Canadian Mortgage Rate Report
Weekly analysis of Bank of Canada policy, fixed and variable mortgage rates, and what to expect next. Updated every Monday.
Latest report
June 8, 2026
The current mortgage rate landscape in Canada reflects a stable environment, with the Bank of Canada maintaining its overnight rate at 2.25% and the prime rate sitting at 4.45%. These rates directly influence variable mortgage pricing, with the best 5-year variable rate currently available at 3.3%. This is an attractive option for borrowers who anticipate potential rate stability or decreases in the near future.
In comparison, the best 5-year fixed rate, particularly for broker-insured mortgages, is at 3.75%. While fixed rates offer certainty against future rate increases, the lower variable rate may appeal to those willing to accept some risk for potential savings.
Looking ahead, the next three months will be crucial. Although the 5-year Government of Canada bond yield data is currently unavailable, it’s essential to monitor this closely, as bond yields often influence fixed mortgage rates. Additionally, keep an eye on inflation metrics like the Consumer Price Index (CPI) and broader economic indicators, including trade and oil prices, which could impact the Bank of Canada's monetary policy.
For Canadians renewing their mortgages in 2026, consider locking in your rate early if you anticipate rising rates. This could provide significant savings over the life of your mortgage.
Stable Rates
60%Mortgage rates remain stable with minor fluctuations as the economy adjusts to current conditions.
Rate Cut
25%A potential rate cut occurs if economic conditions worsen, leading to lower borrowing costs.
Rate Hike
15%A rate hike is possible if inflation pressures increase significantly, raising borrowing costs.
Rate history
Bank of Canada overnight rate vs best available mortgage rates
Previous reports
June 1, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current landscape of Canadian mortgage rates remains stable as we approach the end of the year.
May 25, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
May 18, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current landscape of Canadian mortgage rates remains relatively stable, with the Bank of Canada maintaining the overnight rate at 2.
May 11, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of now, the Bank of Canada’s overnight rate stands at 2.
May 4, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
As of this week, the Bank of Canada’s overnight rate remains at 2.
April 30, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
The current mortgage rate landscape in Canada reveals a Bank of Canada (BoC) overnight rate of 2.
April 28, 2026
BoC 2.25% · Fixed 3.75% · Var 3.30%
BoC holds at 2.25% for fourth consecutive meeting. Variable rates remain cheaper than fixed by 0.45%.