Renewal Mistakes, Complaints and Official Sources
Official sources for mortgage renewal in Canada: who to check for what
A directory of the federal and provincial bodies behind Canadian mortgage renewal rules, from FCAC, OSFI, CMHC and the Bank of Canada to provincial regulators, OBSI and land registries.
For mortgage renewal rules in Canada, the main official sources are the Financial Consumer Agency of Canada (your rights with banks, renewal statements, the Canadian Mortgage Charter), OSFI (the stress test and underwriting rules for federally regulated lenders), CMHC (insured mortgages), the Bank of Canada (policy rate and interest rate data), the Justice Laws Website (the Interest Act and Bank Act), your provincial regulator (credit unions, caisses and mortgage brokers), and OBSI for disputes with banks. Lenders' own disclosures and fee schedules are the source for your specific penalty and fee terms. This page lists what to check where, so you can verify anything on this site or in an offer.
This guide is part of the mortgage renewal mistakes guide.
Federal bodies
| Body | What it does | What to check there |
|---|---|---|
| Financial Consumer Agency of Canada (FCAC) | Supervises federally regulated financial institutions' treatment of consumers | Renewal statements, prepayment penalty information, mortgage relief guidance, complaint procedures, mortgage calculators |
| Office of the Superintendent of Financial Institutions (OSFI) | Prudential regulator of banks and federally regulated lenders | Guideline B-20, the minimum qualifying rate, the rule on straight switches at renewal |
| Bank of Canada | Sets the policy interest rate | Rate announcement dates and decisions, historical posted rates, bond yields, Financial System Review |
| Canada Mortgage and Housing Corporation (CMHC) | Federal mortgage insurer and housing agency | Insured mortgage rules, premiums, amortization limits, homeowner guides |
| Department of Finance Canada | Sets federal rules for government-backed insured mortgages | The Canadian Mortgage Charter, changes to insured mortgage rules |
| Justice Laws Website | Official consolidated federal laws | Interest Act (rate disclosure, section 10 on terms over five years), Bank Act and its regulations |
| Ombudsman for Banking Services and Investments (OBSI) | External complaints body for banks | How and when to file a complaint about a bank |
| Canada Revenue Agency | Federal tax agency | Notices of Assessment needed for applications, TFSA and RRSP rules when deciding whether to prepay |
Private mortgage insurers
Besides CMHC, two private companies insure high-ratio mortgages in Canada: Sagen and Canada Guaranty. Their websites explain their products and homeowner support. Your lender deals with the insurer on your behalf.
Provincial regulators
Credit unions, Quebec's caisses, provincial trust companies and mortgage brokers are regulated by provinces. Use the regulator's register to check that a broker or brokerage is licensed.
| Province | Regulator | Main relevance |
|---|---|---|
| Ontario | Financial Services Regulatory Authority of Ontario (FSRA) | Credit unions, mortgage brokers and brokerages, licence register |
| British Columbia | BC Financial Services Authority (BCFSA) | Credit unions, mortgage brokers, licence register |
| Alberta | Real Estate Council of Alberta (RECA) | Mortgage broker licensing |
| Quebec | Autorité des marchés financiers (AMF) | Desjardins caisses, mortgage brokers since 2020, dispute resolution |
| Saskatchewan | Financial and Consumer Affairs Authority | Mortgage brokers and credit unions |
| Manitoba, New Brunswick, Nova Scotia, PEI, Newfoundland and Labrador, territories | Each province's financial services or consumer affairs regulator | Mortgage brokers and credit unions |
Professional bodies
- Lawyers who register and discharge mortgages are regulated by each province's law society.
- Notaries in Quebec are regulated by the Chambre des notaires du Québec.
- Land registries record mortgages and discharges in each province: for example the Land Title and Survey Authority in British Columbia, Alberta Land Titles, Ontario's land registry system and the Registre foncier du Québec. A title search shows the registered charge and its amount.
Credit reports
You can get your credit report from both national credit bureaus: Equifax Canada and TransUnion Canada. Check them before a switch.
Scams and fraud
Report suspected mortgage or renewal scams, such as requests for upfront "rate guarantee" fees from unlicensed advisers, to the Canadian Anti-Fraud Centre and your local police.
Lender documents that matter more than any website
For your own mortgage, the most important sources are your lender's documents:
- The mortgage agreement and standard charge terms, including the penalty method
- The disclosure statement given at signing or renewal
- The renewal statement
- The lender's fee schedule and published prepayment information
- Your annual mortgage statement, which shows the balance and remaining amortization
How to verify a fact on this site
- Find the topic in the tables above.
- Go to the body's homepage and search for the topic, for example "Guideline B-20" on OSFI or "renewing your mortgage" on FCAC.
- Check the date on the page; rules on insured mortgages and qualifying rates have changed several times since 2016.
- For anything specific to your mortgage, ask your lender for the answer in writing.
Start with the mortgage renewal rates overview and the renewal checklist if you are new to the process.
If you need to use one of these bodies to resolve a problem, the steps are in how to complain about your mortgage lender, and the renewal statement rules are explained in auto-renewal and the renewal statement.
Frequently asked questions
Is there an official list of mortgage renewal rates?
No. Lenders set their own rates. The Bank of Canada publishes historical data on posted rates and its policy rate, which helps you see trends, but you need lenders' current offers for your renewal.
Which body enforces my bank's renewal obligations?
FCAC supervises federally regulated banks' compliance with consumer protection rules, including renewal statements. OBSI handles individual disputes.
Who regulates my credit union mortgage?
Your provincial regulator, such as FSRA in Ontario, BCFSA in British Columbia or the AMF in Quebec for caisses.
Where can I check a mortgage broker's licence?
On your provincial regulator's online register. Every licensed broker should be listed.
Sources
- Financial Consumer Agency of Canada — consumer rights with banks
- Office of the Superintendent of Financial Institutions — Guideline B-20
- Canada Mortgage and Housing Corporation — mortgage loan insurance
- Bank of Canada — interest rate data
- Ombudsman for Banking Services and Investments — complaints about banks
