Stress Less, Switch More: Renewals Made Easy

If you’re one of the many Canadians staring down a mortgage renewal in 2025 and early 2026, good news: you might be able to ditch your lender and not deal with the dreaded stress test. That’s right, OSFI (the mortgage rule-makers) updated renewal rules, and they’re finally giving homeowners some breathing room.

Before, switching lenders at renewal meant facing the stress test again — a real buzzkill if your income or debt load had shifted. Now? You can shop around for a better rate without jumping through those fiery qualification hoops... as long as you’re not borrowing more money or extending your amortization.

This matters more than ever in BC and Alberta, where homeowners are feeling the pinch of higher rates. Whether you locked in a historically low rate 5 years ago or you’ve been managing multiple debts, this change opens the door to real savings without the stress (pun fully intended). Why switch?

• Better rates = more savings. Loyalty is great in relationships, but in mortgages? Not always. A switch could save you thousands.

• Freedom to negotiate. You’re not stuck with your current lender’s offer. You’ve got options.

• Lower payments. Depending on your mortgage type, you may even be able to stretch your amortization and reduce monthly costs.

Just remember, even without the stress test, your new lender will still look at your credit and financial picture. So be prepared with your docs, and talk to a broker who knows the landscape (hint: that’s me).

Bottom line: Renewals are no longer a one-lender rodeo. And if you’re in BC or Alberta, where affordability challenges are real and mortgage rates haven’t exactly been kind, this is your chance to take control. Let’s review your renewal options and see how much you can save. Because when the rules change in your favour, you should absolutely take advantage of them.