortgage brokers in BC are licensed by the BC Financial Services Authority (BCFSA). BC's new Mortgage Services Act came into force on October 13, 2026 and replaced the Mortgage Brokers Act. You can look a broker up in BCFSA's Find a mortgage broker search.

Questions

When must my lender send the renewal statement?

A federally regulated lender must send it at least 21 days before the end of your term, with the balance, rate, payment frequency, term and any charges or fees (FCAC).

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

Not for an uninsured straight switch to another federally regulated lender, with no increase in the loan amount or amortization: OSFI removed that expectation on November 21, 2024.

Is the posted rate the rate I will get?

Not necessarily. Posted rates are published by banks; the rate a lender offers you can be different.

How do I check a mortgage broker in BC?

Use BCFSA's Find a mortgage broker search. Brokers are licensed under the Mortgage Services Act, in force since October 13, 2026.

Sources

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Last checked November 8, 2026. General information only - not financial, legal, tax or real estate advice. Rules change: confirm with the official source or a licensed professional before you act.