Mortgage renewal in Burlington: compare your offer before you sign

Burlington since 2021: the price stood still, the rate didn't

A lot of the mortgages renewing now started in 2021, when five-year fixed rates were close to their lows. Since then, Burlington's average sale price has barely moved. That's the part people miss. The equity that would soften a higher rate never showed up.

Prices: September 2021 from the REALTORS Association of Hamilton-Burlington, Burlington Residential Table, September 2021 (archived copy); September 2026 from the Cornerstone Association of REALTORS, Burlington Monthly Indicators, September 2026 (ITSO data, current as of October 2, 2026). The two reports come from different data systems, so read the 2021-to-2026 comparison as directional, not exact. Rates: Bank of Canada, series V122667786, a national average of what banks charged, not a Burlington rate or a quote. All checked October 19, 2026.

Statistics Canada counts Burlington in the Hamilton metro area, not Toronto's, so that's the data I use. My renewal payments model, Hamilton (incl. Burlington) row, takes the average new loan there in late 2021 (October to December), $441,765, and renews it five years later. The payment goes from about $1,948 to $2,348 a month. That's $400 more, or 20.5%. The model uses 2.36%, the Bank of Canada's average uninsured rate for October to December 2021, and 4.49% at renewal. It's a typical borrower, not anyone's offer.

For comparison, the Toronto-area row (Mississauga, Brampton, Oakville, Milton) shows about +$495 a month; Burlington isn't in it.

My worked example: your letter against one other offer

Here's the same Hamilton-area balance run through my renewal calculator. The numbers are made up, so this isn't a real offer.

You owe $372,841 at renewal, with 20 years left and a five-year term. Your lender's letter says 4.99%. Another lender's written offer is 4.49%. I used the Bank of Canada's July 2026 average as a stand-in for that second offer; it isn't a quote. Switching costs you $1,500.

The other offer is $99.58 a month lower. Over five years it costs $8,743.79 less in interest. Take off the $1,500 and you're $7,243.79 ahead. The switching cost is paid back after 16 payments. There's no penalty in this, because it's a renewal at the end of the term.

Open this example in the calculator and swap in the numbers from your own letter and offer. If you'd rather ask in a chat, you can compare renewal offers in ChatGPT or Claude with my calculators doing the math.

Can you switch? Check this before you shop

• Uninsured, same balance, same amortization, from one federally regulated lender to another. That's a straight switch. Since November 21, 2024 it doesn't have to pass the stress-test rate. The balance can go up by at most $3,000 to cover transaction costs, and you can't take equity out (OSFI).
• Insured mortgage. You can switch lenders at renewal without another stress test (Department of Finance Canada). Ask whether the move brings a new insurance premium.
• Borrowing more, or adding years? Then it isn't a straight switch, and the new lender qualifies you in full. My renewal versus refinance guide shows what each one can change.
• Bought or refinanced near the 2022 peak? Burlington's average sale price was $1,413,836 in February 2022 (RAHB, archived). The September 2026 average is about 25% lower. Read that as directional: two data systems, and February against September. Five-year terms from then renew in 2027, with less equity behind them. The Bank of Canada estimates about 4% of borrowers renewing in 2027 couldn't refinance at today's prices. That's a national figure (Financial Stability Report 2026).
• Collateral charge? Moving it can mean a legal discharge and a new registration. Get a lawyer's quote and add it to your cost to switch.

From my files

The raise that hurt on paper

A client's commission income went from about $52,000 one year to about $124,000 the next. Great news, until the lender averaged the two years. On paper, the income was about $88,000, not $124,000.

In another file, a job change partway through the year meant only the new salary counted.

If you switch at renewal, the new lender reads your income fresh. Find out which number it will use before you shop.

Real files I've worked on. Names, places, lenders and figures are left out or rounded for privacy. This is not a promise of approval, rate or outcome; your situation will differ.

Self-employed and renewing

If you work for yourself, plan your renewal around your tax year. A new lender will ask for your Notices of Assessment; CMHC names the T1 General and the Notice of Assessment as proof of income (CMHC).

For 2025 returns, the self-employed had until June 15, 2026 to file, but any balance was due April 30 (CRA). The CRA aims to send a Notice of Assessment within two weeks of an on-time digital return, and within 12 weeks of a paper one (CRA service standards). So if your renewal lands in late spring or summer, file digitally, file early and pay what you owe. That way your newest year can count.

Staying with your lender may be the easier route. Ask it in writing what it needs from you. If a bank says no, my self-employed mortgage page for Burlington walks through the next steps.

If your lender won't renew

A federally regulated lender has to tell you at least 21 days before your term ends if it won't renew (FCAC). Three weeks isn't long, so this is the order I work in:

1. Ask for the reason in writing. It tells you what the next lender will look at.
2. Try other banks and lenders approved under the National Housing Act first. They usually cost the least.
3. If the file doesn't fit a bank, look at an alternative (B) lender next.
4. Private is the last step, and it's short-term. I offer private mortgages through my brokerage, where a Level 2 agent arranges them.

That order isn't just my habit. FSRA says your agent should be able to explain why you don't qualify for lower-cost loans from prime or alternative lenders before you go private. It also says a private mortgage is usually a one- or two-year option, and you need a realistic exit plan (FSRA).

Your renewal timeline

1. Four to six months out. Under the Canadian Mortgage Charter, lenders are expected to contact you about your renewal options (Fall Economic Statement 2023).
2. A few months out. Start shopping. That's the Financial Consumer Agency of Canada's advice too (FCAC, renewing your mortgage). Ask each lender in writing how long it will hold its rate.
3. At least 21 days before the term ends. A federally regulated lender, like a bank, must send your renewal statement. Ontario credit unions are provincially regulated, so ask yours what applies.
4. If you do nothing. The renewal may be automatic. FCAC warns that you may not get the best rate and conditions that way.

Shopping is the step people skip. In an FCAC study of renewal decisions, 20% of mortgage holders never compared lenders, and 13% didn't know they could negotiate (FCAC data story, 2026, national).

What a switch can cost, and why early can cost more

FCAC's list of costs to ask about: setup fees with the new lender, which may include discharge, registration, transfer or assignment fees from your current lender, an appraisal if needed, and admin fees. Ask the new lender whether it will pay some or all of them. Whatever's left goes in the calculator's cost-to-switch box. That's what the 16-payment payback above measures.

Renewing or refinancing before your term ends is a different decision, because breaking early can bring a penalty. I once had two debt consolidations that looked the same on paper. One worked. In the other, the payout statement showed a $15,000 penalty, and that ended it. So get a dated payout figure from your lender first. Then read how renewal penalties are calculated, and when you pick the next lender, check how its penalty is worked out.

Working with me on a Burlington renewal

A bank can only offer its own products. I compare options from 50+ lenders, including the big banks and lenders approved under the National Housing Act, and put a written alternative next to your renewal letter. It starts with a free 15-minute call. Have your renewal letter and latest mortgage statement handy. Please don't send your SIN or full financial documents by email.

60+ Google reviews, rated 5.0.

Burlington office

Address

5063 N Service Rd, Burlington, ON L7L 5H6

Hours

Monday to Friday, 9 am to 5 pm

Phone

(647) 642-7249

Map

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Jenny Tate, Mortgage Agent Level 1 (verify her licence on the FSRA public register). Brokerage: Tango Financial Mortgage (ON) Corporation.

Buying in Burlington, or borrowing against your home? The Burlington office page has prices by community, down payments and land transfer tax. For renewal step by step anywhere in the province, see my Ontario mortgage renewal guide.

Good to know

These are examples to help you see your options. They're not advice, an approval or a quote from a lender. The 4.99% is made up, and 4.49% is a national average, not an offer. A new lender has to approve any switch, and I can't promise a rate. The Bank of Canada's next rate announcement is on October 28, 2026, after this page was checked. Your lender's documents have the real numbers.

Burlington mortgage renewal FAQ

Sources and method

Every figure on this page was checked against these sources on October 19, 2026. The worked example is calculated with my renewal calculator's method (semi-annual compounding, monthly payments); it is hypothetical. The "From my files" cases are real files, with details left out or rounded. The Bank of Canada's next rate announcement is scheduled for October 28, 2026, after this page was checked.

• Cornerstone Association of REALTORS, Burlington Monthly Indicators, September 2026 (all residential properties: average and median sale price; ITSO data, current as of October 2, 2026), linked from Cornerstone housing statistics.
• REALTORS Association of Hamilton-Burlington, Burlington Residential Table, September 2021 and February 2022 (Internet Archive copies; rahb.ca now redirects to Cornerstone).
• Bank of Canada, series V122667786, funds advanced, residential mortgages, uninsured, fixed rate 5 years and over (September 2021: 2.33%; July 2026: 4.49%, the latest month published on October 19, 2026).
• Jenny Tate, Ontario renewal payments by city, Hamilton (incl. Burlington) row (CMHC 2021 Q4 average value of new mortgage loans and Bank of Canada rates; method on that page).
• Bank of Canada, Financial Stability Report 2026, Households (share of 2027 renewers who could not refinance at current prices), May 2026.
• Office of the Superintendent of Financial Institutions, OSFI exempts uninsured mortgage straight switches from the prescribed MQR, November 21, 2024.
• Department of Finance Canada, Boldest mortgage reforms in decades come into force today (insured switches at renewal), December 15, 2024.
• Government of Canada, 2023 Fall Economic Statement, Chapter 1 (Canadian Mortgage Charter: contact four to six months before renewal).
• Financial Consumer Agency of Canada, Renewing your mortgage (21-day statement, automatic renewal, costs to change lenders), page dated October 15, 2025.
• Financial Consumer Agency of Canada, Exploring consumer behaviour in mortgage renewal decisions, published March 2, 2026, updated June 24, 2026.
• CMHC, Self-Employed mortgage loan insurance (Notice of Assessment and T1 General as proof of income).
• Canada Revenue Agency, Self-employed? Make filing easier with these tips (June 15, 2026 filing and April 30, 2026 payment deadlines), June 4, 2026; CRA service standards 2026-2027 (Notice of Assessment within two weeks digital, 12 weeks paper).
• Financial Services Regulatory Authority of Ontario, Private mortgages (prime, alternative and private lenders; one or two years; exit strategy).
• Bank of Canada, October 28, 2026 announcement (scheduled).

This page is general information, not financial, legal or tax advice, and not a commitment to lend. Rates and rules change; confirm your own figures with your lender, your lawyer and the official sources.