Canadian Mortgage Rate History
Where today's rates sit against decades of Bank of Canada data.
The 5-year conventional mortgage rate as published weekly by the Bank of Canada — the long-running benchmark for tracking mortgage rate trends in Canada.
What is the 5-year conventional rate?
The Bank of Canada publishes a weekly "5-year conventional mortgage rate" — an average of posted rates from major Canadian banks for an uninsured 5-year fixed mortgage. This number is widely used by economists, journalists, and policymakers as the historical reference for "the mortgage rate."
It's important to understand what this number is and isn't. It's a posted rate average, which historically has been 1.5% to 2% higher than rates a real borrower with reasonable credit would actually pay. Think of it as the "sticker price" — useful for tracking trends over decades, but not what you'd see on your closing documents.
For your actual quoted rate, expect something meaningfully lower — particularly if you're working with a broker who shops the market. The number on this page is best used as a directional indicator: if it's up 50 basis points from a month ago, real rates are also up roughly 50 basis points.
What it means for your mortgage
For long-term planning: The historical record helps you understand where today's rates sit. Through most of the 1980s, mortgage rates were 10-20%. Through the 2010s, they sat at 3-5%. The post-2022 normalization brought rates back into the 4-6% range that's been more typical historically.
For renewal decisions: If your existing mortgage is from a low-rate era and your renewal lands in a higher-rate environment, the payment shock can be significant. Looking at the rate history shows you whether today's renewal rate is a temporary spike (worth a 1-2 year term to wait it out) or a return to normal (worth a 5-year term to lock against further increases).
For financial stress modelling: The federal mortgage stress test requires you to qualify at your contract rate + 2% (or the federal benchmark, whichever is higher). Looking at the rate history reminds you that 2% buffers are conservative — historical volatility has occasionally been much larger.
Recent observations
BoC's weekly 5-year conventional rate observations. Movement in this series typically lags the 5-year Government of Canada bond yield by about 2-4 weeks (banks adjust posted rates after wholesale funding costs change).
| Date | 5-Year Conventional Rate | Change |
|---|---|---|
| January 7, 2026 | 6.05% | No change |
| January 14, 2026 | 6.05% | No change |
| January 21, 2026 | 6.05% | No change |
| January 28, 2026 | 6.05% | No change |
| February 4, 2026 | 6.05% | No change |
| February 11, 2026 | 6.05% | No change |
| February 18, 2026 | 6.05% | No change |
| February 25, 2026 | 6.05% | No change |
| March 4, 2026 | 6.05% | No change |
| March 11, 2026 | 6.05% | No change |
| March 18, 2026 | 6.05% | No change |
| March 25, 2026 | 6.05% | No change |
| April 1, 2026 | 6.05% | No change |
| April 8, 2026 | 6.05% | No change |
| April 15, 2026 | 6.05% | No change |
| April 22, 2026 | 6.05% | No change |
| April 29, 2026 | 6.05% | No change |
| May 6, 2026 | 6.05% | No change |
| May 13, 2026 | 6.05% | No change |
| May 20, 2026 | 6.05% | No change |
| May 27, 2026 | 6.05% | No change |
| June 3, 2026 | 6.05% | No change |
| June 10, 2026 | 6.05% | No change |
| June 17, 2026 | 6.05% | — |