Canadian Mortgage Rate Report — May 11, 2026

As of now, the Bank of Canada’s overnight rate stands at 2.25%, with the prime rate at 4.45%. These rates are crucial as they directly influence variable mortgage pricing. Currently, the best 5-year variable rate available through brokers is 3.3%, which reflects a competitive offering in a market that has seen fluctuations in recent months.

In comparison, the best 5-year fixed rate (broker insured) is at 3.75%. For homeowners contemplating their options, the fixed rate offers stability against potential future rate hikes, while the variable rate, being lower, might appeal to those willing to accept some risk for potential savings.

Looking ahead, the next three months will be pivotal. While we await the next Bank of Canada rate decision on June 10, 2026, it’s essential to monitor bond yields and inflation indicators, as these will significantly impact future rate movements. Additionally, external factors such as trade dynamics and oil prices could influence the economic landscape.

For Canadians renewing a mortgage in 2026, it’s wise to start evaluating your options early. Consider locking in a rate if you anticipate increases, and consult with a mortgage professional to navigate the evolving market effectively.