If you bought a home in 2022 and chose a 5-year mortgage term, your renewal lands in 2027 (look at me, math-ing!). That sounds far off, but it’s >8 weeks from the time I’m writing this!
Let me start by saying that this topic really resonates with me because I’m one of those homeowners. I bought on the Westshore near the height of the market in 2022, so this topic is personal.
But buying in 2022 wasn’t the same experience for everyone. Someone who bought early in the year may have paid a very different price—and secured a very different mortgage rate—than someone who bought later.
As your renewal approaches, those differences are worth understanding. Here is what I found after reviewing data from a report of median sold prices (supplied by D. Fritz Appraisals) for condos and single-family homes in Victoria and the Westshore, covering January 2021 through September 2026.:
I partnered this data with a historical look at 2022 interest rates.
3) Borrowing costs changed, too
Interest rates rose sharply through 2022. Higher borrowing costs put pressure on affordability and contributed to the housing-market slowdown.
For buyers, this created different combinations of purchase prices and mortgage rates throughout the year. But purchase timing alone does not tell us where someone stands today. Their down payment, mortgage structure, principal repaid, and any additional borrowing all matter. That’s why regional statistics are a starting point for a conversation, rather than a conclusion about your situation.
Why this matters for your 2027 renewal
Weeks or months before your term ends, your lender will send you a renewal offer. It is worth knowing a few things before it arrives:
- Your new rate may be different from your current one. I am not quoting rates here because they change often.
- Your balance, your home’s current value, and your amortization (the number of years left to pay off the mortgage) all shape your options.
- You can look at what other lenders are offering, not only the one you have today.
Look, the useful question for you in the upcoming renewal cycle is not ‘have rates gone down? Nor should it be ‘what is your best rate?’ It’s “Given my home, my mortgage, and my circumstances, what options do I have?”
Let’s look at it together
If you bought a home or renewed a mortgage term in 2022 and your renewal is coming up in 2027, let’s review where you stand. We will review your balance, the home’s value, and your current situation…all to find an option that fits your circumstances. There is no pressure and no cost to start the conversation. To set up a initial mortgage renewal review, send me an email, text, or give me a call…let’s chat about your options!
Figures shown are median sold prices for single family homes and condos in Victoria and in the Westshore, 2022 to 2026, from D. Fritz Appraisals, Oct 30, 2026. A median is the middle price of the homes that sold in a period. It is not the value of any one home. Any percentages are my own rounded calculations. Past results do not predict future results. General information only, not mortgage or financial advice. Subject to lender approval. Rates and products change. Ian Taylor, Principal Broker, Maxx Mortgages Ltd. / TMG, Licence MB605072.