Canadian Mortgage Rate Report — November 9, 2026
Published
Correction
This report was generated while our rate feed was not updating, so its mortgage rates are out of date. The best rates we recorded on November 9, 2026 were 4.39% for a 5-year fixed and 3.60% for a 5-year variable. The analysis below is unchanged from the original. See current rates and history.
The Bank of Canada's overnight rate is 2.50%, which puts the Big Six prime rate at 4.70%. Variable mortgage rates are priced as a discount or premium to prime, so an existing variable rate moves only when prime does, and prime follows the Bank's policy rate. The Bank has now held for 7 consecutive decisions.
The best insured 5-year fixed rate we track is 4.39% and the best 5-year variable is 3.50%: variable is 0.89 percentage points cheaper today, but your payment or amortization changes whenever prime moves.
Fixed rates follow the 5-year Government of Canada bond yield, currently 3.36% (2026-11-06). Annual CPI inflation was 3.1% in September 2026, above the Bank's 2% target. The next rate decision is on December 9, 2026.
If your mortgage renews in the next 120 days, ask your lender and at least one broker for a rate hold now: holds usually cost nothing, and many lenders will honour a lower rate if prices fall before your renewal date.
Hold at 2.50%
Base caseThe Bank keeps the overnight rate at 2.50% on December 9, 2026. Prime stays at 4.70% and variable payments do not change.
Cut to 2.25%
AlternativeWeaker growth or inflation below 2% leads to a 0.25-point cut. Prime falls to 4.45%, lowering variable payments.
Hike to 2.75%
AlternativeInflation running above target leads to a 0.25-point hike. Prime rises to 4.95%; fixed rates follow bond yields.
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