Switching your mortgage to another Alberta lender at renewal
At renewal you can move your mortgage to any lender that lends in Alberta without a penalty. Since Nov 21, 2024, federally regulated lenders needn't re-apply the stress test to an uninsured mortgage that switches unchanged. Expect a new Land Titles registration ($430 on $380,000) and possibly a discharge fee.
When should I start shopping before renewal?
Your current lender must send you a renewal statement before the term ends (at least 21 days before, for federally regulated lenders, according to the Financial Consumer Agency of Canada). That's the earliest you'll see their offer in writing; it's not the earliest you can shop. Many lenders will hold a rate for a few months, so starting three to four months out gives you time to compare and to let a new lender handle the paperwork.
At renewal you can switch without a prepayment penalty, because the term is ending. Switching in the middle of a term is a different decision with a penalty; Revalued.ca works out whether breaking early pays.
Will I have to pass the stress test again?
It depends on the mortgage and the new lender:
- Uninsured, to a federally regulated lender (a bank): OSFI exempted straight switches from its minimum qualifying rate from Nov 21, 2024. A straight switch means the same amount and amortization, moving to the new lender at renewal. Add money or stretch the amortization and you're qualified as a new mortgage.
- Insured (under 20% down when you bought): insured mortgages could already switch at renewal without re-qualifying, as long as the amount and amortization don't increase.
- To a provincially regulated lender (an Alberta credit union): OSFI's rules don't bind it; the credit union applies its own qualifying policy. Ask before you apply.
What does switching cost in Alberta?
Alberta has no land transfer tax, and a switch isn't a sale, so there's no transfer of land. The new lender registers a new mortgage at Alberta Land Titles: $50 plus $5 for every $5,000 (or part) of the principal, under the fee schedule effective Oct 1, 2026. On a $380,000 balance that's $430. Your old lender may charge a discharge fee, and there are legal or title-insurance costs; many lenders cover some or all of these for a switch, so ask.
| Balance switching | Registration fee |
|---|---|
| $200,000 | $250 |
| $300,000 | $350 |
| $380,000 | $430 |
| $500,000 | $550 |
| $750,000 | $800 |
Worked example: renewing at a posted rate vs switching
Some renewal letters offer the lender's posted rate. The Bank of Canada publishes the big banks' typical posted 5-year rate every week; here's what switching to the lowest insured 5-year fixed we collected in Alberta would save on a $380,000 balance with 20 years left.
| Renewal offer at the typical posted rate | 6.19%Bank of Canada, week of Oct 28, 2026 |
|---|---|
| Lowest insured 5-year in Alberta | 4.34%ATB Financial |
| Monthly payment | $2,746.97 vs $2,363.50 |
| Interest over 5 years | $108,029 vs $74,907 |
| Land Titles registration | $430 |
| Saving over the term, after the fee | $32,692before any discharge or legal fees |
Compare lenders on your balance →Computed Nov 2, 2026.
Posted rates are an extreme; most renewal offers are lower. Bring your own offer to the compare tool, or to IsThisAGoodRate.ca if it comes with fees or cashback. What your payment does at renewal is RateChange.ca's question.
Step by step
- Note your balance, amortization left and renewal date.
- Check the grid for your term and down payment, and the town finder if you want a local branch.
- Ask your current lender to match. Many do when you show them a lower rate in writing.
- If you switch, apply to the new lender; tell them it's a straight switch at renewal.
- The new lender arranges the payout, the new registration at Land Titles and the discharge.
What this means for you
- Don't sign the renewal letter unread: the first offer is often not the lender's best.
- Keep it a straight switch if your income has changed: adding money or extending the amortization can mean re-qualifying.
- Count the fees: on a small balance near the end of the amortization, a switch may save less than it costs.
Frequently asked questions
Is there a penalty to switch lenders at renewal?
No. Penalties apply when you break a mortgage before the term ends. At maturity you can move the balance to another lender.
Can I switch from a bank to an Alberta credit union?
Yes. The credit union applies its own qualifying policy (OSFI's switch exemption covers federally regulated lenders), and you'll usually become a member.
How much is the Land Titles fee to register a new mortgage in Alberta?
$50 plus $5 per $5,000 or part of the principal: $350 on $300,000 and $550 on $500,000.
Primary sources
- OSFI — OSFI exempts uninsured mortgage straight switches from the prescribed MQR (effective November 21, 2024). Checked .
- OSFI — Minimum qualifying rate for uninsured mortgages (effective January 29, 2026). Checked .
- Department of Finance Canada — Statement on the Canadian housing market (insured qualifying rate) (effective December 12, 2023). Checked .
- Financial Consumer Agency of Canada — Renewing your mortgage. Checked .
- Government of Alberta — Land Titles and Surveys common documents fee schedule (effective October 1, 2026). Checked .
- Bank of Canada — Posted conventional mortgage rate, 5-year (series V80691335) (effective October 28, 2026). Checked .