Today's rates

Our current rates for the three most popular terms. Every file is different, so your rate depends on your down payment, the property and your situation.

Rate watch · Updated November 3, 2026

October 28: the Bank of Canada raised its policy rate 0.25% to 2.50%, its first hike since July 2023, and said there could be a need to raise it further.
October 29: the six big banks raised prime to 4.70%. Adjustable rate mortgages and HELOCs went up right away.
October 29 to 30: fixed rates started rising too. The lowest big bank uninsured 5 year fixed rose 10 basis points to 5.03%, and insured fixed rates followed (MortgageLogic.news rate tracker).
October 30: Statistics Canada said GDP was flat in August, with an early estimate of a 0.1% drop in September.
Next decision: Wednesday, December 9.

Rates are illustrative and subject to change. Sources: Bank of Canada decision via BNN Bloomberg, October 28, 2026; Canadian Mortgage Trends, prime to 4.70%; MortgageLogic.news; Statistics Canada, October 30, 2026; Bank of Canada 2026 schedule.

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Updated October 27, 2026

What a hike costs me

About how much more you would pay each month if prime goes up. Illustrative, based on a 4.00% starting rate and a 25 year amortization.

Mortgage balance	Quarter point hike	Half point hike
$300,000	about $41 a month	about $82 a month
$500,000	about $68 a month	about $137 a month
$700,000	about $95 a month	about $192 a month

This applies to variable rate and HELOC borrowers. Fixed rate payments do not change until renewal. Rates are illustrative and subject to change.

Run my exact numbers

What happens to my variable rate if the Bank of Canada hikes?

Lenders usually move prime by the same amount within a day. With an adjustable rate mortgage or a HELOC, your payment or interest cost goes up right away. With a variable rate and fixed payments, your payment stays the same but more of it goes to interest. That is what happened after October 28: the big banks raised prime to 4.70% on October 29 (Canadian Mortgage Trends).

Tim's take: Nobody can call rates, so we plan for both. As Jason Ellis, the longtime First National executive, wrote in his final Treasury Guy column, "nobody actually knows what markets or rates will do" (Canadian Mortgage Trends, October 24, 2026).

Run my payment both ways Get a free rate hold

More on the decision: what the October 28 Bank of Canada hike means for your payment. Variable and wondering whether to lock in? Read why your variable payment may not change, and should you lock in.

3 year fixed

4.44%

Same rate for 3 years

Insured

5 year fixed

4.59%

Same rate for 5 years

Insured

5 year variable

3.80%

Prime minus 0.90%, moves with prime

Insured

What does "insured" mean?

These rates are for insured mortgages: less than 20% down, with mortgage default insurance (CMHC, Sagen or Canada Guaranty) added to your mortgage. Because the lender's risk is covered, insured rates are usually the lowest. With 20% or more down, a refinance, a rental or a 30 year amortization, your rate will be different, often a little higher.

Insured vs insurable vs uninsured, explained →

Rates as of October 29, 2026. Insured mortgages, on approved credit. These are "as low as" rates and may only be available in Alberta. Connect with us to find out the rate you qualify for. Rates can change daily without notice and are not a commitment to lend.

Looking for another term, a conventional or uninsured rate, a rental, a HELOC or a renewal?

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Updated November 3, 2026

Rate questions for November 2026

Why did fixed mortgage rates go up after the October 28 hike?

Fixed rates follow Government of Canada bond yields, not the Bank's rate. On October 29, Scotiabank raised its fixed rates and the lowest big bank uninsured 5 year fixed rose 10 basis points to 5.03%. On October 30, insured fixed rates started moving up too, according to the MortgageLogic.news rate tracker. Rates are illustrative and subject to change.

My variable payment did not change. Am I affected?

Yes, even if your payment stayed the same. With a variable rate and fixed payments, your payment does not change, but more of it now goes to interest and less to your balance, so it can take longer to pay off. With an adjustable rate mortgage or a HELOC, your payment or interest cost went up right away when the big banks raised prime to 4.70% on October 29. Each 0.25% adds about $68 a month on a $500,000 mortgage at 4.00% over 25 years.

Should I switch from variable to fixed?

Maybe. If you switch, you lock in at today's fixed rate, and fixed rates have gone up too. Compare both for your balance, the time left on your term and how much payment change you are comfortable with. We run both side by side for your numbers at no cost.

Should I choose fixed or variable right now?

It depends on how long you plan to keep the mortgage, how much payment change you can handle and whether you might sell or refinance early. A variable rate usually has a smaller penalty to break. A fixed rate gives you a payment that will not change. We run both side by side for your numbers.

Compare the two for your situation: fixed vs variable at renewal and fixed vs variable for first time buyers.

Sources: Canadian Mortgage Trends, October 28, 2026; MortgageLogic.news rate tracker, October 29 to 30, 2026. Payment examples are estimates for illustration only.

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