Recent Mortgage Trends in Canada
WOWA tracks mortgage rates from a range of Canadian lenders to see how borrowing costs are changing over time. We group these lenders into two rate baskets to compare mortgage rate trends across Canada's mortgage market.
The Main Banks basket tracks average mortgage rates from six of Canada's largest banks: RBC, BMO, TD, CIBC, National Bank, and Scotiabank.
The National Lenders basket tracks rates from 10 lenders. It includes the six main banks, along with Desjardins, Tangerine, nesto, and First National. This broader basket provides a wider view of mortgage rate trends across major banks and other national mortgage lenders.
5-Year Fixed Mortgage Rate Trend by Lender Group
Rates shown are the 5-year fixed average, insured mortgage rate for each basket.
As of August 13, 2026, the average insured 5-year fixed mortgage rate among Canada's Main Banks is 4.75%, compared with 4.59% among the National Lenders group. This means National Lenders are currently offering rates that are, on average, 0.16 percentage points lower than those offered by Main Banks.
Average 5-year fixed rates climbed above 6% in 2023 as borrowing costs increased across Canada. Rates subsequently declined through 2024 and into 2025, with both lender groups reaching much lower levels before beginning to move higher more recently.
Over the past year, the Main Banks average has increased from 4.51% to 4.75%, a change of 0.24 percentage points. Over the same period, the National Lenders average has increased from 4.48% to 4.59%, a change of 0.11 percentage points.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.