Canada mortgage rates this week.The number a broker can actually hold.
Below are the best-available Canadian mortgage rates this week, from insured monoline lenders and broker-channel banks, compared against the Big Six posted rates that show up on their public pages. The gap between the two — usually 1.5% to 2% — is what "shopping around" is actually worth.
| Term | Type | Best available | Big Six posted | You save | Notes |
|---|---|---|---|---|---|
| 1-year | Fixed | 5.79% | 7.09% | 1.30% | Short-term buyers waiting for BoC cuts. |
| 2-year | Fixed | 5.09% | 6.79% | 1.70% | Popular hedge — cheaper than 5yr, longer than 1yr. |
| 3-year | Fixed | 4.54% | 6.49% | 1.95% | Best fixed value in most weeks of 2026 so far. |
| 4-year | Fixed | 4.49% | 6.34% | 1.85% | Rarely the sweet spot; usually skip to 3 or 5. |
| 5-year | Fixed | 4.39% | 5.99% | 1.60% | The default. Qualifies against 6.39% stress test. |
| 5-year | Variable | P-0.85% | Prime | 0.85% | Payment moves with BoC; discount is what you negotiate. |
Rates shown are illustrative, insured, 25-year amortization, owner-occupied, high-ratio. Actual rates depend on your file, insurer, and property. Snapshot manually updated weekly. Reviewed by Canadian Mortgage Compass Editorial Desk.
Illustrative scenario
Model the payment change at renewal.
Every input below is an assumption you set, including the renewal rate. This is an arithmetic illustration, not a rate quote or a forecast — your actual renewal rate is set by your lender.
Why the posted rate is fiction
The Big Six advertise their posted rates because they're used to calculate prepayment penalties on breakage. Nobody pays them. Any Canadian buyer with a pulse gets ~1.5–2% off — and a broker gets more.
Fixed vs variable — the 2026 read
With BoC cuts pausing, the fixed-variable spread has narrowed to under 0.5% in most weeks. Variable makes sense if you can absorb a payment increase; otherwise 3-year fixed is the value spot.
Rate is only half the answer
The stress-test rate (contract + 2% or 5.25%, greater) is what your file qualifies against. A lower headline rate at a lender with a tight stress test can qualify you for less house than a 0.1% higher rate elsewhere.