Canadian Mortgage Rate 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.