Canadian Mortgage Rates, Compared Without the Sales Pitch
Rates below were collected on October 9, 2026 from lender rate sheets and verified against posted offers. They assume an insured mortgage (down payment under 20%), a 25-year amortization and a purchase inside Canada. Your actual rate depends on your file, and no table on the internet changes that.
Today’s comparison (5-year terms)
| Lender | 5-yr fixed (insured) | 5-yr variable | Prepayment privileges | Portability |
|---|---|---|---|---|
| Northern Trust Credit Schedule 1 bank |
4.19% | 5.05% (prime − 0.65) | 15/15 | Yes, same term |
| Mapleline Mortgage Co. Alberta credit union |
3.94% | 4.98% (prime − 0.72) | 20/20 | Portable, fee applies |
| Harbourfront Financial Mono-line lender |
4.05% | Not offered | 10/10 | No |
| TrueNorth Savings Digital bank, CDIC member |
3.87% | 4.85% (prime − 0.85) | 15/15 | Yes, same term |
| Prairie & Pine Lending Broker-channel only |
4.32% | 5.10% (prime − 0.60) | 20/20 | Assumable |
All five lenders are fictional composites used for illustration; real rate sheets change daily. The point of the table is the shape of the differences: the cheapest rate rarely has the best prepayment room, and portability matters more than people think until the moving truck arrives.
The stress test in one paragraph
If you’re insured or refinancing, you must qualify at the greater of the Bank of Canada benchmark rate or your contract rate plus 2%. In practice: a 3.87% contract rate means qualifying as if you were paying 5.87%. On a $600,000 mortgage at 25 years, that difference is roughly $780 a month of qualification room. Run your own numbers below before you fall in love with a listing.
Payment calculator
Estimates only, semi-monthly rounding not included. Math is done entirely in your browser.
Renewing in 2026? Read this first
Roughly 1.2 million Canadian mortgages renew this year, and a lot of them are renewing off pandemic-era rates onto much higher ones. The bank’s renewal letter is an offer, not a sentence. Our checklist (the short version):
- Start shopping 120 days out — most lenders hold a rate for 120–130 days.
- Ask for the blended rate if you’re mid-term and moving.
- Check whether your penalty is 3 months’ interest or the interest-rate differential (usually the painful one on fixed terms).
- Re-amortize down at renewal if you can; it’s the cheapest raise you’ll ever give yourself.
Related: our credit card reviews (a good cash-back card pairs surprisingly well with a mortgage year) and work from home if the new payment needs new income.