I was recently once again a guest on the the Build Wealth Canada Podcast, hosted by Kornel Szrejber. Listen to the episode and read the full summary below.
- Listen to it on Apple Podcasts.
- Listen to it on Spotify.
- Listen to it on YouTube Music or YouTube
- Listen to it on Audible and Amazon Music
If you own a home, have a mortgage renewal coming up, or are thinking about refinancing, today’s episode is designed to help you navigate one of the largest mortgage renewal waves Canada has seen in years.
In 2026 alone, nearly half of all Canadian mortgages are expected to renew, representing over one million households across the country.
Because many of these mortgages were originally taken out when interest rates were significantly lower, some homeowners could see their monthly mortgage payments increase by 15% to 20% on average, and in some cases even higher.
That’s the bad news.
The good news is that mortgage rules have changed since many Canadians last arranged their mortgage, and those changes may give borrowers more flexibility than before when it comes to switching lenders and finding better mortgage options.
In particular, certain homeowners renewing their mortgage may no longer need to pass the mortgage stress test when switching lenders, which means borrowers who previously felt “stuck” with their current lender now have the ability to shop around and move their mortgage to a competitor offering a better rate.
This increased flexibility can force lenders to compete more aggressively for your business, potentially helping homeowners reduce their borrowing costs.
To help break down these changes and what they mean for Canadians, I invited Sean Cooper back onto the show.
Sean is the resident mortgage expert for this podcast, the best-selling author of the book “Burn Your Mortgage,” and a fully licensed mortgage broker. He’s also the person I personally recommend to friends, family, and listeners whenever they have mortgage-related questions.
Because Sean works in the mortgage industry full time, he stays up to date on all the latest mortgage rules, lending policies, and the best rates currently available across dozens of lenders in Canada.
In this episode we talk about how Canadians can prepare for renewal, avoid payment shock, and take advantage of the new flexibility in the mortgage market.
Enjoy the episode.
Questions Covered:- What Canadian homeowners should know about the upcoming mortgage renewal wave and how rising interest rates could impact monthly payments.
- How recent changes to the mortgage stress test rules may allow borrowers to switch lenders more easily when renewing their mortgage.
- How to decide between a fixed-rate and variable-rate mortgage in the current Canadian interest-rate environment.
- How a re-advanceable mortgage strategy could help homeowners balance paying down their mortgage while maintaining flexibility to invest.
- What’s happening in the Canadian real estate market right now, and whether conditions are leaning toward a buyer’s market or seller’s market.
- Sean, with over one million Canadian mortgages renewing in 2026, many homeowners could be facing significantly higher payments. What should Canadians understand about this renewal wave, and how can they prepare ahead of time to avoid payment shock?
- Mortgage rules have changed since many people last arranged their mortgage. Can you explain how recent changes to the stress test rules may allow homeowners to switch lenders more easily at renewal, and why that matters?
- If someone has a mortgage renewal coming up within the next year, what should they be doing six months before their renewal date to make sure they’re getting the best possible mortgage?
- A 30-year amortization option is now available for first-time buyers, which can lower monthly payments but increase total interest costs. When might this actually make sense, particularly for investors who are trying to reach financial independence sooner?
- Another recent change is that insured mortgages are now available for homes up to $1.5 million. Can you explain what this means and how it could impact buyers in Canada?
- Let’s talk about fixed versus variable mortgage rates. Given the current interest rate environment in Canada, how should homeowners think about choosing between the two?
- Sean, before we continue, I just want to remind listeners that you’ve been the podcast’s resident mortgage expert for years now. For anyone who may be new to this, can you explain how working with a mortgage broker works in Canada, especially when it comes to fees and how borrowers are compensated?
- What’s happening in the Canadian real estate market right now (February 2026)? Are we seeing more of a buyer’s market or a seller’s market, and what should Canadians expect if they’re thinking about buying or selling their home?
- When might it actually make sense for homeowners to break their mortgage early rather than waiting until renewal?
- Finally, let’s talk about a more advanced strategy. Some investors currently have lump sums of cash but are hesitant to invest everything at once with markets near all-time highs. Can you explain how a re-advanceable mortgage strategy could potentially allow someone to pay down their mortgage now while maintaining the ability to invest later?