Every year in Canada, hundreds of billions of dollars in mortgages come up for renewal. The overwhelming majority of those borrowers renew with their current lender without shopping — not because they are happy, but because nobody reached out to them with a better option. If you have been focusing entirely on new purchases and ignoring renewals, you are leaving a significant portion of your potential business on the table.
The size of the renewal market
CMHC estimates that more than $300 billion in mortgage debt comes up for renewal in Canada annually. With the five-year fixed rate being the dominant mortgage product for the past decade, and the massive volume of mortgages originated in 2020 and 2021, the renewal wave hitting the market in 2025–2026 is exceptionally large. Many of those borrowers locked in near historically low rates and are now renewing into a meaningfully different rate environment — which means they are motivated to shop.
Banks know this. They send renewal letters 120–150 days before maturity offering rates that are frequently not their best available. A borrower who signs that letter without shopping may be leaving $5,000–$15,000 on the table over a five-year term. If you can be in front of that borrower before they sign the bank letter, you have a real opportunity to help them and earn a commission doing it.
The 90-day window
Most lenders allow borrowers to switch without penalty if they start the process within 90 days of maturity. This is the critical window for an agent. Beyond 90 days remaining, many borrowers have not thought about their renewal yet. Inside the 90-day window, they are actively thinking about it — or they have already signed the bank's letter.
The ideal contact point is 120–150 days before maturity. Early enough that the borrower has not committed elsewhere, late enough that the rate environment is reasonably predictable and meaningful options exist. At 120 days out, you can say: "Your renewal is coming up in four months. This is a good time to do a quick review and see what options are available — there is no cost or obligation."
CRM-based renewal tracking
You cannot manage renewals without a CRM. For every mortgage you originate or facilitate, the renewal date — which is the maturity date of the current term — must be in your CRM with an automatic follow-up task set for 120–150 days prior. This is non-negotiable if you want to build a renewal pipeline.
Many mortgage-specific CRMs (Scarlett, Mortgage Boss, Velocity) have renewal date tracking built in and can send you automated reminders or even automated client emails. If you are not using one of these, use a general-purpose CRM (HubSpot, Pipedrive) and manually set the renewal task dates when you close each file.
Do not just track clients you originated yourself. If you have helped clients move to a lender where you do not receive trailer fees, their renewal is still an opportunity for you. Ask every client at closing: "Would it be okay if I reach out 4–5 months before your renewal to do a quick review?" Almost everyone says yes. That consent is all you need to put them in your renewal pipeline.
Re-engagement email and call templates
When the 120-day renewal task triggers, your first touch should be a short, personal email — not a marketing blast. Something like:
"Hi [Name], I wanted to reach out because your mortgage renewal with [lender] is coming up in about four months. The rate environment has shifted a lot since you last renewed, and it might be worth a quick 15-minute conversation to review your options — whether that means staying where you are or looking at what else is available. There is no obligation and no cost. Would you have 15 minutes this week or next?"
That message gets responses. It does not feel like a sales pitch because it is not one — it is a genuine offer of value. If the email gets no response after a week, follow up with a phone call or text. Many clients are happy to hear from you but simply forget to reply.
Why clients switch at renewal
Understanding why clients switch helps you have better conversations. The top reasons Canadian mortgage holders switch lenders at renewal:
- Better rate available elsewhere
- Frustration with their current lender's service
- Change in financial situation (income increase, pay off debt, need to access equity)
- Desire to shorten or extend amortization
- Change in property plans (plan to sell or renovate)
The rate conversation is usually the opening, but the real value you bring is reviewing the whole picture — what they owe, what they want to accomplish, whether now is a good time to refinance for renovations or debt consolidation, and what product structure makes the most sense going forward.
How to compete with the bank renewal letter
The bank's advantage is inertia. Your advantage is advice. The bank renewal letter offers one option — renew with them. You offer a comparison across multiple lenders with an explanation of what each option means for the client's situation.
A simple one-page renewal comparison — current lender's offer vs. two or three alternatives with rate, payment, and five-year total cost — shows the value of what you do in a way that is impossible to ignore. Most clients have never seen a comparison like this. When someone shows them they could save $8,400 in interest payments over the next five years by switching lenders, the conversation becomes very easy.
The agent who shows up with that comparison, that context, and that genuine interest in the client's financial wellbeing earns the business — and typically earns it for every subsequent renewal too.
Want to go deeper on this?
Our Mortgage Agent Success course covers CRM setup, renewal workflows, client communication, and how to build a book of business that grows on its own through service and referrals.
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