Best Mortgage Rates in Canada

• Canada’s best mortgage interest rates
• Mortgage affordability calculator
• Best rates from Canada’s Big 6 banks
• Steps to finding the best mortgage rate
• Current mortgage rate trends
• Guide to comparing mortgage rates
• How to qualify for the best mortgage rate
• How much mortgage can you afford?
• Common questions about mortgages
• Historical mortgage rates in Canada

Best mortgage rates in Canada

Nerdy Insight: On April 12, the Bank of Canada once again committed to holding its overnight rate at 4.5%, meaning no further upward pressure on variable mortgage rates until at least June 7, when the Bank’s next rate decision will be delivered. Because inflation remains well above the Bank’s 2% inflation target, it could still be several months before the overnight rate, and variable mortgage rates, start receding. Fixed mortgage rates trended down in April, but haven’t seen much movement in May. Uncertainty around Canada’s near-term economic future would tend to shrink fixed rates, but lenders don’t necessarily need to drop their rates when housing demand is picking up.

The best rates from Canada’s Big 6 banks

Rates updated: May 26, 2023

Posted rates for closed mortgages with amortization under 25 years. Data source: Canada’s major banks

Current mortgage rate trends

Posted mortgage rates from Canada’s chartered banks

Rates updated: May 26, 2023

The following rates apply to conventional mortgages, or those based on down payments of 20% or more. These rates do not include the discounted rates you may see elsewhere on this page.

Based on average weekly conventional mortgage interest rates posted by the major chartered banks. Data source: Bank of Canada[1]

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Canadian mortgage rate update: May 2023

The future is looking a little brighter for Canadian mortgage shoppers as we move further into spring. 

Variable rates remain high, but they may have peaked. In April, the Bank of Canada held its overnight rate at 4.5% in the second consecutive rate decision that left the overnight rate untouched. That means no further upward pressure on variable rates in May. The next Bank of Canada rate decision will be on June 7.

But inflation remains too high for the Bank to begin reducing the overnight rate any time soon. In its most recent statement, the Bank of Canada said it expects inflation to be near 3% later in 2023. That’s still higher than the 2% inflation rate it’s targeting, but inflation of 3% by mid- to late-2023 could open the door for a slight decrease in the overnight rate.

On the fixed-rate side of the equation, two-, three- and five-year bond yields remain significantly lower than they were in March, but their corresponding fixed mortgage rates haven’t declined to the same extent. Fixed rates softened a little in April, as lenders lowered their offerings in preparation for the spring housing market. Now that the market has rebounded, fixed rates may stay where they are. A recession, however, could force them down somewhat.

Mortgage rate forecast

What’s the forecast for mortgage rates in Canada in 2023?

Mortgage rates in Canada are expected to decrease in 2023, but when and by how much depends on the state of the economy and how sticky inflation proves to be.

If government bond yields continue decreasing, they’ll eventually drag fixed mortgage rates down with them. Variable mortgage rates won’t decline until inflation is trending toward 3%. The Bank of Canada expects that to happen in the middle of 2023.

How high will mortgage rates get in Canada?

Variable mortgage rates are unlikely to surpass their current levels of around 5.5% to 6.5%. Expect them to plateau through early 2023 and hopefully decrease — very slowly — toward the end of the year. A best case scenario might see variable rates drop by 0.25% to 0.5% before 2024 rolls around.

Fixed mortgage rates may prove a little more volatile in 2023. Fixed rates started the year by declining, but if the Canadian economy gets mired in an extended recession and government bond yields increase, lenders won’t hesitate to raise their fixed rates. Barring such financial turmoil, fixed rates could wind up closer to 4% later this year.

Our guide to comparing mortgage rates in Canada

What’s a good mortgage rate?

A good mortgage rate is the lowest possible rate you can qualify for based on the mortgage type you want and the amount you need to borrow.

According to Canada Mortgage and Housing Corporation, the average conventional mortgage lending rate for loans with 5-year terms was 7.18% in 2001, 4.57% in 2011, and 3.28% in 2021. Relative to the average, 5% would have been an excellent rate in 2001, but it wouldn’t have been so great in 2021.

Unfortunately, you can’t go back in time to score a better mortgage rate. All you can do to find the best deal is compare the rates on offer today.

And it’s important to keep in mind that a lender’s advertised rate is only the beginning of the story. The actual mortgage rate you’re offered will be determined by your credit score and other personal financial factors.

» MORE: See the best 5-year fixed mortgage rates in Canada

Why it’s important to compare mortgage rates before applying

A mortgage is the biggest loan most Canadians will ever have to pay back. Keeping monthly mortgage payments manageable is key to living comfortably with such a large debt. The rate of interest charged to finance a home purchase, e.g the mortgage rate, has a huge impact on the total cost of your loan.

Paying an unnecessarily high rate will cost you money. That being said, rates shouldn’t be the only determining factor when comparing lenders; penalty costs, portability and overall customer service are also key considerations.

Doing thorough research, understanding your mortgage objectives and comparing options side by side will give you the confidence that you’re getting a competitive rate with a mortgage lender that will meet your needs.

How to choose the best mortgage rates among lenders

Comparing mortgage rates between lenders can be more complex than it appears.

First, it’s crucial to compare annual percentage rates and not just interest rates. While the interest rate is a set percentage that a lender charges you to borrow money, APR includes the interest rate, fees and other closing costs that are set by the lender.

Ideally, lenders will publish APRs in addition to interest rates, but if they don’t, APR can be calculated by hand:

• Divide total fees by the total loan amount.
• Multiply the result by the number of days in the year.
• Divide that result by the total number of days in the loan’s term.
• Multiply that result by 100 (and add a % sign).

Looking at the APR will give you a more accurate idea of the true cost of your mortgage. Let’s say two lenders offer you fixed-rate mortgages with a 4% interest rate, but Lender A’s has an APR of 4.25% while Lender B’s APR is 4.175%. You can see that Lender B is charging lower fees, meaning the second mortgage offer is actually the better deal.

When looking at mortgage rates, take care to compare identical mortgage products, terms and amortization periods. Other important considerations when comparing mortgage rates across lenders include fees (like home appraisal fees), prepayment penalties, portability, the ease of the application process and a lender’s customer service ratings. You may also think about whether you’re comfortable going with an alternative lender or want to stick with a federally regulated bank.

» MORE: How mortgages work in Canada

How are mortgage rates determined?

Even though lenders will offer different rates to different borrowers based on their unique financial situations, mortgage rates are actually determined by the current state of Canada’s economy. Variable mortgage rates are tied to the Bank of Canada’s overnight rate, while fixed mortgage rates are shaped by activity in the bond market.

The Bank of Canada’s overnight rate

The Bank of Canada’s overnight rate is the interest rate financial institutions charge one another to borrow money. The BoC increases or decreases its rate based on market conditions, primarily the country’s rate of inflation. If the economy is booming and inflation is rising too quickly, the BoC will try to curb it by increasing its benchmark rate, as higher interest rates tend to have a calming effect on the economy. (People borrow and spend less.) If the economy is slowing and inflation is not a concern, the BoC will lower its benchmark rates to stimulate economic activity.

When the overnight rate rises, it’s more costly for financial institutions to borrow money. To recoup their losses, banks pass on this expense to their customers by raising their prime lending rate. This is of particular concern to variable mortgage rate holders. Variable mortgage rates are tied to a financial institution’s prime rate, so when a bank raises its prime rate, clients with a variable mortgage will experience an increase in their mortgage rate.

The government bond market

Financial institutions invest in government bonds to create a reliable profit flow, particularly five-year Government of Canada bonds. The bonds are issued at a set price, but their value fluctuates when they’re traded on the open market. As bond prices rise and fall, their yields do, too. 

Canadian lenders’ five-year fixed mortgage rates follow those yields quite closely. If bond yields increase (which happens when bond prices fall), fixed rates won’t be far behind, and vice versa. Historically, five-year fixed rates have usually been around 150 basis points higher than the five-year bond yield.

The bond market does not affect the rate of variable rate mortgages, only fixed.

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Don’t know how much mortgage you can afford? Use our free mortgage affordability calculator to estimate how much you can afford. See how budget, down payment, and debt ratios affect mortgage affordability.

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Factors that affect the cost of your mortgage

• Property type.
• Property location.
• Mortgage interest rate — fixed, variable or hybrid.
• Open vs. closed mortgages.
• Mortgage term.
• Amortization length.
• Down payment amount.
• Payment frequency.
• Credit score and income.
• The mortgage stress test.
• Other mortgage costs.

Property type

The type of property you intend to buy can have a significant impact on your mortgage.

When buying a condo or townhouse that requires you to pay monthly condo or maintenance fees, for example, lenders will consider a portion of those fees when determining how much to lend you. 

If you’re buying a home that’s dilapidated, lenders may also offer you a less-than-ideal mortgage because they may have less confidence in your ability to sell it if you fall behind on your mortgage payments.

And if you’re buying a home to use as an investment property that you won’t be living in, you’re required by law to provide a down payment of at least 20%.

Property location

Not all lenders operate in every province, and those that do may not offer the same loan products in every region. It’s important to remember this when shopping for a mortgage, or using a mortgage calculator.

As with the condition of your property, lenders may be less willing to offer you the best mortgage terms if your home is in a remote location or a community with low demand for housing. If you have to sell your home ahead of schedule, or the bank winds up taking possession of it, they want to be sure it will sell quickly and for the highest dollar amount.

Mortgage interest rate

There are three main types of mortgage interest to choose from in Canada: fixed-rate, variable-rate and hybrid.

Fixed-rate mortgages

A fixed-rate mortgage locks in your interest rate and the make-up of your monthly payments for the entire length of your mortgage term.

Historically, fixed-rate mortgages tend to have higher interest rates than variable rate mortgages, but they remain popular because they are ideal for those who enjoy the peace of mind of predictable payments.

A potential downside of a fixed-rate mortgage is that the penalty to break a mortgage contract is more costly than breaking a variable mortgage. Finally, while mortgage holders can usually convert a variable rate mortgage to a fixed mortgage at any time, it’s not possible to go from fixed to variable without breaking your mortgage contract and incurring expensive penalties.

Variable-rate mortgages

With a variable rate mortgage, your interest rate will fluctuate based on changes to your lender’s prime rate. if your rate is prime (prime being 4%) plus .50%, for example, then your mortgage rate is 4.50%. If, however, your lender’s prime rate increases to 4.50%, your new rate would be 5%.

Though variable interest rates have historically been lower than fixed rates and could therefore save you money over time, the lack of certainty can be stressful for some mortgage holders. But variable rate mortgages have lower penalty charges if you break your contract, and it’s always possible to go from a variable to a fixed rate mortgage.

Hybrid-rate mortgages

A lesser-known interest rate option is the hybrid model, in which a portion of the mortgage amount is subject to a fixed rate of interest and the rest to a variable rate. Each portion of a hybrid mortgage may have a different term, which makes this kind of mortgage harder to transfer if you want to move to a different lender at any point in the future.

» MORE: How to choose between fixed and variable-rate mortgages

Open vs. closed mortgages

When people talk about a mortgage having flexibility, they’re usually talking about whether it’s an open mortgage or a closed mortgage. While open mortgages are more flexible, they’re not nearly as popular with Canadians as closed mortgages are.

Open mortgages

An open mortgage allows prepayment of the loan without any penalty charges, potentially saving you a lot of money on interest. But because you pay for this flexibility with higher interest rates than you might get with a closed mortgage, you would actually lose money if you don’t end up paying off the mortgage early.

Closed mortgages

A closed mortgage locks you into a mortgage contract for a set period of years at a comparatively lower interest rate. If you want to pay off a closed mortgage early, you’re likely to be charged a significant prepayment penalty.

Mortgage term

The term is the length of time your mortgage contract is valid. In Canada, mortgage terms can run anywhere from six months to as long as 10 years. Historically, the the most popular mortgage term among Canadians is a five-year term with a fixed rate, which provides predictable payments and a lower interest rate compared to both shorter and longer terms.

But according to the Canada Mortgage and Housing Corporation, fixed-rate mortgages with terms of less than five years accounted for more than half of new Canadian mortgages in the first half of 2022. That’s likely because buyers don’t want to commit to paying today’s elevated mortgage rates for the next five years when there’s a chance of renewing at a lower rate in two or three.

Amortization length

The amortization period is the length of time it will take you to pay off your mortgage in full. The most common amortization period in Canada is 25 years.

In fact, if your down payment is less than 20% of a home’s value, you’re not allowed to exceed an amortization of 25 years. If you can provide a down payment greater than 20% you can possibly secure an amortization period of up to 35 years. Some borrowers opt for the shortest amortization period possible, because it means paying less interest overall and potentially saving thousands of dollars.

Down payment amount

The amount of your down payment greatly influences the overall size of the loan you need and the type of mortgage you can get. Simply put, the more you can put down upfront, the less you’ll need to borrow and the more money you can save on your mortgage.

A larger down payment also means that you’ll start off with more home equity, which increases your net worth and makes it easier to qualify for home equity lines of credit with favourable rates. Access to a HELOC can come in very handy if you need to do renovations, for example.

If your down payment is less than 20% of the home’s value, you’ll need what’s known as a high-ratio mortgage. As such, you’ll be required to pay for mortgage default insurance, which will add an additional charge of up to 4.5% of your mortgage amount to the cost of buying a home.

In Canada, if a home costs $500,000 or less, the minimum down payment is 5% of the purchase price. For homes valued at more than $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining balance. For homes worth $1 million or more, the minimum down payment is 20%.

If you wanted to buy a home valued at $850,000, for example, you’d need to pay $25,000 on the first $500,000 (5% of $500,000 = $25,000) and $35,000 on the remainder (10% of $350,000 = $35,000) for a total down payment of $60,000.

» MORE: How to save for a down payment

Payment frequency

While many Canadians choose to make a single monthly mortgage payment, that’s not your only option. You’ll generally be offered several different payment frequencies to choose from. 

Simply put, the more frequently you make your mortgage payments, the faster you’ll pay off your mortgage. Mortgage payment frequencies typically include:

• Monthly (12 payments per year).
• Semi-monthly (two payments per month; 24 payments per year).
• Bi-weekly (one payment every 14 days; 26 payments per year).
• Weekly (one payment every 7 days; 52 payments per year).

Your credit score and income

For the best mortgage rates, financial institutions are likely to require a credit score of at least 680, though you have a good chance of being considered for a mortgage with a minimum credit rating of 600.

For home buyers who put down less than a 20% down payment, and are thus required to purchase mortgage default insurance, the official minimum credit score required for a mortgage is 600.

The good news is that the Canadian Mortgage and Housing Corporation clearly states that only one borrower needs a score of at least 600, meaning that, if you’re applying with a co-borrower, it’s possible for one applicant to have a lower score.

What’s a “good” credit score?

Credit scores in Canada range from 300 (poor) up to 900 (excellent). Any number from 660 and up is considered a good score and is likely to get you approved for a mortgage, though each lender may have their own unique requirements.

What to know about credit scores if you’re new to Canada

To be considered creditworthy by mortgage lenders, you’ll want to aim for a credit score of at least 660. If you’re new to the country, your previous credit score is unlikely to come with you. This means you may have to rebuild your score from scratch so it may take time to build sufficient credit for a large loan like a mortgage.

While much of the work building a solid score is simply a matter of responsible fiscal management and patience, there are things you can do to start credit building, such as applying for a secured credit card and always paying your bills on time.

» MORE:How to get a better credit score

Your down payment amount

In Canada, if a home costs $500,000 or less, the minimum down payment is 5% of the purchase price.

For homes valued at over $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining balance. For homes worth $1 million or more, the minimum down payment is 20%.

So, for example, if you wanted to buy a home valued at $850,000, you’d need to pay $25,000 on the first $500,000 (5% of $500,000 = $25,000) and $35,000 on the remainder (10% of $350,000 = $35,000) for a total down payment of $60,000.

The amount of your down payment greatly influences the overall size of the loan you need and the type of mortgage you can get.

If your down payment is less than 20% of the home’s value, you’ll need what’s known as a high-ratio mortgage. As such, you’ll be required to pay for mortgage default insurance, which will add an additional charge of up to 4.5% of your mortgage amount to the cost of buying a home.

A larger down payment also means that you’ll start off with more home equity, which increases your net worth and makes it easier to qualify for home equity lines of credit with favourable rates. Access to a HELOC come in very handy if you need to do renovations.

A larger down payment also means that you won’t need to finance as much of the home’s price, saving you thousands of dollars in interest over the course of the mortgage.

» MORE: How to save for a down payment

Your credit score and income

For the best mortgage rates, financial institutions are likely to require a credit score of at least 680, though you have a good chance of being considered for a mortgage with a minimum credit rating of 600.

For home buyers who put down less than a 20% down payment, and are thus required to purchase default insurance, the official minimum credit score required for a mortgage with default insurance is 600.

The good news is that the Canadian Mortgage and Housing Corporation clearly states that only one borrower needs a score of at least 600, meaning that, if you’re applying with a co-borrower, it’s possible for one applicant to have a lower score.

What’s a “good” credit score?

Credit scores in Canada range from 300 (poor) up to 900 (excellent). Any number from 660 and up is considered a good score and is likely to get you approved for a mortgage, though each lender may have their own unique requirements.

What to know about credit scores if you’re new to Canada

To be considered creditworthy by potential lenders, you’ll want to aim for a credit score of at least 660. If you’re new to the country, your previous credit score is unlikely to come with you. This means you may have to rebuild your score from scratch so it may take time to build sufficient credit for a large loan like a mortgage.

While much of the work building a solid score is simply a matter of responsible fiscal management and patience, there are things you can do to start credit building, such as applying for a secured credit card and always paying your bills on time.

» MORE: How to get a better credit score

The mortgage stress test

No matter your credit score, you’ll have to pass Canada’s mortgage stress test to get a mortgage from a federally regulated financial institution.

The test, which applies even to those who can put down a down payment of 20% or more, is designed to ensure that you’ll be able to make your mortgage payments if there’s a significant rise in interest rates.

To pass the test you need to show that you can make your mortgage payments at the “minimum qualifying rate.” Since June 1, 2021, the minimum qualifying rate has been the higher of either the benchmark rate of 5.25% or the mortgage rate offered by the lender plus 2%. 

Let’s say you reached out to a lender that’s advertising a rate of 4.5%. In order to secure that rate for your mortgage, your finances have to be strong enough that you’d be able to afford your mortgage if interest rates rose to 6.5%.

There has been plenty of discussion around lowering the minimum qualifying rate, much of it from home buyers and real estate associations. In December 2022, the Office of the Superintendent of Financial Institutions, which regulates Canada’s lenders, said that it would be re-examining the stress test in 2023, but opted to keep it unchanged for the time being.

Other mortgage costs

When you get a mortgage, you’ll likely pay for more than just your principal loan amount and interest charges. Depending on your lender and the kind of mortgage they offer, you may also have to pay:

• Additional fees. You may be charged a variety of extra fees, particularly if you’re dealing with a private lender.
• Mortgage default insurance. If your down payment is less than 20% of the home’s price, you’ll have to pay for mortgage default insurance. You can choose to pay this cost upfront or have it added to your monthly mortgage payments.
• Property taxes. Some mortgages allow you to pay a portion of your annual property taxes as part of your monthly mortgage payment.
• Home appraisal. Before a lender can sign off on your mortgage, it needs to know what your home is actually worth. Borrowers typically pick up the bill for having a home appraised by a third-party.

How to qualify for the best mortgage rate

Lenders have their own mortgage qualification criteria, but there are some general rules of thumb you can follow to convince them to offer you the lowest mortgage rate.

Strengthen your credit score

The best mortgage rates generally go to the most creditworthy borrowers, meaning those with a solid credit score of 680 and higher. Lenders perceive borrowers with high credit scores as lower risk. You’re still likely to be considered for a mortgage if you have a score of 600 or higher, but you may not be offered the best rates.

Maintain manageable debt service ratios

Lenders will take a careful look at two key ratios when deciding whether to give someone a mortgage with a low interest rate: Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.

Your GDS ratio is what percent of your pre-tax household income goes towards housing costs like mortgage payments, utilities and property taxes. It should not exceed 39% of your yearly gross income.

Your TDS ratio includes your GDS, as well as any other debts you are carrying, like student loans and credit card debt. Your TDS ratio should not be more than 44% of your pre-tax household income. The lower your ratios are, the better chance you have of getting the most favourable mortgage rates.

» MORE: Understanding debt service ratios

Choose the right type of interest

Historically, variable-rate mortgages have tended to have lower interest rates than fixed-rate mortgages. The trade-off, however, is living with the uncertainty that your mortgage interest rates could rise at any time.

From March 2022 until January 2023, for example, variable mortgage rates rose from 0.25% to 4.5%, greatly increasing the amount of interest variable rate borrowers had to pay. That kind of volatility is uncommon, but it’s one reason someone might opt for the certainty of a fixed-rate mortgage.

How much mortgage can you afford?

The most accurate way to know how much mortgage you can afford is to contact a lender and get pre-approved for a home loan. But if you’re not ready to take that step, try using a mortgage affordability calculator so you can compare the effect different down payments, interest rates and amortization lengths can have on the overall cost of a mortgage.

Here’s a simple example using a five-year, fixed-rate mortgage of $500,000 amortized over 25 years:

• With a 4% interest rate, you’ll pay $289,030.31 in interest, for a total payment of $789,030.31
• With a rate of 3% you’ll pay $209,868.25 in interest, for a total cost of $709,868.25.
• That 1% difference in interest rate could end up saving you $79,162.06.

Common questions about mortgages in Canada

What happens at the end of a mortgage term?

When your mortgage term ends you’ll have a few options to choose from. You can either:

• Pay off your mortgage in full.
• Renew your mortgage with your current lender.
• Refinance your mortgage.
• Renew your mortgage with a different lender.

If you elect to renew your mortgage, your lender will send you a renewal statement that contains details of your renewed contract, such as the term and interest rate. If all looks good, you simply sign the document and your mortgage will continue on seamlessly.

If, however, you’re not entirely happy with the new mortgage contract, because, for instance, you want a lower interest rate or a shorter amortization period, you could try to refinance your agreement to get more favourable terms.

You also have the option to compare mortgage rates again and go with a new lender. While you might get a better rate with a new lender, there may be additional costs in play, such as setup and appraisal fees.

What are mortgage prepayment penalties?

Prepayment penalties are fees that may be incurred if you pay off all or part of your mortgage before the end of its term. Prepayment penalties are an important consideration when deciding what kind of mortgage to choose as they could end up costing you tens of thousands of dollars.

How prepayment penalties are calculated depends on your specific lender and mortgage contract. In general, if you have a variable-rate closed mortgage, your prepayment charge will be three months’ interest on the prepayment amount. For fixed-rate mortgages, the penalty charge is usually the higher of:

• Three months’ interest on the prepayment amount, or
• The interest on the prepaid amount for the remainder of the term, which is calculated using an interest rate differential (IRD). The interest rate differential can vary by lender but is often calculated as the difference between your current mortgage rate and the rate currently posted by the financial institution.

Is “the best mortgage rate” the same as “the best mortgage”?

The “best” mortgage depends on more than just the annual percentage rate you can get for a mortgage — though that’s certainly a good place to start.

Interest rates don’t tell the whole story. Other factors worth comparing when looking at mortgage rates include fees, the flexibility provided by your mortgage contract’s terms and conditions, online access and customer service. In some cases, lenders will make up for low mortgage rates by charging higher fees, so it’s important to evaluate all of these factors.

How can you use mortgage rates to estimate a mortgage payment?

Getting a current rate quote is essential if you want an accurate estimate of what your monthly mortgage payment might look like. But it’s important to compare multiple quotes so you can understand the difference in total cost. 

A handy way to accurately compare costs without doing a lot of math is by using an online mortgage payment calculator.

Is working with a mortgage broker worth it?

Unlike a bank’s mortgage advisor, a mortgage broker has relationships with multiple lenders. That allows them to shop around for the mortgage product that best suits your needs. Mortgage brokers can negotiate on your behalf and provide alternative paths to homeownership if your application is turned down. 

If you decide to work with a mortgage broker, be sure they’re an experienced, full-time professional. These brokers tend to have stronger relationships with lenders, which can come in handy when negotiating better rates and terms for you.

How does inflation affect mortgage rates in Canada?

When inflation is high, the Bank of Canada’s chief tool for bringing it back under control is raising its overnight rate. When the overnight rate increases, so does the prime rate offered by Canadian banks. When the prime rate increases, so do variable mortgage rates. 

If inflation is high because of economic turmoil, it can cause government bond yields to fluctuate. When those yields rise or fall for an extended period of time, fixed mortgage rates tend to follow suit.

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Historical Mortgage Rates in Canada

To give you an idea of how mortgage rates fluctuate over time, the table below shows average annual conventional rates for mortgages with 1-year, 3-year and 5-year terms, based on Bank of Canada data.[1]

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