By Mortgage Rates in Canada Today: How to Read the Table and What Actually Decides Your Rate
Mortgage rate tables look simple — one number per lender — but the number you are actually offered depends on at least six things the table cannot show. Start with today’s anchors, verified on November 8, 2026: the Bank of Canada policy rate is 2.50%, the big-bank prime rate is 4.70%, insured 5-year variable rates start around 3.60%, and insured 5-year fixed rates start around 4.29%, with many borrowers paying up to about 4.89%. This guide explains how to read any rate table, why posted and discounted rates differ so much, and what actually decides the rate on your file.
Mortgage rates in Canada today: the anchors
| Rate | Today (Nov 8, 2026) | What moves it |
|---|---|---|
| Bank of Canada policy rate | 2.50% | Bank of Canada decisions; next is Dec 9, 2026 |
| Big-bank prime rate | 4.70% | Policy rate + 2.20 points, set by each bank |
| 5-year variable, insured, best examples | About 3.60% to 3.75% | Prime minus a discount (example: prime – 1.10% = 3.60%) |
| 5-year fixed, insured, A-lender range | About 4.29% to 4.89% | 5-year Government of Canada bond yield + lender margin |
| 3-year fixed, insured, starting examples | About 4.29% | Shorter bond yields + lender margin |
| Big-bank posted 5-year fixed | Roughly 4.84% to 5.34% in tables checked | Posted pricing; most borrowers negotiate below it |
Sources: Bank of Canada (policy rate, October 28, 2026 decision) and Canadian rate comparisons updated November 6 to 8, 2026. Rates change without notice and are not quotes. Your rate depends on your file, as explained below.
How to read a rate table in 30 seconds
Step 1: Find the term and type. “5-year fixed” and “5-year variable” are different products. A 3.69% variable headline is not comparable to a 4.69% fixed headline until you understand that one can move and the other cannot.
Step 2: Check insured, insurable or uninsured. The lowest rates in most tables are for insured mortgages — less than 20% down, with mortgage insurance, usually on homes under the insured price cap. With 20% or more down, your rate is typically a little higher. With a home over the cap, a rental property, or a 30-year amortization, higher again.
Step 3: Separate posted from discounted. Big banks publish a posted rate, then discount it in negotiation. Brokers and monoline lenders advertise closer to their real price. Comparing one bank’s posted rate to a broker’s best rate exaggerates the gap; comparing actual offered rates is the only fair test.
Step 4: Read the features, not just the rate. Prepayment privileges, portability, penalty calculations and whether the mortgage is a collateral charge can be worth more than a 0.10% rate difference over five years — especially the penalty if you might break the term early.
Fixed vs variable: what the numbers mean after October’s hike
On October 28, 2026 the Bank of Canada raised its policy rate by 25 basis points to 2.50%, its first increase since July 2023. Prime followed to 4.70%. That is why variable rates, which are priced as prime minus a discount, moved up immediately: prime at 4.70% minus a 1.10% discount equals 3.60%. Fixed rates did not have to follow, because they are priced from bond yields, which reflect where markets think rates will go over the next five years, not where the policy rate is today.
That gap — variable starting near 3.60% and fixed near 4.29% to 4.89% — is the central choice in November 2026. A variable borrower pays less today and accepts that payments or amortization can change if the Bank moves again on December 9 or later. A fixed borrower pays more today for five years of certainty. Neither is automatically right. The honest question is: if your variable rate rose by a full percentage point, would your monthly budget still work comfortably? If not, the fixed premium may be buying you something real.
Worked example: what 1% does to a $500,000 mortgage
Illustration only, using a $500,000 mortgage and a 25-year amortization. These are arithmetic examples at the rates discussed above, not offers.
| Rate | Approx. monthly payment | Difference vs 3.60% |
|---|---|---|
| 3.60% (best variable example) | About $2,522 | — |
| 4.29% (low fixed example) | About $2,712 | About +$190 per month |
| 4.89% (high A-lender fixed example) | About $2,885 | About +$363 per month |
Over a 5-year term, the gap between 3.60% and 4.89% is roughly $21,800 in payments, before counting the extra interest in the balance. That is the size of the fixed-versus-variable decision on a $500,000 mortgage, and also why shopping only on rate is incomplete: a slightly higher rate with a fair penalty and 20% prepayment room can cost less over five years than the cheapest headline rate with a harsh penalty.
What actually decides your rate
1. Your down payment and insurance status. Under 20% down means mortgage insurance, which usually gets you the lowest rate. At 20% or more, the rate rises a little; over the insured price cap, a rental, or a 30-year amortization, it rises more.
2. Your credit score. A higher score means a lower rate. The difference between a strong score and a weak one can be larger than the difference between lenders.
3. Your income and debts. Lenders stress-test your payments at a higher rate than the one you will pay. If the stress test fails, the rate does not matter — the application does.
4. The property. Location, type and condition matter, and some lenders will not lend on some properties at all.
5. The term and features. Shorter terms are often cheaper; open mortgages and portable mortgages cost more. Prepayment room and penalty terms are part of the price, even though they do not show in the rate.
6. The lender’s funding cost. Fixed rates track the bond yield; variable rates track prime. Neither tracks the other directly, which is why fixed and variable rates can move in opposite directions.
Renewal: what to do before your term ends
Start 120 days before renewal. That is when most lenders let you lock a rate without a penalty, and it is also when you can compare a renewal offer against a broker’s rate for the same term. If you renew with the same lender, you do not need to re-qualify — but you do still need to compare, because the renewal offer is often not the lender’s best rate. If you switch lenders, you re-qualify, and you need to pass the stress test again, so start early and keep your debts low in the months before you apply. Work through our mortgage renewal guide before you sign, and check how much house you can afford if you are buying rather than renewing.
Common mistakes to avoid
Choosing on rate alone. The cheapest rate with a harsh penalty can cost more than a slightly higher rate with fair terms if you break the mortgage early.
Comparing a posted rate to a discounted rate. Posted rates are the starting price, not the price anyone pays. Compare offered rates to offered rates.
Waiting for the perfect rate. The Bank moves in 25-basis-point steps, and the market prices in the next move before it happens. Waiting for a big drop usually means waiting a long time.
Ignoring the stress test. If you cannot pass at the qualifying rate, the contract rate is irrelevant. Check the stress test first, especially on renewal if you are switching lenders.
Related guides
If you are buying or renewing, these help: the mortgage renewal guide for 2026 walks through the renewal decision step by step, and the Bank of Canada October 2026 rate decision explains the hike that set today’s prime rate. For the bigger picture, see the RRSP contribution limit for 2026 and the Bank of Canada rate decision for what comes next.
Frequently asked questions
What is the mortgage rate in Canada today?
Today, November 8, 2026, the Bank of Canada policy rate is 2.50% and the big-bank prime rate is 4.70%. Insured 5-year variable rates start around 3.60% and insured 5-year fixed rates start around 4.29%, with many borrowers paying up to about 4.89%. Your rate depends on your down payment, credit score, income, debts, property and lender.
Why did mortgage rates rise in October 2026?
Because the Bank of Canada raised its policy rate by 25 basis points to 2.50% on October 28, 2026, its first increase since July 2023. Prime followed to 4.70%, so variable rates moved up immediately. Fixed rates follow the 5-year Government of Canada bond yield, so they did not have to move in step.
Should I choose fixed or variable now?
It depends on your budget. Variable starts lower, around 3.60%, and can rise if the Bank moves again. Fixed starts higher, around 4.29% to 4.89%, and does not change for five years. If a full percentage point rise would break your budget, the fixed premium may be worth paying.
How much does 1% cost on a $500,000 mortgage?
About $190 to $363 a month on a $500,000 mortgage with a 25-year amortization, using the worked example above. The difference between 3.60% and 4.89% is about $363 a month, or roughly $21,800 over a 5-year term.
When is the next Bank of Canada rate decision?
December 9, 2026. The Bank announces its policy rate eight times a year, and the next announcement after that is in January 2027.
How often are these rates updated?
Rates change daily. This page is dated November 8, 2026. Treat the numbers here as the starting point for your own quotes, not as a live rate.
Bottom line: the cheapest rate in a table is not the cheapest mortgage. Check the term, the type, the insurance status and the penalty terms, then get three real quotes for the same file and compare the whole cost over five years — not just the headline rate.
