While most Canadians spend a lot of time, and expend a lot of effort, in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals.
Renewing your mortgage with your existing financial institution is easy and convenient, but you may not receive the best terms, conditions, and rated the market can offer.
Generally, it is a good idea to start shopping for a new mortgage between 4 and 6 months before your current mortgage term expires. The more time you give yourself, the more negotiating power you have.
I can shop with different financial institutions and you may be amazed at what options are available to you.