5-Year Fixed Mortgage Rates In Canada Today

Around October 28, 2026, the lowest advertised 5-year fixed mortgage rates in Canada were about 4.34-4.59%, mostly for insured mortgages, while RBC, BMO, CIBC and Scotiabank advertised specials near 4.84-4.90% and TD about 5.39%. Uninsured borrowers saw roughly 4.5-5.14%. Those are advertised figures, not quotes, and they had risen through October.

The 5-year fixed is the default Canadian mortgage, and it is the product where the gap between a bank's front-window number and a broker's number is most visible. This page puts the advertised rates, the board's borrower reports and the cost of each step in one place, and explains what moves the number from here.

Lowest Advertised 5-Year Fixed Rates Around October 28

Aggregators that list lender rate sheets showed a floor of about 4.34-4.59% for insured 5-year fixed mortgages, with the single lowest around 4.49% from Tangerine. On the uninsured side, the range was roughly 4.5-5.14%. The insured and uninsured split is not a footnote. A file with less than 20% down, or one that qualifies as insurable, is priced from a different shelf. See the insured or uninsured guide for how the mortgage insurance premium and the Dec 15, 2024 rules (the $1.5 million insured cap and 30-year amortization for first-time buyers and new builds) change which shelf a file sits on.

Banks lifted advertised fixed rates by about 5-20 basis points on various terms through October, according to aggregator reports. National Bank added 5-10 basis points late in the month. A rate sheet dated October 21 has already aged.

Big-Bank Specials Against The Lowest Advertised

The gap between the bottom of the advertised range and the big-bank specials is roughly half a point. The lowest figures were mostly insured listings, while the big-bank specials are the rates each bank shows to the public through its own branches and website. A second price on the same file is how that gap gets tested.

What Borrowers Reported On The Board

The rate board collects dated, linked reports from r/MortgagesCanada. The 5-year fixed rows are thinner than the 3-year rows, which is a pattern worth noticing by itself: in October 2026 more of the borrowers posting were asking about 3-year terms. The 5-year rows on the board:

Read the spread: 4.24% to 4.79% inside two weeks, with the lowest an unnamed renewal offer and the highest a bank renewal letter. These are one person's report each. They show how far apart renewal offers can sit, and that a broker sheet from October 21 was already below the later bank specials.

Why Five-Year Fixed Rates Moved Before The Policy Rate

Fixed mortgage rates are priced off the Government of Canada 5-year bond yield plus a lender spread. That yield was about 3.0-3.1% in June 2026, 3.33% on August 31, 3.63% on September 10, and 3.57% on October 27, per the Bank of Canada. The move up came well before the overnight rate rose on October 28. The full table is in why fixed rates rose before the hike. The short version: yields rose for weeks before the decision, and lenders reprice as yields move.

That is why a policy hike does not automatically push a fixed rate up the same day, and why a hold from before the move can be worth keeping. It is also why the next bond-yield reading matters more to a 5-year quote than the headline from the central bank.

What 4.49%, 4.69% And 4.89% Cost On $500,000

Using the formula in the payment guide, over a 25-year amortization:

The extra $112.21 at 4.89% is about $1,347 a year. Over the five-year term it is about $6,733 in payments, before counting that a higher rate also slows the principal paydown. A broker comparison that moves a quote from 4.89% to 4.69% saves $56.37 a month. It is a modest number per month and a large one per term.

Insured, Uninsured And Ontario Five-Year Fixed Rates

If your down payment is under 20%, the mortgage is insured, and the lowest advertised rates apply. If you are putting 20% or more down, or buying above the $1.5 million cap, the mortgage is uninsured and the rate sits higher. A renewal can behave differently again: some lenders offer an insurable-rate renewal to a file that was insured or would qualify as insurable. Ask which shelf your renewal is being priced from. The stress test guide covers how a new loan qualifies; since November 21, 2024, federally regulated lenders no longer apply the minimum qualifying rate to uninsured straight switches at renewal, which widens your options at maturity.

Advertised 5-year fixed rates do not carry a provincial label. A lender's national rate sheet applies in Ontario the same way it applies elsewhere, apart from provincial credit unions, which follow provincial rules, and the lender's own regional pricing. Borrower reports on the board come with a city sometimes: a 3-year row from Kitchener, Ontario, and a TD row from Victoria, BC. The difference you will see in your own quote comes from your file, not from the province. If you are searching for a 5-year fixed in Ontario specifically, the rates above are the right comparison set, and what a broker licensed in your province can add is the lender mix available to your file.

Borrowers in Quebec, Alberta, British Columbia and the Atlantic provinces see the same national lender sheets, plus local credit unions, with regulators that differ by province: FSRA in Ontario, BCFSA in British Columbia, RECA in Alberta, AMF in Quebec, FCNB in New Brunswick.

A 5-year fixed buys payment certainty for the longest common term. A 3-year term priced close to the 5-year in October, with the lowest advertised 3-year fixed around 4.44%. On the board, most 3-year rows run from 4.14% to 4.89%, and the 5-year rows from 4.24% to 4.79%, so the ranges overlap heavily and the choice is rarely about the headline rate alone. The tradeoff is renewal risk sooner, in a year when the Bank of Canada says a further increase may be needed.

The two-year or five-year piece walks through that choice, and the renewal timing guide covers when to shop.

What Sits Behind A Five-Year Fixed Rate

The rate is only the visible part of the contract. A five-year fixed term means five years of the same rate, and also five years in which a break fee, a prepayment limit or a sale clause can matter. The contract and the lender's disclosure set the penalty method. Fixed penalties are usually the greater of three months' interest or the interest rate differential, and big banks often compute the differential from a posted rate minus your original discount, which tends to produce larger penalties than the discounted-rate methods used by many monolines and credit unions. With the posted 5-year at 6.19% in late October, that difference is not academic.

Three months' interest on $500,000 at 4.69% works out to $5,862.50. A differential penalty can run higher when rates have fallen since you signed, which is why a lower headline rate with a posted-rate clause can cost more on exit than a slightly higher rate with a discounted-rate clause. Also ask whether a longer term helps you. Under section 10 of the Interest Act, on a term longer than five years the borrower can repay with three months' interest after five years. That right applies only to terms longer than five years, so it does not change the penalty on a standard five-year term.

Ask For The Five-Year Priced Against Your Letter

If a 5-year fixed offer in your hands is above about 4.7%, the useful request is a broker price on the same term, same insured status and same amortization, with the penalty method and the rate hold length stated. Request cheaper rates and ask for the 5-year and the 3-year side by side.

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