Mortgage intelligence
Mortgage Refinancing in Canada
Refinancing replaces your mortgage with a new one, often to borrow against your home equity or change your rate or amortization.
Built on official Canadian sourcesUpdated 2026-11-12
5-year posted
6.19%
Nov 4, 2026 · Bank of Canada
What to check
- Prepayment penalty if you refinance during your term, set by your contract
- Qualifying again: the stress test (higher of your rate plus 2 percentage points or 5.25%)
- If you add a HELOC, its revolving portion can be at most 65% of your home's value
Alternatives
Waiting until renewal avoids penalties. A HELOC lets you borrow only when needed.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.