Latest update: August 22, 2026. This page includes both official Bank of Canada benchmark rates and a broader comparison of lender-published mortgage rates in Canada.
Bank of Canada benchmark mortgage rates
The Bank of Canada rates below are typical posted rates across the six major chartered banks. They are useful as a market benchmark, but they are not personalized lender offers.
| Rate type | Posted rate |
|---|---|
| Prime rate | 4.45% |
| 1-year conventional mortgage | 5.49% |
| 3-year conventional mortgage | 6.05% |
| 5-year conventional mortgage | 6.09% |
Official source: Bank of Canada posted interest rates.
Mortgage rates by lender
The following broader lender snapshot was updated August 21, 2026. It shows published 5-year fixed and variable rates tracked from lender rate pages. Rates are not an offer of credit, and the rate you qualify for may differ based on the lender, mortgage type, down payment, credit history, location, and whether the mortgage is insured.
| Lender | 3-year fixed | 5-year fixed | Variable |
|---|---|---|---|
| Alterna Savings | 4.39% | 4.44% | 4.15% |
| ATB Financial | 4.34% | 4.39% | 3.80% |
| BMO Bank of Montreal | 4.64% | 4.84% | 4.10% |
| CIBC | 4.64% | 4.84% | 3.95% |
| Coast Capital Savings | 4.24% | 4.44% | 3.94% |
| Desjardins | — | 4.49% | 4.10% |
| National Bank of Canada | 4.64% | 4.84% | 4.45% |
| RBC Royal Bank | 4.74% | 4.89% | 3.95% |
| Scotiabank | — | 4.90% | 5.95% |
| Servus Credit Union | 4.39% | 4.54% | — |
| Tangerine | 4.44% | 4.49% | 4.00% |
| TD Bank | 4.64% | 4.84% | 4.24% |
Lender-rate source: Canadian Rates lender comparison. The source notes that rates are updated daily, are not offers of credit, and may differ from the rate approved for an individual borrower.
Understanding the Bank of Canada conventional mortgage rate
The Bank of Canada conventional mortgage rate is a benchmark for posted list rates, not the discounted rate most borrowers receive. It represents the most common posted rate offered by Canada’s six largest chartered banks for a given mortgage term. It is useful for tracking market direction and long-term history, while lender-published rates are more relevant for comparing current offers. Your final rate may still differ based on the lender, mortgage type, down payment, credit history, location, and other qualification factors.
Last 12 months of conventional mortgage rates
This chart compares monthly averages of weekly Bank of Canada observations for 1-year, 3-year and 5-year conventional mortgage posted rates from September 2025 through August 2026. The 1-year benchmark declined from 6.09% to 5.49%, while the 3-year and 5-year benchmarks remained at 6.05% and 6.09% in the latest monthly observation.
Trend source: Bank of Canada series V80691333, V80691334 and V80691335.
10-year mortgage rate history
This chart shows annual averages of weekly Bank of Canada observations for the 5-year conventional mortgage posted rate from 2016 through 2026. The 2026 value includes data through August. The series is a consistent national benchmark for tracking long-term rate changes; it is not a personalized lender quote.
| Year | Annual average |
|---|---|
| 2016 | 4.66% |
| 2017 | 4.76% |
| 2018 | 5.27% |
| 2019 | 5.27% |
| 2020 | 4.95% |
| 2021 | 4.79% |
| 2022 | 5.64% |
| 2023 | 6.68% |
| 2024 | 6.72% |
| 2025 | 6.23% |
| 2026 | 6.09% |
History source: Bank of Canada, series V80691335. Historical chart data was retrieved August 22, 2026; the latest weekly observation is dated August 19, 2026.
Mortgage calculator
Use our Canadian mortgage calculator to estimate your payment, total interest, and total amount paid.
Mortgage rates can change without notice. Always confirm the current rate, fees, penalties, and terms directly with the lender before applying.