Renewing your mortgage in 2025? Here’s how you can save

Many Canadians will face mortgage renewals in 2025, with over 1.2 million mortgages coming up for renewal. Most will encounter higher rates than when they first took out their loans, with current rates between 4% and 4.5%. This could increase monthly payments by about $250 for a $400,000 mortgage. To save money, it's advised to shop around for the best mortgage deal and consider using home equity to extend the amortization period. Understanding options can also help negotiate better rates with existing lenders.