Rates & rules
Canadian mortgage rates and lending rules
Benchmark rates, the stress test, mortgage insurance, and land transfer tax — each attributed to the official publisher with an as-of date. We do not print a rate we cannot source.
Benchmark rates
Published rates from the Bank of Canada, Statistics Canada, and CMHC. Always confirm the current figure at the source.
Bank of Canada policy interest rate (target for the overnight rate)
2.25%
Source: Bank of Canada · Rate maintained at 2.25% on September 2, 2026, effective September 3, 2026. Last change was a decrease to 2.25% on October 29, 2025.
Prime rate (chartered banks)
4.45%
Source: Bank of Canada · Bank of Canada series V80691311 (prime rate). Each financial institution sets its own prime rate.
Conventional mortgage: 5-year (chartered banks)
6.09%
Source: Bank of Canada · Bank of Canada series V80691335: the interest rate for a 5-year conventional mortgage offered by chartered banks in Canada.
Minimum qualifying rate (mortgage stress test floor)
5.25%
(the greater of the contract rate plus 2% or 5.25%)
Source: Office of the Superintendent of Financial Institutions (OSFI) · Applies to uninsured mortgages. For insured mortgages the Minister of Finance applies the same floor of 5.25% (or the contract rate plus 2%). Confirm the current floor with OSFI or your lender.
CMHC conventional mortgage lending rate, 5-year term
See source
Source: Statistics Canada (CMHC data) · CMHC does not publish a single 'posted' 5-year rate; its conventional 5-year mortgage lending rate is published monthly by Statistics Canada (table 34-10-0145-01). See the latest published figure.
New Housing Price Index (Canada, monthly change)
-0.1%
(monthly change, July 2026)
Source: Statistics Canada · Canada, July 2026 monthly change. The index level (December 2016 = 100) is published in table 18-10-0205-01.
Mortgage rates quoted by individual lenders are set by the lender and change daily. Use our payment calculator with your own rate to see what a payment would be.
Rates by term and type
How each mortgage term and rate type is priced, who it suits, and how to compare it. We explain the structure rather than print a lender rate we cannot source.
Rate
1-Year Fixed Mortgage Rate
A 1-year fixed mortgage rate locks your interest rate for twelve months, a short-term fixed option for borrowers who expect rates to fall.
Rate
2-Year Fixed Mortgage Rate
A 2-year fixed mortgage rate locks your interest rate for two years, balancing rate certainty with a shorter commitment than longer fixed terms.
Rate
3-Year Fixed Mortgage Rate
A three-year fixed mortgage locks your rate for three years, often landing near the cheapest point on the yield curve.
Rate
4-Year Fixed Mortgage Rate
A mid-length fixed term between the popular 3-year and 5-year options, priced from Government of Canada bond yields, the prime rate, and lender spreads.
Rate
5-Year Fixed Mortgage Rate
The five-year fixed rate is Canada's most common mortgage term, priced from Government of Canada bond yields plus a lender spread.
Rate
7-Year Fixed Mortgage Rate
A 7-year fixed mortgage rate locks your interest rate and payment for seven years, priced from Government of Canada bond yields and lender margins.
Rate
10-Year Fixed Mortgage Rate
A 10-year fixed mortgage rate locks one interest rate for ten years — the longest fixed term most Canadian lenders publish.
Rate
Variable Mortgage Rate
A variable mortgage rate moves with the lender's prime rate during the term, so payments or amortization can shift as prime changes.
Rate
HELOC Interest Rate
The variable rate on a home equity line of credit, usually set as the lender's prime rate plus a spread set by the lender.
Rate
Open Mortgage Rate
The rate on a mortgage you can prepay or pay off at any time without a penalty, typically priced at a premium to closed terms.
Mortgage rules & requirements
The federal and provincial rules that decide how much you can borrow and on what terms.
Rule
Federal mortgage stress test
Most mortgage borrowers must prove they could afford payments at a qualifying rate higher than their actual contract rate.
Office of the Superintendent of Financial Institutions (OSFI) ↗
Rule
OSFI Guideline B-20
Guideline B-20 sets OSFI's expectations for prudent residential mortgage underwriting by federally regulated lenders.
Office of the Superintendent of Financial Institutions (OSFI) ↗
Rule
CMHC default insurance requirement
Mortgage loan insurance is generally required when the down payment is less than 20% of the home price.
Rule
High-ratio vs conventional mortgages
A high-ratio mortgage has a down payment under 20% and must be insured; a conventional mortgage has 20% or more and is typically uninsured.
Rule
Mortgage insurance exemption (uninsured mortgages)
Mortgages with a 20% or larger down payment are not required to be insured (uninsured mortgages).
Rule
Refinance maximum loan-to-value (80%)
A refinanced uninsured mortgage is limited to 80% of the property value.
Office of the Superintendent of Financial Institutions (OSFI) ↗
Rule
Home equity line of credit (HELOC) maximum loan-to-value (65%)
A HELOC is limited to 65% of the property value, and total secured borrowing is capped at 80%.
Office of the Superintendent of Financial Institutions (OSFI) ↗
Rule
Reverse mortgage rules
A reverse mortgage lets homeowners 55 or older borrow against home equity without selling, usually up to 55% of the home's value.
Rule
Provincial mortgage broker regulation
Mortgage brokers and agents are licensed and regulated by provincial or territorial regulators, not the federal government.
Rule
Prepayment charge rules (FCAC)
Breaking a closed mortgage early can trigger a prepayment charge, usually the greater of three months' interest or the interest rate differential.
Rule
Mortgage disclosure requirements (FCAC)
Federally regulated lenders must disclose key mortgage terms, costs and prepayment details in a prominent information box.
Rule
Interest rate differential (IRD)
The interest rate differential is a common method lenders use to calculate the penalty for breaking a fixed-rate mortgage early.
Land transfer tax by province
Land transfer tax is provincial (and, in Toronto, municipal). Rules and rebates change — confirm with the province before you close.
| Province / Territory | How it works | First-time buyer rebate | Official source |
|---|---|---|---|
| Alberta | Alberta has no land transfer tax. A land titles registration fee (levy) applies to a transfer of land, based on the property value. | Not applicable (no land transfer tax) | Source ↗ |
| British Columbia | Property transfer tax is 1% of fair market value up to $200,000; 2% from $200,000 to $2,000,000; and 3% above $2,000,000, plus a further 2% on residential value above $3,000,000. An additional property transfer tax applies to foreign buyers in specified areas. | First time home buyers' exemption: full exemption for homes valued at $835,000 or less (tax on the first $500,000), with a partial exemption up to $860,000 (maximum $8,000). | Source ↗ |
| Manitoba | Land transfer tax is 0% on the first $30,000; 0.5% from $30,000 to $90,000; 1% from $90,000 to $150,000; 1.5% from $150,000 to $200,000; and 2% above $200,000, based on fair market value on the date of registration. A registration fee also applies. | No first-time buyer rebate; no tax is payable on the first $30,000 of value. | Source ↗ |
| New Brunswick | Real property transfer tax is 1% of the greater of the consideration (purchase price) or the assessed value, payable when the deed is registered. | No first-time buyer rebate | Source ↗ |
| Newfoundland and Labrador | Newfoundland and Labrador has no land transfer tax. A registration fee is payable under the Registry of Deeds when a deed is registered. | Not applicable (no land transfer tax) | Source ↗ |
| Northwest Territories | The Northwest Territories has no land transfer tax. A land titles registration fee applies: $2 per $1,000 of land value up to $1,000,000 (minimum $100), and $2,000 plus $1.50 per $1,000 above $1,000,000. | Not applicable (no land transfer tax) | Source ↗ |
| Nova Scotia | Nova Scotia has no provincial land transfer tax. Municipalities may charge a municipal deed transfer tax (rates set by each municipality and collected through Land Registry). A separate Non-resident Provincial Deed Transfer Tax of 10% applies to non-residents acquiring residential property with three dwelling units or fewer, increased from 5% on April 1, 2025. | No first-time buyer rebate identified | Source ↗ |
| Nunavut | Nunavut has no land transfer tax. A land titles registration fee is set under the Land Titles Tariff of Fees Regulations for transfers of titled land. | Not applicable (no land transfer tax) | Source ↗ |
| Ontario | Land transfer tax is charged on the value of the consideration: 0.5% up to $55,000; 1% from $55,000 to $250,000; 1.5% from $250,000 to $400,000; 2% above $400,000; and 2.5% above $2,000,000 for land with one or two single-family residences. A Non-Resident Speculation Tax may also apply. | First-time home buyers may claim a refund of up to $4,000 of provincial land transfer tax (since January 1, 2017). | Source ↗ |
| Prince Edward Island | Real property transfer tax is 1% of the greater of the purchase price or the assessed value, payable when the deed is registered. | Eligible first-time home buyers may be exempt from the tax; all purchasers must qualify and the buyer must occupy the property as a principal residence. | Source ↗ |
| Quebec | Municipal transfer duties (the welcome tax) are based on the highest of the price paid, the stated price or market value: 0.5% up to $62,900; 1% from $62,900 to $315,000; and 1.5% above $315,000 (2026 brackets). Municipalities may set a higher rate above $500,000 (up to 3%, except Montreal). | Refundable tax credit for access to homeownership: up to $5,875 of welcome tax paid (100% of the first $5,000 plus 25% of the next $3,500) for first homes acquired after December 31, 2025; reduced above a $750,000 basis and nil at $1,000,000. | Source ↗ |
| Saskatchewan | Saskatchewan has no land transfer tax. A land titles registration fee is payable to Information Services Corporation (ISC) when a transfer of title is registered. | Not applicable (no land transfer tax) | Source ↗ |
| Yukon | Yukon has no land transfer tax. A land titles registration fee applies under the Land Titles Tariff of Fees Regulation, scaled to the declared value of the land, plus an assurance fund fee. | Not applicable (no land transfer tax) | Source ↗ |
How we source these figures
Every figure on this page carries its publisher, an as-of date, and a link. Where an official figure does not exist, we link the official source and tell you to check the latest published value rather than inventing a number. Read our methodology.