Mortgage Renewals in Alberta (2026 Guide)

What Is a Mortgage Renewal?

A mortgage renewal happens when your current mortgage term ends and you need to choose a new term, rate, and structure. At renewal, you can:

• Accept your lender’s renewal offer
• Renegotiate your rate and terms
• Switch lenders
• Refinance (if needed)

You are not required to stay with your current lender, even if they send you a renewal notice.

Why 2026 Mortgage Renewals Are Different

Many Alberta homeowners renewing in 2026 originally locked in mortgages between 2020–2021, when rates were at historic lows. Renewing now may involve:

• Higher interest rates than your current term
• Significant payment increases
• Re-evaluating fixed vs. variable strategies
• Adjusting amortization to manage cash flow

Renewing without a plan can cost tens of thousands of dollars over the life of your mortgage.

Common Mortgage Renewal Mistakes to Avoid

1. Automatically Accepting Your Lender’s Offer

   Renewal offers are convenient, but rarely the most competitive. Lenders rely on inertia.

2. Waiting Until the Last Minute

   You can start planning your renewal up to 120 days before maturity. Early planning gives you leverage.

3. Focusing Only on Rate

   The lowest rate isn’t always the best mortgage. Penalties, flexibility, and prepayment options matter.

4. Ignoring Long-Term Strategy

   Your renewal should align with your broader goals, not just the next five years.

Mortgage Renewal Options in Alberta

• Fixed-Rate Renewal

  • Predictable payments
  • Protection against rate increases
  • Ideal if budgeting certainty is a priority

• Variable-Rate Renewal

  • Often lower initial rates
  • Payments or amortization may fluctuate
  • Can work well depending on risk tolerance and timing

• Short-Term vs. Long-Term Terms

  • Short terms offer flexibility in uncertain markets
  • Longer terms provide stability but may lock you in

I help weigh these options based on your income, risk tolerance, and future plans, not market headlines.

Can you Switch Lenders at Renewal?

Yes, and for many Alberta homeowners, switching lenders at renewal can result in:

• Lower rates
• Better mortgage features
• Reduced penalties compared to refinancing mid-term

In many cases, switching lenders does not require new out-of-pocket costs, as some lenders cover legal and appraisal fees.

Mortgage Renewals vs. Refinancing: What’s the Difference?

If you need to access equity or restructure debt, refinancing may be the better option, even at renewal time.

Who Should Review Their Mortgage Renewal Early?

You should review your renewal well before the maturity date if you:

• Are worried about payment increases
• Have variable income or are self-employed
• Want to consolidate debt
• Are considering selling or upgrading
• Have had major life changes (divorce, job change, family growth)

Alberta-Specific Factors That Matter at Renewal

Mortgage renewal strategies in Alberta often differ from other provinces due to:

• Rural and acreage properties
• Energy-sector income variability
• Self-employment and contract work
• Market differences between Calgary, Edmonton, and smaller communities

I account for these factors when building renewal strategies, not generic national advice.

How I Help With Mortgage Renewals in Alberta

When you work with me, I’ll help you:

• Review your current mortgage in detail
• Compare renewal vs. switching options
• Secure competitive rates from multiple lenders
• Optimize your term, amortization, and flexibility
• Avoid unnecessary penalties or long-term costs

There’s no obligation, and starting early gives you more control. Take a look at my free mortgage guide if you'd like more information before starting.

Start Planning Your 2026 Mortgage Renewal

If your mortgage renews in 2026, now is the right time to start planning, even if your maturity date feels far away.

Reach out today to review your renewal options and build a strategy that works for your future.