🇨🇦 Canada / Mortgage Rates

Canada Mortgage Rates & Limits 2026

Official rates sourced from Bank of Canada, CMHC, Ratehub average mortgage rates June 2026.

Last updated: 2026-06-27

Current Rates

Parameter	Value
Bank Of Canada Policy Rate	2.75
Prime Rate Chartered Banks	4.95
Average 5yr Fixed Insured	4.49
Average 5yr Fixed Conventional	4.79
Average Variable Rate	4.45
Average 1yr Fixed	5.49

Rules & Limits

Parameter	Value
Min Down Payment Under 500k	5
Min Down Payment 500k To 999999	10
Min Down Payment 1m Plus	20
Insured Mortgage Max Purchase Price	1,500,000
Amortization Max Insured Years	30
Amortization Max Conventional Years	30
Stress Test Rate Insured	5.25
Stress Test Rate Conventional	5.25
Cmhc Premium Ltv 80 To 85 Percent	1.8
Cmhc Premium Ltv 85 To 90 Percent	2.4
Cmhc Premium Ltv 90 To 95 Percent	3.1
Land Transfer Tax First Time Buyer Rebate Ontario	4,000
Fthbi Max Home Price	500,000

Notes

›All Canadian mortgages (insured and uninsured) require borrowers to qualify at the higher of 5.25% or the contract rate plus 2%. This stress test is set by OSFI and limits borrowing power materially compared to qualifying at the actual rate.
›Mortgages with less than 20% down require CMHC (or Sagen/Canada Guaranty) mortgage insurance. The premium (1.80-4.00% of loan amount) is added to the mortgage, not paid upfront. CMHC-insured mortgages require amortisation of no more than 30 years.
›The maximum amortization period for insured mortgages was extended from 25 to 30 years in August 2024 for first-time buyers or new construction purchases.
›Canadian mortgages are typically 5-year fixed terms (most popular), not 25-30 year fixed like in the US. At the end of the term, the balance is renegotiated at current market rates. Term lengths range from 6 months to 10 years.
›Land transfer taxes apply in most provinces (Ontario, BC, Quebec, etc.) and add 0.5-2% of the purchase price. Toronto levies a second municipal land transfer tax. Alberta and Saskatchewan have no provincial land transfer tax.

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Parameter

Value

Bank Of Canada Policy Rate

2.75

Prime Rate Chartered Banks

4.95

Average 5yr Fixed Insured

4.49

Average 5yr Fixed Conventional

4.79

Average Variable Rate

4.45

Average 1yr Fixed

5.49

Rules & Limits

Parameter	Value
Min Down Payment Under 500k	5
Min Down Payment 500k To 999999	10
Min Down Payment 1m Plus	20
Insured Mortgage Max Purchase Price	1,500,000
Amortization Max Insured Years	30
Amortization Max Conventional Years	30
Stress Test Rate Insured	5.25
Stress Test Rate Conventional	5.25
Cmhc Premium Ltv 80 To 85 Percent	1.8
Cmhc Premium Ltv 85 To 90 Percent	2.4
Cmhc Premium Ltv 90 To 95 Percent	3.1
Land Transfer Tax First Time Buyer Rebate Ontario	4,000
Fthbi Max Home Price	500,000

Notes

›All Canadian mortgages (insured and uninsured) require borrowers to qualify at the higher of 5.25% or the contract rate plus 2%. This stress test is set by OSFI and limits borrowing power materially compared to qualifying at the actual rate.

›Mortgages with less than 20% down require CMHC (or Sagen/Canada Guaranty) mortgage insurance. The premium (1.80-4.00% of loan amount) is added to the mortgage, not paid upfront. CMHC-insured mortgages require amortisation of no more than 30 years.

›The maximum amortization period for insured mortgages was extended from 25 to 30 years in August 2024 for first-time buyers or new construction purchases.

›Canadian mortgages are typically 5-year fixed terms (most popular), not 25-30 year fixed like in the US. At the end of the term, the balance is renegotiated at current market rates. Term lengths range from 6 months to 10 years.

›Land transfer taxes apply in most provinces (Ontario, BC, Quebec, etc.) and add 0.5-2% of the purchase price. Toronto levies a second municipal land transfer tax. Alberta and Saskatchewan have no provincial land transfer tax.