5-Year Fixed Mortgage Rates

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Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Down Payment:
%
Mortgage Amount:
Click to Open Additional Options
LenderRateMonthly Payment
nuborrow
nuborrow
1.69%
$1,942
Alterna Savings
Alterna Savings
1.84%
$1,977
Equitable
Equitable
1.99%
$2,011
ATB
ATB
1.99%
$2,011
motusbank
motusbank
1.99%
$2,011
Laurentian
Laurentian
1.99%
$2,011
Canada Life
Canada Life
2.02%
$2,018
DUCA
DUCA
2.04%
$2,023
First National
First National
2.09%
$2,034
Peoples Bank
Peoples Bank
2.09%
$2,034
Tangerine
Tangerine
2.14%
$2,046
Canadian Western
Canadian Western
2.18%
$2,055
HSBC
HSBC
2.19%
$2,058
First Ontario
First Ontario
2.24%
$2,069
Simplii Financial
Simplii Financial
2.24%
$2,069
Scotiabank
Scotiabank
2.29%
$2,081
MCAP
MCAP
2.34%
$2,093
TD
TD
2.34%
$2,093
BMO
BMO
2.34%
$2,093
CIBC
CIBC
2.37%
$2,100
National Bank
National Bank
2.44%
$2,117
National Bank
National Bank
2.44%
$2,117
CMLS
CMLS
2.44%
$2,117
Manulife
Manulife
2.49%
$2,129
Desjardins
Desjardins
2.49%
$2,129
RBC
RBC
2.69%
$2,177
Investors Group
Investors Group
4.79%
$2,719
ICICI
ICICI
5.14%
$2,816

Notes

  • Rates above apply to high-ratio insured mortgages only. You can select other mortgage rates by changing your mortgage reason or down payment.
  • Terms and conditions may apply. Promotional rates may apply only to customers with an established credit and employment history. For alternative mortgages, see Private Mortgages in Canada.

5-Year Fixed Mortgage Rates

The 5-year fixed mortgage is Canada's most popular residential mortgage term. According to Statistics Canada, the 5-year fixed mortgage accounted for almost 50% of all mortgages in Canada and more than all variable rate mortgages combined. If you are looking for a new mortgage, planning on switching to a different lender, or refinancing, the 5-year fixed mortgage is the best place to start.

Overview of the 5-Year Fixed Mortgage Rate

  1. Mortgage rate is fixed for a 5-year term
  2. Generally has the best mortgage rate compared to other fixed mortgage terms
  3. Offered by almost all lenders
  4. 68% of mortgages in Canada were fixed-rate mortgages in 2018

Historical 5-Year Fixed Mortgage Rates

From 1980 - Today

The 5-year fixed mortgage rate has generally gone down over the past 4 decades. In 1981, it peaked at 21.75% as Canada went into a period of stagflation marked by low economic growth and high inflation. It is now back to near record-lows at 4.74% as monetary stimulus and quantitative easing preempted by COVID-19 drove the Bank of Canada interest rate and the Prime Rate down to 0.25% and 2.45%, respectively.

The chart above tracks the posted rate of the top banks in Canada: RBC, TD, BMO, Scotiabank, CIBC, and National Bank. This is the rate that they use to calculate their mortgage break penalty, or the fees you pay when you break your mortgage. It is also used as the Qualifying Rate for the mortgage stress test by the CMHC.

The discounted mortgage rates that are offered by lenders can often be lower than their posted rates, however. Many lenders offer promotional rates or cashback incentives for new clients, but these are usually temporary and apply only to prime borrowers.

Mortgages Rates Between Different Provinces

Mortgage rates in Canada can differ from province to province depending on the availability of lenders, local housing market and mortgage conditions, and provincial regulations. While the Big 5 Banks offer mortgages in every province, many smaller lenders including credit unions, B lenders, and private mortgage lenders often operate in a single province only. A lender offering the best rate in Ontario may not be available in Saskatchewan, for example. Similarly, a smaller number of lenders in a province could mean less competition, leading to higher rates in general.

ProvinceBest 5-Year Fixed Rate
Quebec
Quebec
Prince Edward Island
Prince Edward Island
Newfoundland & Labrador
Newfoundland & Labrador
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.