Waiting for interest rates to drop? Here’s what Canadians need to know before renewing their mortgage

With 60% of mortgages up for renewal by 2026 and 40% facing higher rates, homeowners should shop around instead of automatically renewing. Despite a slowed housing market and stable Bank of Canada rates, potential rate cuts may arise later this year. Homeowners are advised to start early, compare offers, consider refinancing or HELOCs, and review mortgage terms to suit their financial goals and avoid costly penalties.