With nearly 60% of mortgages up for renewal by 2026, many homeowners are preparing to face significant increases in their payments. In Journal de Montréal, Roy Nakhal, mortgage broker at Multi-Prêts, confirms that the pressure is already being felt. For his part, John Fucale, Senior Vice President of Broker Relations at Multi-Prêts, appeared on Salut Bonjour to remind viewers that some renewals—particularly those contracted at very low rates in 2021—could see monthly payments increase by 30 to 35%. Both experts stress the importance of comparing options and carefully planning one’s renewal.
Homeowners are better prepared than expected
Even though the transition from very low rates to rates around 4% is challenging, many households are approaching their renewal with more financial flexibility than one might expect. According to Roy Nakhal, many homeowners had already anticipated this increase and began making adjustments well before their renewal. “Yes, we are currently feeling the crunch. We are receiving many calls from people who are with other banks and want to know if they can get a better rate,” he confirms. John Fucale also notes that these increases must be assessed within the broader context of the household budget, taking into account debts and expenses accumulated over the years.
A key moment to reassess your strategy
Mortgage renewal is an opportunity to compare, negotiate, and adjust your financing. John Fucale recommends taking advantage of this moment to review your budget and overall financial health, and to discuss options with a mortgage broker. According to him, there is no one-size-fits-all solution: “There is no magic answer—every situation and every client is different. Depending on the needs, we can find the right solution. The advantage of a variable rate is that it can be converted for the remaining term.”
The importance of expertise
Roy Nakhal notes that with the extremely low rates of recent years, many homeowners have paid down a significant portion of their mortgage. “So the mortgage balance has still decreased over the past few years. Most of the clients I speak with are aware of what is happening and have prepared themselves to face it,” he says. A mortgage broker’s involvement helps clients better understand the available options and mitigate the impact of rate increases, while opening the door to strategies tailored to the homeowner’s financial situation.
Navigating renewal with confidence
As several institutions offer automatic renewal, taking the time to analyze all available options can generate significant savings in the medium and long term. The advice of John Fucale and Roy Nakhal converges: the 2026 renewal represents a real challenge, but with proper preparation and the support of experts, it can be navigated safely and strategically.