Find the Best 5-Year Fixed Mortgage Rates in Canada

Compare the most current 5-year fixed rates from major banks, credit unions and mortgage brokers.

Today's top rates in:

5-Year Variable

5.44%

5-Year Fixed

4.79%

Select one of the following to get started!

I'm Renewing My Mortgage

I’m Buying A Home

I'm Refinancing My Home

Compare 5-year fixed mortgage rates from lenders across Canada

Compare Now

The Best Mortgage Rates in Canada

Evaluate Canada’s best 5 year fixed mortgage rates in one place. You can compare the most current 5 year fixed mortgage rates and monthly payments from 175+ banks and lenders across Canada.

Personalize My Rate

Province

Rate Type

Term

Mortgage Amount

$

Amortization

Purpose

Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.

Lender	Insured	Insurable	Uninsured
MMG Mortgages	4.19% $2,681.85 / month	4.39% $2,736.87 / month	4.29% $2,709.29 / month
BMO	4.45% $2,753.48 / month	4.73% $2,831.65 / month	4.73% $2,831.65 / month
Innovation Federal Credit Union	4.57% $2,786.86 / month	4.57% $2,786.86 / month	4.57% $2,786.86 / month
Simpleway	4.69% $2,820.42 / month	4.69% $2,820.42 / month	4.69% $2,820.42 / month
Rocket Mortgage	4.74% $2,834.47 / month	-	-
Dominion Lending Centres Uptown Financial Mortgages	5.20% $2,965.21 / month	-	-
Nuborrow	5.49% $3,049.05 / month	-	-
Lendwire Inc.	5.60% $3,081.13 / month	4.60% $2,795.23 / month	4.60% $2,795.23 / month
First Foundation	3.99% $2,627.39 / month	3.99% $2,627.39 / month	3.99% $2,627.39 / month
MortgagestoGo	3.99% $2,627.39 / month	3.99% $2,627.39 / month	3.99% $2,627.39 / month
Sudbury Credit Union	3.99% $2,627.39 / month	3.99% $2,627.39 / month	3.99% $2,627.39 / month
City Wide Financial Corp	3.99% $2,627.39 / month	3.99% $2,627.39 / month	3.99% $2,627.39 / month
Hypotheca	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month
Monster Mortgage	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month
ATB Financials	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month
The Mortgage Advisors	4.09% $2,654.55 / month	4.09% $2,654.55 / month	4.09% $2,654.55 / month

Today's Best Mortgage Rates in Canada

Evaluate Canada’s best 5 year fixed mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare 5 year fixed rates against all other key mortgage types and terms.

Rates are based on an average mortgage of $500,000

	Insured	80% LTV	65% LTV	Uninsured	Bank Rate
1-year fixed rate	5.04%	4.59%	4.59%	6.63%	5.94%
2-year fixed rate	4.74%	5.09%	5.09%	5.92%	5.54%
3-year fixed rate	4.14%	4.14%	4.14%	4.79%	4.74%
4-year fixed rate	4.24%	4.14%	4.14%	4.49%	4.64%
5-year fixed rate	3.99%	3.99%	3.99%	4.19%	4.34%
7-year fixed rate	4.44%	4.39%	4.39%	5.90%	5.06%
10-year fixed rate	5.09%	5.29%	5.29%	5.80%	7.14%
3-year variable rate	5.10%	5.20%	5.10%	5.10%	7.35%
5-year variable rate	4.80%	5.05%	4.80%	4.80%	5.05%
HELOC rate	N/A	N/A	N/A	N/A	N/A
Stress test	5.25%	5.25%	5.25%	5.25%	N/A

Jump straight to:

Today's 5 year fixed rates from Canadian chartered banks
What is a 5-year fixed-rate mortgage?
Why are 5-year fixed rates so popular in Canada?
What causes change in 5-year fixed rates?
5-year Canadian bond yields vs. 5-year conventional mortgage rates
How do major banks price 5-year mortgages?
Prime rate, Bank of Canada's policy interest rate and the 5-year fixed personal term
Compare 5-year fixed rates
Pros and cons of a 5-year fixed rate mortgage
Five-year fixed rate predictions
Five-year fixed rate statistics
Frequently asked questions about 5-year fixed-rate mortgages

Written By Shivani Kaul

Content Manager

Updated

Today's 5 years Fixed Rates (Posted Rates)Updated 13:55 ET on Nov 22, 2024

Rates are based on a home value of $500,000

4.74%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Dec 23

6.84%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Feb 21

6.49%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Feb 21

Rates are based on a home value of $500,000

6.64%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Feb 21

4.94%

Term

5 Yr Fixed

Loan to value

Up to 80%

Insurance

Uninsured

Rate held until

Apr 02

4.84%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Mar 23

Rates are based on a home value of $500,000

4.64%

Term

5 Yr Fixed

Loan to value

Up to 80%

Insurance

Uninsured

Rate held until

Mar 23

4.84%

Term

5 Yr Fixed

Loan to value

Up to 95%

Insurance

Insured

Rate held until

Mar 23

What is a 5-year fixed-rate mortgage?

The interest rate on a fixed-rate mortgage remains the same throughout the term of the mortgage. It does not increase or decrease with the change in overnight prime rate by the Bank of Canada. A 5-year fixed-rate mortgage stays the same for the five-year period of the mortgage term. The interest rate and mortgage payments do not fluctuate until it's time for renewal or the borrower decides to refinance.

The term of the mortgage is five years. This refers to the length of time the provisions of your mortgage are in effect. If the borrower decides to get out of the mortgage before the end of five years, they will have to pay a penalty or prepayment charge to the lender.

In the last two years, from 2022-2023, high inflation has led to rapidly increasing interest rates which has caused the cooling of housing markets across Canada and decelerated mortgage growth.

Mortgage borrowers are opting for shorter-term fixed-rate mortgages, with fixed-rate 5-year mortgages falling to less than 15% of new mortgages, and variable-rate mortgages dropping to less than 20% of new mortgages, according to the CMHC Residential Mortgage Industry Report.

Since Q3 2022, the fixed-term lending rate has been lower than the variable rate. Moreover, since June 2022, federally regulated financial institutions have lent more funds for new and renewed mortgages under fixed-rate agreements than variable-rate agreements. In fact, this

is a return to pre-pandemic norms. However, fixed-rate mortgages of 5 years or more are no longer the most-popular option.

Why are 5-year fixed rates so popular in Canada?

The 5-year fixed-rate mortgage is a popular choice among homebuyers. About 66% of mortgage holders have fixed-rate mortgages, according to Mortgage Professionals Canada's semi-annual report on the housing market released in March 2022.

The 5-year fixed-rate mortgage is a popular loan term because it strikes the right balance between a competitive mortgage rate and a term length that gives borrowers confidence. Many borrowers in Canada want to avoid the hassle of renewing their mortgage while insulating themselves from short-term instability in the market (increasing interest rates by the Bank of Canada, for one).

Many risk-average borrowers lose sleep over the constantly changing market scenario and increasing interest rates, and locking a rate for a period of five years gives them peace of mind. With rising inflation and a possible recession in the first quarter of 2023, many borrowers are considering this mortgage type to remain stress-free for the next five years.

Some borrowers consider the 5-year fixed rate the Goldilocks of mortgage terms. It's neither too short nor too long, unlike a seven-year or 10-year mortgage term. Mortgages with terms longer than five years carry higher interest rates and onerous prepayment penalties. Interestingly, 37% of all renewals in 2019 consisted of homeowners switching to 5-year fixed-rate mortgages, according to the Bank of Canada. People tend to be less likely to renew into long-term fixed rates as they get more financially secure.

Fixed rates, in general, owe part of their growth in popularity to multi-year lows in bond yields. Falling bond yields lead to lower fixed mortgage rates.

What causes changes in 5-year fixed rates?

Over the long run, competitive 5-year fixed mortgages are priced about 1.50 percentage points above the 5-year bond yield. Hence, 5-year fixed rates more or less follow the movements of the 5-year Canadian bond yield, except when the financial system is stressed, as it was in 2020 and 2008.

As bond yields rise and fall based on investors' inflation expectations and other factors, so do fixed mortgage rates. Changes in the economic situation at a time determine the interest rate financial institutions must pay on the money they are lending you at a higher rate. This difference between what they are paying and earning is referred to as a "spread."

A perfect example of the fixed/bond link was the historic fall in bond yields in early 2020. That drop coincided with mounting fears over the COVID-19 pandemic and plunging oil prices, which led directly to steep discounting of fixed mortgage rates. That is until fears of credit defaults spiked risk premiums, and mortgage rates shot up temporarily.

In the present scenario, the Bank of Canada has raised overnight rates 10 times since March 2022, which has caused ripples in bond markets in Canada. The Bank of Canada's decision to raise overnight rates led to a rapid surge in bond yields. As the bank drove up the cost of borrowing, the interest paid on bonds began going up, and mortgage rates quickly followed. The rise of the 5-year bond yield, which trades daily, will directly impact the 5-year fixed rates set by big banks to ensure that the banks' costs are covered during market fluctuations. This was a stark reversal from late 2020 to early 2021, when bond yields and, conversely, mortgage rates bottomed. Mortgage lenders offered some of the lowest mortgage rates in history during this period.

The Bank of Canada rate hikes have led to a slowdown in mortgage credit growth and reduced demand for housing and big budget items, resulting in a 33% drop in housing resales and a 10% decrease in house prices since February 2022.

Due to higher policy interest rates and high inflation, the demand in the housing sector has seen a sharp decline from Q1 2022 and Q3 2023. People with existing fixed-rate mortgages only will see a change in their mortgage payments upon renewal, unlike those with variable rates will see their mortgage rate change with immediate effect.

Inflation is expected to decrease gradually due to higher policy interest rates and rising long-term bond yields, which are dampening demand.

5-year Canadian bond yields vs. 5-year conventional mortgage rates

Date	5-year Benchmark Bond Yield	5-Year Conventional Mortgage Rate
1/2/2019	1.46%	5.34%
1/1/2020	1.62%	5.19%
1/6/2021	0.91%	4.79%
1/5/2022	1.42%	4.79%
4/20/2022	2.74%	4.99%
6/1/2022	2.86%	5.39%
7/13/2022	3.13%	6.04%
9/7/2022	3.30%	6.14%
10/26/2022	3.41%	6.49%
12/7/2022	2.96%	6.49%
1/25/2023	2.88%	6.49%
3/8/2023	3.50%	6.49%
4/12/2023	3.04%	6.49%
6/7/2023	3.75%	6.49%
7/12/2023	3.81%	6.49%
9/6/2023	3.97%	6.84%
10/18/2023	4.32%	7.04%

^Sources:

^{https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/}

^{https://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/}

Bond prices and yields are always at risk of fluctuating value, especially when interest rates rise or fall. A bond's price and yield are also inversely related. As the price of a bond goes up, the yield decreases and vice versa. Understanding bond yields is key to understanding expected future economic activity and interest rates. That helps inform everything from stock selection to deciding when to refinance a mortgage. When interest rates are on the rise, bond yields generally go up as well. When interest rates are lower, bond yields tend to fall.

How do major banks price 5-year mortgages?

Banks use all kinds of sources to fund 5-year fixed mortgages, including:

Deposits
Mortgage-backed securities
Deposit notes
Canada mortgage bonds
Covered bonds
Five-year swaps
Investor purchases

A blended cost of funds is often derived from the above sources, forming the basis of 5-year fixed mortgage pricing. On top of that, lenders try to earn enough to pay staff, sales and marketing expenses, overhead and a small profit (which often amounts to less than ½ per cent of the mortgage principal, plus renewal and servicing revenue).

Prime rate, Bank of Canada's policy interest rate and the 5-year fixed personal term

Date	Prime Rate	Bank of Canada Policy Interest rate	5-year Personal Fixed term
1/2/2019	3.95	1.75	1.45
1/1/2020	3.95	1.74	1.45
1/6/2021	2.45	0.25	0.7
1/5/2022	2.45	1	1.28
4/20/2022	3.2	1	1.9
6/1/2022	3.2	0.94	2.4
7/13/2022	3.7	1.50	2.45
9/7/2022	4.7	2.48	3.4
10/26/2022	5.45	3.25	3.4
12/7/2022	5.95	3.74	3.4
1/25/2023	6.45	4.25	3.4
3/8/2023	6.7	4.5	3.4
4/12/2023	6.7	4.5	2.75
6/7/2023	6.7	4.75	2.75
7/12/2023	6.95	5	3
9/6/2023	7.2	5	3
10/18/2023	7.2	5	3.4

^Source: ^{https://www.bankofcanada.ca/rates/banking-and-financial-statistics/posted-interest-rates-offered-by-chartered-banks/}

The prime rate, or prime lending rate, is the interest rate a financial institution uses as a base to determine interest rates for loan products. Each financial institution sets its own prime rate as a function of its cost of funding, which, in turn, is influenced by the target for the overnight rate set by the Bank of Canada.

As of Oct. 31, 2023, the Bank of Canada's overnight rate stands at 5%. The central bank aims to bring inflation down to its target of 2% by 2024.

A 5-year personal fixed term typically refers to a loan or financial product where the interest rate and other terms are fixed and remain unchanged for a period of five years. This can apply to various financial products, such as a 5-year fixed-term mortgage, a 5-year fixed-term personal loan, or a 5-year fixed-term savings account.

The above data shows the trend in these rates and terms depending on the changes in the Bank of Canada's policy interest rates which are subject to changes depending upon the economic situations.

Compare 5-year fixed rates

When shopping for a mortgage, it's crucial to compare terms, not just rates. That way, you ensure you’re getting the best value possible and a mortgage product that gives you the flexibility you require. Lack of flexibility can cost you.

There are always many things to consider before settling on a term. Despite a majority of Canadians gravitating to 5-year fixed mortgages, it’s possible that may not be the best mortgage for your situation.

Here are more factors to weigh when deciding on the optimal mortgage term:

First and foremost, ask yourself how likely it is that you might have to sell your house and break the mortgage before five years. Do you have a stable job, or perhaps one that might involve relocation? If there's a material risk of you needing to sell within five years and be forced to break your mortgage early, consider a shorter fixed term or a variable rate, which entails lower breakage penalties. Breaking a mortgage early on a fixed term—especially at one of the Big Six banks—can be costly. Here's a $15,000 example.
Can you stomach the risk of higher interest costs? The less risk you can handle financially, the more attractive a longer-term rate, despite historically higher interest costs versus a shorter fixed-term or variable rate. If you're one to play it safe, the 5-year fixed makes more sense. Note, however, that many variable rates also come with fixed payments that don't change during the term.
How much are you willing to pay for convenience? As mentioned above, shorter-term fixed rates are often cheaper than a 5-year term, but you'll have to be prepared to deal with renewing your mortgage about twice as often.
Do you trust history? Historical data shows variable rates typically come out ahead compared to fixed rates. But with fixed rates at historical lows, historical data is arguably not as applicable.

Pros and cons of a 5-year fixed rate mortgage

Both fixed and variable rates come with pros and cons. Here are some that pertain to fixed rates…

Pros

Peace of mind. If you’re likely to lose sleep when interest rates start rising, a fixed mortgage will provide years of stability. You’ll know exactly what your monthly mortgage payment is going to be for the full ride.

Competitive rates. The advantage between fixed and variable rates often shifts depending on the economic conditions of the day. For instance, throughout the latter half of 2020 and into 2021, borrowers enjoyed historically low fixed rates, in some cases priced just slightly higher than comparable variable rates. The Bank of Canada has already increased its prime rate five times this year, a few more hikes would make variables costlier (compared to a fixed), so it’s not a surprise that most mortgage shoppers would seek the security and stability of fixed terms.

Cons

Costly breakage penalties. One of the biggest downsides to locking into a fixed rate is the penalty many borrowers face, should they need to break their mortgage early. There are plenty of headline-grabbing stories about homeowners who were charged five-figure “interest rate differential” (IRD) penalties to break their mortgage before maturity. Variable mortgages don’t have IRD penalties. With that said, if you want to protect yourself from potential future penalties, you can always choose a fair-penalty lender. That’s one that charges an interest penalty just big enough to cover its costs if you break the contract early. This sure beats a big-bank IRD penalty that can run as high as $10k, $20k or more, depending on your loan amount and rates.

Locked in for five full years. While some people see a 5-year term as an advantage, it can quickly become a disadvantage should you need to break your mortgage early. While it’s always good to plan for your future, life happens. Shorter terms can sometimes help you time your exit from the mortgage to coincide with your maturity date, thus avoiding a penalty.

Five-year fixed rate predictions

Bond yields have increased in the Q2 2023 following the Bank of Canada's consistent rate hikes to curb inflation, with the 5-year yield reaching over 4% for the first time since 2007 before slightly lowering. Mortgage rates have also risen, surpassing the highs from October 2022.

This makes buying a typical home in Canada more expensive, with monthly payments going up by nearly $400, or 12%, in Q2 2023. As a result, mortgage demand has weakened, showing the slowest growth rate since 1999.

While the mortgage industry faces challenges now, it's important to take a longer-term perspective. Canada's growing population and a tight rental market mean that the demand for housing will persist, even with higher rates.

Five-year fixed rate statistics

Quick statistical facts on Canada's favourite mortgage:

66% of mortgage holders have fixed-rate mortgages, according to the Mortgage Professionals Canada’s Semi-Annual State of the Housing Market report, March 2022. The survey is based on responses from over 2,000 Canadians.
The highest 5-year fixed rate on record was 21.46% in September 1981
The lowest 5-year fixed posted rate was 4.64% in October 2016
The lowest discounted 5-year fixed rate was a 1.91% effective rate in November 2016

Frequently asked questions about 5-year fixed rate mortgages

How can I find the best 5-year fixed mortgage rate?

Before you lock in your mortgage rate for a period of 5-years, you must do some window shopping and identify which lender offers the best rate for you. RATESDOTCA helps you compare mortgage rates and identify lenders offering the best and cheapest rates for your mortgage.

What happens at the end of a 5-year fixed mortgage?

Your mortgage is up for renewal at the end of a 5-year fixed-rate term.

Shopping around at renewal is fundamental to finding better deals and the best way forward is to compare rates. Homeowners should check RATESDOTCA to find the most competitive mortgage interest rates. Doing this could reduce your rate.

Can you refinance a 5-year fixed mortgage?

Yes, you can refinance your existing fixed-term mortgage rate, but it often results in a penalty.

Many homeowners wish to take advantage of falling interest rates in order to reduce expenses and build equity quicker. For instance, three years into a 5-year fixed-term mortgage, you notice interest rates have suddenly plunged. New homebuyers will be paying a much lower rate for the same term that you did. A lower interest rate helps pay off loan principal faster and ultimately reduces the length of your mortgage.

However, this refinancing decision could turn out to be an expensive one if you decide to break the original mortgage commitment and end up paying a penalty to your lender. Penalties range from as little as three months' interest to well into five figures. Your decision hinges on whether the savings from the lower rate outweighs the penalty and closing costs you'll incur. Penalties vary across institutions and depend on the mortgage type (fixed vs. variable), term length and your existing rate, among other things.

Tip: If you want to refinance your mortgage and take advantage of a lower rate, use a mortgage penalty calculator to get a rough idea of your prepayment charge. Note: Always verify the exact amount with your lender, as lenders' penalty formulas can differ.

What is a mortgage rate lock?

A mortgage rate lock is an agreement between the lender and borrower that allows for locking the interest rate for a fixed period in the prevailing marketing situation. This allows protection for the borrower from rising or falling interest rates for a specified period. The lender is likely to charge a lock fee, or alternatively, the lender may charge a marginally higher interest rate, to begin with, just in case the borrower chooses not to lock the interest rate.

Shivani Kaul

Shivani Kaul is a communications professional specializing in editing, writing, and content strategy, with a particular focus on personal finance and mortgages. Her expertise stems from a strong educational background and diverse international experience.Academically, Shivani holds a Digital Marketing Management certificate from the University of Toronto, a Business Communications certificate from the University of British Columbia, a Master's degree in Mass Communication from Symbiosis Institute of Media and Communications, and a Bachelor's degree in English from the University of Delhi.

Her professional journey is marked by significant roles in prestigious media organizations across multiple countries. She has previously worked as an editor at PMNA/The Canadian Press for The Globe and Mail, Toronto Star, and freelance writer for the Investor's Digest of Canada. Additionally, Shivani has contributed her skills to reputed news media groups in India and the Middle East. Her expertise in SEO ensures that the content she produces not only engages readers but also achieves optimal visibility in digital spaces.

Experience

Mortgage
Credit Cards
Real Estate

Education

University of Toronto
Symbiosis Institute of Media and Communications
University of Delhi

Calculate your potential mortgage costs using our Mortgage Calculators to see what works best for your financial situation.

Mortgage Payment Calculator

Find out how much your weekly, bi-weekly, or monthly mortgage payments would cost with our mortgage payment calculator.

Mortgage Payment Calculator

Mortgage Renewal Calculator

Use the mortgage renewal calculator to gauge your monthly mortgage renewal payments in Canada.

Mortgage Renewal Calculator

Mortgage Affordability Calculator

Estimate your mortgage affordability and move one step closer to your dream home.

Mortgage Affordability Calculator

Mortgage Stress Test Calculator

Evaluate your ability to handle future interest rate changes now and plan your mortgage better

Mortgage Stress Test Calculator

Mortgage Insurance Calculator

Plan and manage your finances better by assessing your mortgage insurance amount using our calculator.

Mortgage Insurance Calculator

Land Transfer Tax Calculator

Determine the land transfer tax you owe your province and municipality in Canada using our calculator.

Land Transfer Tax Calculator

Home Closing Cost Calculator

Get an estimate of the money you need to pay on the day you officially own your new home.

Home Closing Cost Calculator

Home Sale Proceeds Calculator

Evaluate the profit you will make from selling your property in Canada using our home sale proceeds calculator.

Home Sale Proceeds Calculator

Latest mortgage articles

elderly couple in kitchen with paperwork laid out in front of them on kitchen counter (1).jpg

Breaking your mortgage early: What you need to know

If you choose to break a closed mortgage before the end of your term, you'll have to pay a penalty. So, when does it make sense to end your mortgage early, and how does the process work?

5 mins read

USA Elections Canadian Market Housing Impact.png

Ask the Expert: Steve Garganis on how the US impacts Canadian mortgage rates

President Trump heads back to Washington. What does that mean for your mortgage?

5 mins read

canadian flag waving outside bank of canada_BOC lowers key interest rate.jpg

Is the double rate cut announced by the Bank of Canada enough to revive the housing market?

Today the Bank of Canada cut its key interest rate by 50-basis points. Is today's double rate cut enough to incentivize buyers to re-enter the housing market? Let’s see what it means for the Canadian housing market.

4 mins read

Find a better mortgage rate

By City

By Province

By Provider

By Type

Ajax

Brampton

Burlington

Calgary

Edmonton

Guelph

Halifax

Hamilton

Kitchener

London

Moncton

Mississauga

Newmarket

North York

Oakville

Oshawa

Ottawa

Regina

Saskatoon

Surrey

Toronto

Vancouver

Victoria

Windsor

Winnipeg

Alberta

British Columbia

Manitoba

New Brunswick

Newfoundland and Labrador

Nova Scotia

Ontario

Prince Edward Island

Quebec

Saskatchewan

Bank of Montreal

CIBC

MCAP

Neo Financial

Rocket Mortgage

Scotiabank

Simplii Financial

Tangerine Bank

TD Canada Trust

True North Mortgage

National Bank

Royal Bank of Canada

Desjardins

6 month fixed closed

6 month fixed open

1 year fixed

1 year variable

1 year fixed open

1 year fixed closed

2 year fixed

3 year fixed

3 year variable

3 year open variable

4 year fixed

5 year fixed

5 year variable

5 year variable open

7 year fixed closed

10 year fixed

10 year fixed closed

15 year fixed

25 year fixed

HELOC

Renewal

Reverse mortgage

High ratio mortgage

Second mortgages

Self-employed

Prime rate

Bank of Canada

We are now transferring you to LowestRates.ca to complete your quote.

Find the Best 5-Year Fixed Mortgage Rates in Canada

Compare the most current 5-year fixed rates from major banks, credit unions and mortgage brokers.

Today's top rates in:

Compare 5-year fixed mortgage rates from lenders across Canada

The Best Mortgage Rates in Canada

Evaluate Canada’s best 5 year fixed mortgage rates in one place. You can compare the most current 5 year fixed mortgage rates and monthly payments from 175+ banks and lenders across Canada.

Today's Best Mortgage Rates in Canada

Evaluate Canada’s best 5 year fixed mortgage rates in one place. RATESDOTCA’s Rate Matrix lets you compare 5 year fixed rates against all other key mortgage types and terms.

Jump straight to:

What is a 5-year fixed-rate mortgage?

Why are 5-year fixed rates so popular in Canada?

What causes changes in 5-year fixed rates?

5-year Canadian bond yields vs. 5-year conventional mortgage rates

How do major banks price 5-year mortgages?

Prime rate, Bank of Canada's policy interest rate and the 5-year fixed personal term

Compare 5-year fixed rates

Here are more factors to weigh when deciding on the optimal mortgage term:

Pros and cons of a 5-year fixed rate mortgage

Pros

Cons

Five-year fixed rate predictions

Five-year fixed rate statistics

Frequently asked questions about 5-year fixed rate mortgages

How can I find the best 5-year fixed mortgage rate?

What happens at the end of a 5-year fixed mortgage?

Can you refinance a 5-year fixed mortgage?

What is a mortgage rate lock?

Calculate your potential mortgage costs using our Mortgage Calculators to see what works best for your financial situation.

Mortgage Payment Calculator

Mortgage Renewal Calculator

Mortgage Affordability Calculator

Mortgage Stress Test Calculator

Mortgage Insurance Calculator

Land Transfer Tax Calculator

Home Closing Cost Calculator

Home Sale Proceeds Calculator

Latest mortgage articles

Subscribe to our newsletter