Mortgage wars looming as some Canadians take advantage of lower rates
Mortgage Wars:
Canadian Banks Gear Up for Renewals Canada’s biggest banks are gearing up for a mortgage renewal battle as thousands of homeowners prepare to renew over the next two years. Rates to Drop for Some RBC CEO Dave McKay estimates 60% of 2025 renewals will see lower rates, while 80% of those facing higher rates will pass the stress test. He reassures that risks of financial strain have eased. Easier Renewals on the Horizon TD COO Raymond Chun notes many homeowners with short-term mortgages may benefit as rates stabilize, with a third of renewals in 2025–2026 seeing reduced payments.
Fierce Competition Ahead With 55% of mortgages renewing in two years and 85% in three, banks are ready for a fight. RBC, bolstered by its HSBC Canada acquisition, is expanding its sales force.
TD is also ramping up mortgage specialists despite recent U.S. setbacks. CIBC’s Proactive Approach CIBC plans to renew 200,000 mortgages annually, focusing on early outreach and digital tools to retain clients. What It Means for Homeowners With rates cooling, competition among lenders will intensify. It’s the perfect time for homeowners to negotiate and secure the best deals in this evolving mortgage landscape.
Author:
Peter Eki
Calgary Realtor
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