As of October 12, 2026, the best 5-year fixed mortgage rate in Canada that we track is 4.34% (insured, broker rate). Among the big banks, RBC has the lowest special rate at 5.03%; TD 5.34% and CIBC 5.34%. The best 5-year fixed rate is up 0.40 percentage points in 4 weeks (from 3.94%).
Rates checked weekly · last updated Oct 12, 2026 · page reviewed Oct 15, 2026 by Artem Titarenko · How we calculate
| Lender | Rate type | 5-year fixed | Payment on $500,000* |
|---|---|---|---|
| Best broker rate (WOWA) | Lowest broker rate (insured) | 4.34% | $2,723/mo |
| RBC | Bank special rate | 5.03% | $2,917/mo |
| TD | Bank special rate | 5.34% | $3,006/mo |
| CIBC | Bank special rate | 5.34% | $3,006/mo |
*Monthly payment on a $500,000 mortgage with a 25-year amortization. Bank rates are the special rates each bank posts on its website; the broker rate is the lowest insured rate in WOWA's survey. Rates are checked weekly.
| Lender | Rate | Monthly payment | vs lowest | Interest over 5 years |
|---|---|---|---|---|
| Best broker rate (WOWA)Broker | 4.34% | $2,723 | Lowest | $101,195 |
| RBCBank | 5.03% | $2,917 | +$194/mo | $117,740 |
| TDBank | 5.34% | $3,006 | +$282/mo | $125,199 |
| CIBCBank | 5.34% | $3,006 | +$282/mo | $125,199 |
On $500,000 over 25 years, CIBC at 5.34% costs $24,004 more in interest over the 5-year term than Best broker rate (WOWA) at 4.34%.
Payments use Canadian semi-annual compounding. Broker rates are usually for insured mortgages (less than 20% down); uninsured rates are often higher.
We record these rates every week. Since Apr 6, 2026 the best broker rate has moved from 3.84% to 4.34%, and RBC's special rate from 4.43% to 5.03%. Hover a point to see the exact rate.
Take a $500,000 mortgage with a 25-year amortization. At the best broker rate of 4.34% the payment is $2,723 a month and you pay $101,195 in interest over the 5-year term. At RBC's 5.03% it is $2,917 a month ($16,545 more interest over five years), and at CIBC's 5.34% it is $3,006 a month ($24,004 more). Posted special rates are where negotiation starts: asking your bank to match a broker quote is often worth more than a year of extra payments.
The lowest broker rates are usually for insured mortgages: less than 20% down on a home under $1.5 million. With 20% or more down, or on a refinance, expect a somewhat higher rate.
At renewal you can move to another federally regulated lender without passing the stress test again, as long as the amount and amortization stay the same. For uninsured mortgages this has applied since November 21, 2024, which makes shopping your renewal far easier.
For a new uninsured mortgage you must qualify at the greater of your rate plus 2% or 5.25%. At 4.34% that is 6.34%. Check how much you qualify for.
Breaking a fixed mortgage usually costs the greater of three months' interest or the interest rate differential (IRD). Lenders that calculate IRD from posted rates, as big banks typically do, can charge much more than the lowest rate suggests. Estimate your penalty.
The bank rates in the table come from each bank's national rate page, so they are not province-specific: a 5-year fixed quote at RBC, TD or CIBC starts from the advertised rate whether you buy in Toronto, Vancouver, Calgary or Montreal. Broker rates can differ a little by province because some lenders only operate in certain provinces. What changes most from province to province is the cost of buying: land transfer taxes and closing costs.
Ontario charges a provincial land transfer tax, and Toronto adds its own municipal land transfer tax on top. First-time buyers can get refunds on both.
BC charges a provincial property transfer tax on the purchase price, with exemptions for some first-time buyers and newly built homes.
Alberta has no land transfer tax; buyers pay only land titles registration fees, so closing costs are lower than in Ontario or BC.
Quebec municipalities charge a property transfer duty, often called the welcome tax, on the purchase price.
For other provinces, see mortgage rates in Canada and estimate purchase taxes with the land transfer tax calculator.
As of October 12, 2026, the lowest 5-year fixed rate we track is 4.34% for an insured mortgage, from WOWA's survey of broker rates. The big-bank special rates we track are RBC 5.03%, TD 5.34% and CIBC 5.34%.
Five-year fixed rates follow 5-year Government of Canada bond yields more closely than the Bank of Canada's policy rate. The Bank has held its policy rate at 2.25% for 7 decisions in a row, yet the best 5-year fixed rate moved from 3.94% to 4.34% since Sep 14, 2026, following bond yields.
The broker rate is the lowest insured rate across lenders that mortgage brokers work with, including monoline lenders and credit unions that compete mainly on price. A bank's special rate is a starting point: banks often match or beat it for strong applicants, especially at renewal. Insured mortgages (less than 20% down) usually get the lowest rates because default insurance protects the lender.
The best variable rate is 3.25% against 4.34% fixed. On a $500,000 mortgage over 25 years that is $2,431 a month versus $2,723. Variable only stays cheaper if prime (now 4.45%) rises by less than about 1.09 points on average over the five years; fixed locks the payment in.
On $500,000 over 25 years, 4.09% instead of 4.34% lowers the payment by $69 a month and saves $5,972 in interest over the 5-year term.
Not if it is a straight switch: moving your mortgage to another federally regulated lender at renewal without increasing the amount or the amortization. Insured mortgages were already exempt, and OSFI extended this to uninsured mortgages on November 21, 2024. The new lender still checks your income and credit.
The bank rates we track come from each bank's national rate page, so they are not province-specific. Broker rates can vary slightly because some lenders only lend in certain provinces. The bigger provincial difference is closing costs: Ontario, BC and Quebec charge land transfer taxes, while Alberta does not.
Most lenders hold a pre-approved rate for 90 to 120 days. If rates fall before closing you usually get the lower rate; if they rise, your held rate is protected.
Bank rates are the special (discounted) rates posted on each lender's website; the broker rate is the lowest insured rate from WOWA's survey. Rates change often and depend on your situation, so confirm with the lender. Educational reference only, not financial or lending advice.