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Some British Columbia homeowners renewing a mortgage may face higher payments, but there is no B.C.-specific estimate in the latest figures. The Bank of Canada’s 2026 national outlook says the final cohort of pandemic-era five-year fixed-payment mortgages renewing over the next 12 months—about 12% of outstanding mortgages across Canada—could see average payments rise about 15%. That is a cohort projection, not a forecast for every borrower or for B.C. alone.
Why mortgage renewals can bring a payment increase
At renewal, a lender offers new terms for the remaining mortgage. The payment can change because the interest rate, outstanding balance, remaining amortization, payment frequency, and mortgage structure all affect the calculation. Borrowers who renewed at different times or have different mortgage types may therefore see very different outcomes.
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Mortgage structure matters particularly for borrowers whose payments were fixed while interest rates changed. In its 2026 Financial Stability Report, the Bank of Canada focuses on the final pandemic-era cohort of five-year fixed-payment mortgages coming up for renewal. It estimates that cohort makes up about 12% of outstanding mortgages nationally and projects an average payment increase of about 15% over the coming 12 months. The estimate applies to that national cohort; it is not a B.C. average or a prediction for an individual mortgage. Bank of Canada, Financial Stability Report—2026
Earlier estimates covered a broader group
A 2025 Bank of Canada staff analysis estimated that about 60% of borrowers renewing in 2025 and 2026 would have higher payments than in December 2024. It also found that projected changes varied substantially by mortgage type. This was a national, scenario-based analysis with a December 2024 comparison point, not a province-specific forecast. Bank of Canada staff analysis, July 2025
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What the available figures say about B.C.
The Bank of Canada says home-price declines have been most pronounced in British Columbia and Ontario, where new listings have outpaced sales by a growing margin. Lower prices can reduce the equity cushion some owners rely on when refinancing, potentially making it harder for those households to qualify for a refinance. A price decline by itself does not create a payment problem for an owner who can continue meeting the mortgage payments.
CMHC’s 2026 Mortgage Consumer Survey includes British Columbia as a regional category, but the reported material does not give a B.C.-specific mortgage payment increase. Its national survey found that 35% of renewers reported increased financial pressure due to interest-rate changes; those respondents reported mortgage payments averaging $375 more per month. This is survey evidence about respondents, not an estimate of the typical increase for all B.C. homeowners. CMHC, 2026 Mortgage Consumer Survey
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
How much could your mortgage payment go up?
The national averages cannot determine an individual renewal payment. To estimate yours, use the current mortgage balance, the rate and terms offered, remaining amortization, and payment frequency. Compare options using the same balance and amortization assumptions so the payment difference reflects the terms, rather than a change in the calculation.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteAsk your lender for a written renewal offer and a payment calculation. If you are considering another lender, request a comparable calculation and confirm any switching costs or conditions. A calculator can help you explore scenarios, but the lender’s written terms determine what is actually offered.
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How to compare renewal offers
Comparing offers can help clarify the trade-offs. FCAC research found that almost 80% of Canadian mortgage holders consider comparing lenders important. In CMHC’s 2026 survey, 88% of mortgage consumers who researched online compared rates and 72% used a mortgage calculator. These figures describe consumer behaviour; they do not establish one best lender or mortgage type. FCAC, “Exploring consumer behaviour in mortgage renewal decisions”
When you compare real offers, check:
- Rate and type: Identify whether each offer is fixed or variable and how its terms differ.
- Payment: Compare regular payments using the same outstanding balance, remaining amortization, and payment frequency.
- Amortization: Ask how any change to the repayment period affects the time needed to repay and the interest paid.
- Switching or break costs: Confirm applicable fees and penalties, including whether breaking an existing term could trigger a charge.
- Flexibility: Compare prepayment privileges and options for changing payment amounts or frequency.
- Conditions: Read the full offer, including any conditions or bundled products.
Get important terms in writing and discuss your situation with your lender or a qualified mortgage professional. The survey evidence supports shopping around, but it does not show that switching is beneficial or available to every borrower.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
What to do if the new payment may be difficult
Start by asking the lender to explain the payment calculation and which terms affect it. If the amount does not fit your budget, discuss the options that may be available for your circumstances, including their costs and longer-term effects. Do not assume that extending amortization or refinancing will be approved, lower your total cost, or be the right choice.
If your home’s value has fallen, distinguish payment affordability from refinancing eligibility. An owner may be able to keep making the current mortgage payments while having less equity or less flexibility to refinance. Ask the lender how its assessment applies to your mortgage and what documentation it needs.
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