Canadian Mortgage Rate Report — April 28, 2026

BoC rate: 2.25%Prime: 4.45%Best 5Y fixed: 3.75%Best 5Y variable: 3.30%

The Bank of Canada held its overnight rate at 2.25% for the fourth consecutive announcement, keeping the prime rate steady at 4.45%. Variable-rate mortgages remain cheaper than fixed, with the best 5-year variable at 3.30% versus 3.75% for fixed — a spread of 0.45%. Bond yields are holding around 3.1%, which is keeping fixed rates elevated. With over 1.2 million Canadians renewing mortgages in 2026, the rate environment matters more than ever. For now, the BoC appears content to hold while watching oil prices, CPI data, and CUSMA trade negotiations.

Hold at 2.25%

70%

BoC maintains current rate through Q3 2026. Variable rates stay around 3.30-3.35%, fixed rates hold near 3.75-4.04%.

Cut to 2.00%

15%

Economic slowdown or recession risk forces BoC to cut. Variable rates drop below 3.10%, good news for renewers.

Hike to 2.75%

15%

Persistent inflation from oil prices forces a 50bps hike. Variable rates climb above 3.80%, fixed rates push toward 4.50%.