The mortgage has to be renewed after every term. The renewal should be done based on your needs and the plans you have with the property. Choosing the right mortgage (fixed, variable, closed or open) is as important as getting the lowest rate when it comes to renewals. For example, if you know that you are going to sell the house next year, locking into a 5 year fixed closed at a low rate will not make any sense because you will be penalized to break the term.
Remember the following important points when you have a mortgage which is up for renewal:
You can take your mortgage anywhere. If the lender you are currently with is not providing good service or not offering you a competitive rate, you can switch out very easily.
Start shopping around early; do not wait for the last day. You can start searching 6 months before the actual renewal date. MortgageBidder.ca can help you with this, you just have to submit your request and lenders will start bidding the lowest interest rate.
Don't think that bank's posted rate is their final rate. Contact them, do research and check other lenders rate and do not forget to negotiate.