5-Year Fixed Mortgage Rates

As of December 4th, 2020
Best 5-Year Fixed Rate
1.39%result
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Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Downpayment:
%
Mortgage Amount:
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LenderRateWeekly ChangeMonthly Payment
Citadel Mortgages
Citadel Mortgages
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1.39%
5-YEAR FIXED
No change
$1,875
Canada Life
Canada Life
1.74%
5-YEAR FIXED
No change
$1,954
MtgAlliance
MtgAlliance
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1.79%
5-YEAR FIXED
No change
$1,965
Equitable
Equitable
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1.79%
5-YEAR FIXED
No change
$1,965
FN
FN
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1.84%
5-YEAR FIXED
No change
$1,977
Peoples Bank
Peoples Bank
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1.84%
5-YEAR FIXED
No change
$1,977
BMO
BMO
1.93%
5-YEAR FIXED
-0.04%
$1,997
motusbank
motusbank
1.95%
5-YEAR FIXED
No change
$2,002
TD
TD
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1.97%
5-YEAR FIXED
No change
$2,006
Tangerine
Tangerine
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1.99%
5-YEAR FIXED
No change
$2,011
Simplii Financial
Simplii Financial
2.01%
5-YEAR FIXED
0.02%
$2,016
MCAP
MCAP
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2.04%
5-YEAR FIXED
No change
$2,023
First Ontario
First Ontario
2.04%
5-YEAR FIXED
No change
$2,023
Canadian Western
Canadian Western
2.09%
5-YEAR FIXED
No change
$2,034
Laurentian
Laurentian
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2.10%
5-YEAR FIXED
No change
$2,037
CIBC
CIBC
2.10%
5-YEAR FIXED
No change
$2,037
National
National
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2.14%
5-YEAR FIXED
No change
$2,046
Desjardins
Desjardins
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2.14%
5-YEAR FIXED
No change
$2,046
CMLS
CMLS
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2.19%
5-YEAR FIXED
No change
$2,058
Investors Group
Investors Group
2.19%
5-YEAR FIXED
No change
$2,058
RBC
RBC
2.22%
5-YEAR FIXED
No change
$2,065
DUCA
DUCA
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2.74%
5-YEAR FIXED
0.95%
$2,189
Manulife
Manulife
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3.05%
5-YEAR FIXED
No change
$2,265
Scotiabank
Scotiabank
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4.79%
5-YEAR FIXED
No change
$2,719
Alterna Savings
Alterna Savings
5.44%
5-YEAR FIXED
3.80%
$2,900

Notes

  • Weekly rate changes based on data from November 26th 2020.
  • These rates are for Prime customers. To qualify, you generally need a good credit score and a steady job.
  • The following rates may not be valid for uninsured mortgages.

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.

Rates shown are the posted rates offered by the six major chartered banks in Canada: RBC, TD, BMO, Scotiabank, CIBC, and National Bank. Promotional or discounted rates are not represented. Source: Bank of Canada

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
Alberta Alberta
British Columbia British Columbia
Ontario Ontario
Quebec Quebec
Manitoba Manitoba
Saskatchewan Saskatchewan
Nova Scotia Nova Scotia
New Brunswick New Brunswick
Prince Edward Island Prince Edward Island
Newfoundland & Labrador Newfoundland & Labrador

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.