5-Year Fixed Mortgage Rates

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Best 5-Year Fixed Rate

1.39%

Lender	Rate	Weekly Change	Monthly Payment
nuborrow	1.39% 5-YEAR FIXED	No change	$1,875
Alterna Savings	1.64% 5-YEAR FIXED	No change	$1,931
Canada Life	1.68% 5-YEAR FIXED	No change	$1,940
Coast Capital	1.69% 5-YEAR FIXED	No change	$1,942
Peoples Bank	1.74% 5-YEAR FIXED	No change	$1,954
Equitable	1.74% 5-YEAR FIXED	No change	$1,954
Simplii Financial	1.76% 5-YEAR FIXED	No change	$1,958
FN	1.79% 5-YEAR FIXED	No change	$1,965
TD	1.84% 5-YEAR FIXED	No change	$1,977
First Ontario	1.89% 5-YEAR FIXED	No change	$1,988
motusbank	1.95% 5-YEAR FIXED	No change	$2,002
Tangerine	1.99% 5-YEAR FIXED	No change	$2,011
Scotiabank	1.99% 5-YEAR FIXED	No change	$2,011
CMLS	1.99% 5-YEAR FIXED	No change	$2,011
RBC	2.04% 5-YEAR FIXED	No change	$2,023
MCAP	2.04% 5-YEAR FIXED	No change	$2,023
BMO	2.04% 5-YEAR FIXED	No change	$2,023
Investors Group	2.04% 5-YEAR FIXED	No change	$2,023
National	2.04% 5-YEAR FIXED	No change	$2,023
Canadian Western	2.04% 5-YEAR FIXED	No change	$2,023
Desjardins	2.04% 5-YEAR FIXED	No change	$2,023
Laurentian	2.05% 5-YEAR FIXED	No change	$2,025
CIBC	2.10% 5-YEAR FIXED	No change	$2,037
DUCA	2.74% 5-YEAR FIXED	No change	$2,189
Manulife	3.05% 5-YEAR FIXED	No change	$2,265

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

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.

Province	Best 5-Year Fixed Rate
Alberta	1.28% Find more Alberta mortgage rates
British Columbia	1.64% Find more British Columbia mortgage rates
Ontario	1.39% Find more Ontario mortgage rates
Quebec	1.59% Find more Quebec mortgage rates
Manitoba	1.64% Find more Manitoba mortgage rates
Saskatchewan	1.64% Find more Saskatchewan mortgage rates
Nova Scotia	1.64% Find more Nova Scotia mortgage rates
New Brunswick	1.64% Find more New Brunswick mortgage rates
Prince Edward Island	1.64% Find more Prince Edward Island mortgage rates
Newfoundland & Labrador	1.59% Find more Newfoundland & Labrador mortgage rates

While we try our best to get you the best rates, we cannot guarantee that they are always accurate. WOWA assumes no liability for the accuracy of the information presented, and will not be held responsible for any damages resulting from its use.