Best Mortgage Rates in Canada — June 2026
Compare fixed and variable mortgage rates from major Canadian lenders. Bank of Canada 5-year benchmark rate: 2.65%.
Key Mortgage Rates — June 2026
| Rate Type | Rate | Source | Notes |
|---|---|---|---|
| 5-Year Fixed (Benchmark) | 2.65% | Bank of Canada | Posted rate — broker rates typically 1–2% lower |
| Prime Rate | 4.45% | Bank of Canada | Variable mortgage = Prime − discount (e.g., Prime − 0.90%) |
| Overnight Rate | 2.25% | Bank of Canada | BoC policy rate — drives prime and variable rates |
Our full mortgage rate comparison is now live — fixed and variable rates from top Canadian brokers, vs. Big Six bank posted rates. Compare Mortgage Rates →
Fixed vs Variable Mortgage — Which Is Better in 2026?
With the Bank of Canada overnight rate at 2.25% and prime at 4.45%, the fixed vs variable decision depends on your outlook for rates and your risk tolerance.
- Fixed rate: Your rate doesn't change for the term (e.g., 5 years). More predictable monthly payments. Better if rates rise.
- Variable rate: Typically priced as Prime minus a discount. Historically cheaper over full mortgage terms, but payments fluctuate with BoC decisions.
- Hybrid: Some lenders offer split mortgages — part fixed, part variable.
Key Mortgage Terms to Know
Total time to pay off the mortgage (typically 25 years). Longer = lower payments, more interest paid.
How long your current rate agreement lasts (1–10 years). At renewal, you get a new rate.
You must qualify at the higher of your rate + 2%, or 5.25%. Applies to all federally regulated lenders.
Required if your down payment is less than 20%. Adds 2.8–4% of the mortgage amount.
Mortgage rate information is for general guidance only. Actual rates vary by lender, credit score, down payment, and property type. Consult a licensed mortgage broker. Affiliate disclosure →