If your mortgage is coming up for renewal this year, you’re not alone. In fact, Canada is entering one of the largest mortgage renewal waves in decades.

According to the Canada Mortgage and Housing Corporation, approximately 1.15 million mortgages will renew in 2026, representing nearly 60% of all outstanding mortgages across the country.

Many of these mortgages were originally secured when interest rates were much lower. As a result, homeowners are now starting to ask an important question:

What will my new payment look like?

To help break this down, I spoke with Paul Macara, Mortgage Professional and a trusted partner I regularly refer clients to, who shared some helpful insights about what homeowners should be thinking about as renewal approaches.

Why Starting Early Matters

Mortgage renewal is one of the few times you can make changes to your mortgage without penalties.

Paul explains that most lenders now send renewal notices three to six months before the maturity date, which gives homeowners an important window to review their options.

Starting early allows you to:

• Compare lender offers
• Understand what your new payment might look like
• Explore options like refinancing or adjusting your mortgage structure
• Avoid being rushed into an automatic renewal

Even if you ultimately stay with your current lender, reviewing your options ahead of time provides clarity and removes uncertainty.

Understanding “Payment Shock”

One of the biggest concerns many homeowners are facing right now is payment shock — the jump in monthly payments when a mortgage renews at today’s higher interest rates.

Before making any decisions, it helps to understand the numbers clearly.

Paul often recommends looking at scenarios such as:

• What your new payment could be at current rates
• Whether extending your amortization could reduce monthly payments
• Whether refinancing could improve cash flow or consolidate higher-interest debt

While extending amortization can lower monthly payments, it may increase the total interest paid over time. That’s why reviewing the full picture is important.

For homeowners with strong equity positions, refinancing may also offer opportunities to restructure debt or improve financial flexibility.

Renewal Is About More Than Just the Rate

It’s natural to focus on the interest rate at renewal, but the features of a mortgage can be just as important.

Prepayment privileges, penalties, portability, and flexibility can all impact how well your mortgage works for your lifestyle and financial goals.

Sometimes a slightly higher rate with better flexibility can actually provide more peace of mind over the life of the mortgage.

Mortgage renewal is also a chance to step back and ask an important question:

Does this mortgage still fit where I’m headed next?

Thinking About Your Next Move?

If your mortgage is coming up for renewal this year, it’s worth reviewing your options well before the deadline.

I often connect my clients with Paul Macara, a mortgage professional I trust who takes the time to walk homeowners through their numbers and help them understand their choices clearly.

If you'd like an introduction to Paul for a renewal review, feel free to reach out to me and I’d be happy to connect you.

Planning ahead can make the entire process smoother — and potentially save you money.

Jacqueline Ross, REALTOR®
Your Van Isle Home
(250) 415-5656
jac@yourvanislehome.com
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Helping you find home — and community — here in Victoria, BC.

Simple steps that protect your home—and its value

Winter on Vancouver Island doesn’t usually bring extreme cold, but it does bring moisture, condensation, and higher energy use. These are the quiet issues that can impact a home over time if left unchecked. The good news? A few simple habits and small maintenance tasks can make a real difference—both for comfort now and long-term value down the road.

Here’s what actually matters during the winter months.

Moisture Control: The Silent Issue Most Homeowners Miss

Moisture is one of the biggest contributors to long-term home damage, especially in coastal climates. Excess humidity can lead to condensation, mould, and deterioration of finishes and window frames.

What to watch for:

• Condensation on windows, especially in the mornings

• Musty smells in bathrooms, closets, or lower levels

• Dampness around window sills or exterior walls

What helps:

• Run bathroom and kitchen fans during and after use

• Open blinds or curtains during the day to allow airflow

• Use a dehumidifier in problem areas if needed

Managing moisture now helps protect drywall, flooring, windows, and indoor air quality over time.

Heating: Comfort Without Overworking Your System

Winter is when heating systems work the hardest. Keeping things efficient doesn’t require a major upgrade—just a bit of attention.

Simple winter checks:

• Replace or clean furnace filters regularly

• Make sure vents and baseboard heaters aren’t blocked

• Set thermostats consistently instead of frequent ups and downs

Even small adjustments can reduce strain on your system, lower energy costs, and extend the life of your equipment.

Ventilation: Fresh Air Matters More Than You Think

In colder months, homes tend to stay sealed up, which traps moisture and stale air inside. Balanced ventilation helps regulate humidity and keeps indoor air healthier.

Easy habits that help:

• Run fans daily, even for short periods

• Crack a window briefly when weather allows

• Ensure vents and fans are actually venting outside

Good ventilation supports both comfort and long-term home condition—especially in kitchens, bathrooms, and laundry areas.

Small Tasks That Protect Long-Term Value

These quick winter check-ins don’t take much time, but they add up when it comes to resale and overall home health.

Worth doing:

• Check weather stripping around doors and windows

• Clear exterior drains and gutters after heavy rain

• Watch for minor leaks or drafts and address them early

Homes that are consistently cared for—especially in winter—tend to show better and sell better when the time comes.

Simple Energy-Saving Habits

You don’t need a full energy retrofit to be more efficient this winter.

Try this:

• Lower your thermostat slightly overnight

• Use heavier curtains in the evenings

• Turn off unused electronics and lights

These small changes can noticeably reduce monthly costs while keeping your home comfortable.

A Seasonal Reminder

Winter home care is less about big projects and more about staying ahead of the quiet issues. A little awareness now can prevent costly repairs later—and helps protect the value you’ve built over time.

If you ever want a second set of eyes on how your home is performing, or you’re thinking ahead to selling or downsizing, I’m always happy to chat.

Jacqueline Ross
REALTOR® | Coldwell Banker Oceanside Real Estate
(250) 415-5656
jac@yourvanislehome.com
www.YourVanIsleHome.com
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Helping you find home — and community — here in Victoria, BC.