Best Mortgage Rates in Canada (2026)
Bank of Canada Reference Rates
Prime Rate
4.45%
As of March 11, 2026
Overnight Rate
2.25%
BoC policy rate
5-Year Fixed (Posted)
6.09%
Major bank posted rate
5-Year Fixed Mortgage Rates
Sorted by lowest fixed rate · Updated hourly| Lender | 5-Yr Fixed | Get Rate |
|---|---|---|
| LowestBMO | 5.99% | Calculate → |
| TD Bank | 6.04% | Calculate → |
| RBC | 6.09% | Calculate → |
| CIBC | 6.09% | Calculate → |
| Scotiabank | 6.14% | Calculate → |
Rates subject to change without notice. OAC. Insured vs. uninsured rates may differ.
5-Year Variable Mortgage Rates
Sorted by lowest variable rate · Updated hourly| Lender | 5-Yr Variable | Get Rate |
|---|---|---|
| LowestTD Bank | 5.35% | Calculate → |
| Scotiabank | 5.40% | Calculate → |
| RBC | 5.45% | Calculate → |
Rates subject to change without notice. OAC. Insured vs. uninsured rates may differ.
Mortgage Affordability Calculator
Find out how much mortgage you qualify for, including the stress test at contract rate + 2% or 5.25% (whichever is higher).
Use Mortgage Calculator →FAQ
What is the mortgage stress test in Canada?
The federal stress test requires you to qualify at the higher of: your contract rate + 2%, or 5.25%. This applies to all federally regulated lenders (banks). Credit unions in some provinces may not require it.
Fixed vs variable mortgage — which is better in 2026?
With the Bank of Canada in a rate-cutting cycle, variable rates may save money over a 5-year term if cuts continue. Fixed rates offer certainty. Most Canadians choose 5-year fixed for predictability, but variable can work well if you can tolerate payment fluctuations.
How much down payment do I need in Canada?
Minimum 5% on the first $500,000, then 10% on the portion between $500K–$999,999. For homes over $1M, 20% minimum is required and mortgage insurance (CMHC) does not apply.
What is CMHC mortgage insurance?
CMHC (Canada Mortgage and Housing Corporation) insurance is mandatory if your down payment is less than 20%. The premium ranges from 0.6% to 4.0% of the mortgage amount, added to your mortgage.
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