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Payments, live rates, CMHC, and stress-test context for Canadian borrowers in 2026.
Live rates updated weekly CMHC included Free
National defaults — adjust price, rate, and down payment for your province and lender quote.
20.0% of home price
| Down | Down payment | CMHC | Monthly |
|---|---|---|---|
| 5% | $32,500 | $24,700 | $3,554.40 |
| 10% | $65,000 | $18,135 | $3,338.19 |
| 20% | $130,000 | — | $2,878.06 |
| 25% | $162,500 | — | $2,698.18 |
Canadian mortgages use nominal rates compounded semi-annually (converted to an effective annual rate, then to your payment frequency). Chart shows cumulative principal and interest paid each year; ending balance trends down toward zero.
Total interest paid
$343,418
Total amount paid
$863,418
Principal + interest on the loan
Interest vs purchase price
53%
of home price goes to interest (illustrative)
Same loan amount, rate, and amortization as above. Semi-monthly and bi-weekly match your monthly cash flow; accelerated bi-weekly uses half the monthly payment every two weeks (13 monthly equivalents per year).
| Frequency | Payment amount | Total interest | Payoff time | Savings vs monthly |
|---|---|---|---|---|
| Monthly | $2,878.06 | $343,418 | 25 years | — |
| Semi-monthly | $1,439.03 | $341,950 | 24 years 11 months | $1,468 |
| Bi-weekly | $1,328.34 | $341,837 | 25 years | $1,580 |
| Accelerated bi-weeklyRecommended | $1,439.03 | $291,337 | 21 years 8 months | $52,081 |
Savings vs monthly shown on wider screens.
Weekly Rate Report — rates as of November 9, 2026
Bank of Canada holds at 2.25% · Best 5Y fixed: 4.39% · Best 5Y variable: 3.60% · New analysis every Monday
Canadian mortgage rates in 2026 are significantly lower than their 2023 peak. As of November 9, 2026, the best 5-year fixed insured rate is 4.39% and the best 5-year variable is 3.60% for qualified borrowers. The Bank of Canada policy rate is 2.25%, down from the 5% peak in 2023. All insured mortgages in Canada require passing the mortgage stress test — you must qualify at your contract rate + 2% or 5.25%, whichever is higher. CMHC mortgage insurance is required for down payments below 20% on homes priced under $1.5 million.
| Mortgage Type | Best Broker Rate | Big Bank Range | Notes |
|---|---|---|---|
| 5-year fixed (insured) | 4.39% | 5.13%–5.39% | Most popular product |
| 3-year fixed | — | 5.09%–5.27% | Shorter commitment |
| 5-year variable | 3.60% | 4.13%–4.54% | Follows prime (4.70%) |
Rates as of November 9, 2026, refreshed weekly. See today's mortgage rates in Canada for the full lender table.
The Canadian mortgage stress test requires all insured mortgage applicants to qualify at the higher of: their contract rate + 2%, or 5.25%. At a 4.39% contract rate, you must qualify at 6.39%. This means your lender will calculate your maximum mortgage based on payments at 6.39% — significantly reducing the maximum loan amount compared to qualifying at the actual rate. The stress test applies to all insured mortgages (less than 20% down) and most conventional mortgages at federally regulated lenders.
| Down Payment | CMHC Premium | On $500,000 Mortgage |
|---|---|---|
| 5% (minimum) | 4.00% | $20,000 |
| 10% | 3.10% | $15,500 |
| 15% | 2.80% | $14,000 |
| 20%+ | 0% | $0 |
CMHC mortgage insurance is required for all home purchases with less than 20% down payment on homes priced under $1.5 million. The premium is added to your mortgage balance and amortized over the life of the loan. On a $600,000 home with 5% down ($30,000), your insured mortgage is $570,000 plus $22,800 CMHC premium — a total mortgage of $592,800.
As of November 9, 2026, the best 5-year fixed rate is 4.39% and the best 5-year variable is 3.60%. Fixed rates lock your payment for the term; variable rates move with prime whenever the Bank of Canada changes its policy rate (currently 2.25%). Variable rates outperformed fixed in most historical periods, but the 2022–2023 rate spike showed the risk of variable exposure — fixed provides certainty for budget planning.
At the best 5-year fixed rate we track (4.39% on November 10, 2026), a $750,000 home in Canada with 20% down costs about $3,284 a month over a 25-year amortization.
| Home price | Down payment | Mortgage (incl. CMHC) | Monthly payment | Interest over 25 years |
|---|---|---|---|---|
| $500,000 | $50,000 (10%) | $463,950 | $2,540 | $297,913 |
| $500,000 | $100,000 (20%) | $400,000 | $2,189 | $256,849 |
| $750,000 | $75,000 (10%) | $695,925 | $3,809 | $446,869 |
| $750,000 | $150,000 (20%) | $600,000 | $3,284 | $385,274 |
| $1,000,000 | $200,000 (20%) | $800,000 | $4,379 | $513,698 |
Monthly payments, semi-annual compounding, one rate for the full 25 years. Down payments under 20% add CMHC insurance to the loan. The lowest advertised rates are often for insured mortgages, so 20%-down borrowers may be quoted slightly more. Property tax, home insurance and land transfer tax are not included.
As of November 9, 2026, the best 5-year fixed insured rate through brokers is 4.39% and the best 5-year variable is 3.60%. Big bank 5-year fixed rates range 5.13%–5.39%. The Bank of Canada policy rate is 2.25% and prime is 4.70%.
The Canadian mortgage stress test requires you to qualify at the higher of your contract rate + 2%, or 5.25%. At a 4.39% rate, you qualify at 6.39%. Lenders calculate your maximum mortgage based on payments at the qualifying rate, not the actual rate — this reduces your maximum borrowing power by approximately 15–20%.
CMHC premiums range from 2.80% to 4.00% of the mortgage amount depending on your down payment. With 5% down, the premium is 4.00%. With 10% down, it drops to 3.10%. With 15% down, it's 2.80%. The premium is added to your mortgage and paid over the amortization period.
As of November 9, 2026, the best 5-year fixed rate is 4.39% and the best 5-year variable is 3.60%, with the Bank of Canada rate at 2.25%. Fixed is better if you want payment certainty; variable if you can tolerate some rate fluctuation and want to benefit if rates fall further.
The minimum down payment in Canada is 5% on homes priced up to $500,000, and 5% on the first $500,000 plus 10% on the portion between $500,000 and $999,999. Homes priced at $1 million or more require a minimum 20% down payment. CMHC insurance is required for all down payments below 20%.
The Bank of Canada has held its policy rate at 2.25% for 7 consecutive announcements. Variable rates follow prime and only move when the Bank changes its rate; fixed rates follow 5-year Government of Canada bond yields, so they can move between announcements. Our weekly rate report tracks both.
Educational estimates only. Not financial or lending advice.