TD Mortgage Rates After The October 28 Hike

TD mortgage rates could not be read off TD's own rate page on October 29, 2026: it showed no figures when checked the morning after the Bank of Canada raised its policy rate to 2.50% and TD's prime rose from 4.45% to 4.70%. The last full snapshot, from canadianrates.ca around October 28, put TD's advertised 5-year fixed special near 5.39%, the highest of the five big banks, against a Bank of Canada conventional posted 5-year of 6.19%. This page pulls together that snapshot, what borrowers on the rate board say TD actually quoted, and how the numbers fit together today.

TD Mortgage Rates After The October 28 Hike

Two things moved at once this week. The Bank of Canada raised the overnight target by a quarter point to 2.50% on October 28, its first hike since July 2023, and all five big banks raised prime from 4.45% to 4.70% effective October 29. Any TD variable mortgage rate is priced as a discount off prime, so a TD borrower at prime minus 1.00 saw their effective rate go from 3.45% to 3.70% overnight if the discount held.

TD's rate page had not been updated with post-hike figures when checked on October 29. Until it is, the most recent usable benchmark is the canadianrates.ca snapshot of advertised 5-year fixed specials around October 28. TD sat near 5.39%, well above RBC at about 4.89%, Scotiabank at about 4.90%, and BMO and CIBC at about 4.84%. The Bank of Canada conventional posted 5-year rate, a market-wide series rather than a TD contract rate, was 6.19% in late October. The methodology page explains how the site treats advertised figures versus posted rates versus what borrowers report.

The gap between advertised and negotiated is the whole story here. Advertised specials are what a lender's website shows anyone; negotiated rates are what a specific file gets. Before signing anything, it costs nothing to request cheaper rates and have a licensed mortgage broker price your file against the TD offer you are holding, including the same term and amortization.

TD's Advertised 5-Year Fixed Against The Other Big Banks

Here is where TD's advertised 5-year fixed stood against its peers in the October 28 snapshot.

Those are advertised specials, not quotes, and TD's own negotiated offers on the board run much lower. On a $500,000 mortgage over 25 years, the difference between 5.39% and 4.84% is $3,020.02 minus $2,862.65, or $157.37 a month. On the same mortgage, the 6.19% posted rate would cost $3,255.72, or $393.07 more a month than the 4.84% special. See 5-year fixed mortgage rates in Canada today for the full market picture, and whether 4.5% is a good fixed rate for how these numbers stack up.

What Borrowers Say TD Offered

The rate board collects dated, linked reports from r/MortgagesCanada. One borrower reported on October 28 that TD offered 4.89% on a 3-year fixed renewal, a figure worth pausing on because the same thread turned up a National Bank 3-year at 4.59% via a broker, BMO at 4.44% and RBC at 4.44% on the same term. Earlier in October, TD posted offers included 4.54% on a 3-year fixed, 4.75% on a 5-year fixed and 3.55% on a 5-year variable on October 9, and 4.75% on a 3-year early renewal on October 21, described as uninsured.

The full set of TD rows from the board, updated as new reports arrive, is below.

Two patterns stand out. TD's 3-year offers cluster around 4.54% to 4.89%, and the 4.89% renewal offer sits noticeably above what other banks and brokers were quoting on the same term in the same week. That gap is exactly what a comparison should test. For broader context on where 3-year terms trade, see the 3-year fixed rates page.

TD Variable Rates Move With Prime

A TD variable mortgage rate is prime minus a discount, and prime went to 4.70% on October 29. The posted 5-year variable TD figure from October 9, 3.55%, was quoted against the old 4.45% prime, meaning a discount of 0.90 points; if that discount held, the same contract now sits at 3.80%. On $500,000 over 25 years, the payment table puts 3.55% at $2,509.57 and 3.80% at $2,576.17, a rise of $66.60 a month from the prime move alone.

Whether that is a good deal depends on the discount. Prime minus 1% is roughly the line the board's best broker variable quotes sit near: one October 28 broker quote came in at prime minus 1.10, or 3.35% against old prime. If TD's discount is thinner than that, the difference compounds at every prime move, and the Bank of Canada signalled a further increase may be needed. Read Prime Rate in Canada Today for the full history, and whether to lock in a variable rate after the October hike.

Checking A TD Renewal Letter

Federally regulated lenders must send the renewal statement at least 21 days before the term ends, and many let you renew or hold a rate about 120 days early, though it varies by lender. A TD renewal letter usually arrives with one offer, and the 4.89% 3-year fixed reported on October 28 shows why it should not be accepted unread: the same thread contained the same term at 4.59% through a broker at National Bank and 4.44% at two other banks.

The check is mechanical. Write down the letter's rate, term and remaining amortization. Then price the same term elsewhere, including fees, and compare payments rather than rates alone. On $400,000 over 25 years, 4.89% costs $2,301.44 a month against $2,233.95 at 4.59%, a difference of $67.49 monthly, or about $2,429 over three years. Since OSFI removed the stress test for straight uninsured switches at renewal at federally regulated lenders in November 2024, moving that file does not requalify you at contract plus 2 points, though lenders still underwrite under B-20. The mortgage renewal rates guide and the renewal calculator walk through the math, and when to shop a renewal covers timing.

TD Pre-Approval And The Stress Test

A TD pre approval works like any big-bank pre-approval: a rate hold, typically 90 to 120 days with some up to 130, plus a stress-test qualification at the higher of the contract rate plus 2 points or 5.25%. At a 5.39% contract rate, that means qualifying at 7.39%. The pre-approval usually involves a hard credit inquiry, is conditional rather than a final approval, and the property and documents are reviewed later. Details are in how mortgage pre-approval works in Canada.

One caution on variable pre-approvals: if the hold is expressed as prime minus a discount rather than a fixed number, the October 29 prime move to 4.70% already lifted the effective rate, and any further hike would lift it again. The Bank of Canada's next decision is December 9, 2026, and forecasters quoted after the hike, including BMO in the Financial Post, expect another 25 basis points as early as January 2027. That is their call, not ours; see whether the Bank of Canada raises rates again in December.

The Bottom Line On TD Mortgage Rates

TD's advertised 5-year fixed near 5.39% was the highest of the five banks on October 28, its rate page still showed no post-hike figures on October 29, and the board's TD rows run from 3.55% variable to 4.89% on a 3-year renewal. None of that tells you what TD will offer your file, and none of it tells you what other lenders will offer it either. Before your renewal date or rate hold expires, request cheaper rates and ask the licensed mortgage broker to price your exact TD offer against 3-year and 5-year alternatives from other lenders, including any switch costs, so the comparison is on identical terms.

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