The Mortgage Renewal Wave: How to Turn 1.2 Million Renewals Into New Listings

Right now, 1.2 million Canadians are facing mortgage renewals — many locked into rates far higher than what they originally paid. This is the single biggest listing opportunity in years for realtors who know how to approach it. Scott Dillingham shows you exactly how to position yourself, what to say, and how to convert renewal conversations into transactions.

The core challenge is simple but impactful: when homeowners renew, they must continue with the amortization remaining on their mortgage. So if a client has 14 years left, their new, higher rate is applied over that shorter period — driving payments up even further. Scott outlines a key strategy that mortgage professionals use to combat this: restructuring the mortgage as a refinance to extend the amortization back to 25 or 30 years. This can substantially lower monthly payments without necessarily pulling cash out, giving homeowners the breathing room they need to stay in their properties comfortably. Extending amortization at renewal is a growing strategy across Canada, with many borrowers and mortgage brokers using it to bridge the gap between pandemic-era rates and current borrowing costs.

Scott then connects the dots for realtors. Many homeowners maximized their debt ratios when purchasing at lower rates, meaning any payment increase could push them past their comfort zone. This opens the door for realtors to proactively reach out to past clients — especially those from three to five years ago — and offer real solutions. Whether it is connecting them with a mortgage professional like LendCity to explore refinancing and amortization extensions, helping them downsize to a more affordable property, or simply being the trusted advisor who checks in at the right time, this approach builds loyalty and generates referrals.

The episode also highlights how lenders often send renewal offers that are not their most competitive rates, banking on the assumption that homeowners will simply sign and move on. By encouraging clients to shop their renewal, realtors position themselves as advocates who go above and beyond. Scott emphasizes that this proactive outreach not only helps clients save money but creates a natural pipeline of listings, buyer transactions, and referral business that can fuel a realtor's growth through this unprecedented renewal cycle.

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