Canadian Mortgage Rate Report — April 30, 2026

The current mortgage rate landscape in Canada reveals a Bank of Canada (BoC) overnight rate of 2.25% and a prime rate of 4.45%. These rates are crucial as they influence variable mortgage pricing. Currently, the best 5-year fixed rate available through brokers is 3.75%, while the best 5-year variable rate stands at 3.3%. This indicates a competitive environment for variable-rate mortgages, which are currently more affordable than fixed options.

As we look ahead, the next three months will be pivotal. Although the 5-year Government of Canada bond yield data is unavailable, it’s essential to monitor bond yields closely, as they often correlate with fixed mortgage rates. Additionally, the Consumer Price Index (CPI) will provide insights into inflation trends, which can impact future rate decisions. Global factors, such as trade dynamics and oil prices, will also play a role in shaping the economic landscape.

For Canadians renewing a mortgage in 2026, a practical tip is to start engaging with mortgage professionals now. Understanding your options early can provide leverage in negotiations and help secure a more favourable rate, especially as market conditions evolve.