Choose an Insurance Quote
Find the Best 1-Year Fixed Open Mortgage Rates in Canada
Compare the best rates from major banks, credit unions and brokers.
Today's Best Mortgage Rates in Canada
Evaluate Canada's best 1-year mortgage rates in one place. Rates.cas Rate Matrix lets you compare pricing for all key mortgage types and terms.
Rates are based on an. average mortgage of $500,000 and subject to change based on filter criteria
Updated 21:29 on Jun 08, 2026| Placeholder | Insured The rates in this column apply to borrowers who have purchased mortgage default insurance. This is required when you purchase a home with less than a 20% down payment. The home must be owner-occupied and the amortization must be 25 years or less. | 80% LTV The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured The rates in this column apply to purchases over $1 million, refinances and amortizations over 25 years. More info on the differences between insured and uninsured rates. | Bank Rate Bank Rate is the mortgage interest rate posted by the big banks in Canada. |
|---|---|---|---|---|---|
| 1-year fixed rate | 4.99% | 4.59% | 4.59% | 4.99% | 4.99%  |
| 2-years fixed rate | 3.99% | 4.14% | 4.14% | 4.44% | 4.53%  |
| 3-years fixed rate | 3.86% | 3.79% | 3.79% | 3.90% | 4.39% |
| 4-years fixed rate | 4.19% | 4.09% | 4.09% | 4.39% | 4.44% |
| 5-years fixed rate | 3.69% | 3.94% | 3.69% | 3.69% | 4.19% |
| 7-years fixed rate | 4.89% | 4.89% | 4.89% | 4.89% | 5.00%  |
| 10-years fixed rate | 5.24% | 5.24% | 5.24% | 5.24% | 6.09% |
| 3-years variable rate | 3.90% | 4.05% | 3.90% | 3.90% | 5.95%  |
| 5-years variable rate | 3.45% | 3.54% | 3.50% | 3.50% | 4.24%  |
| HELOC rate | N/A | N/A | N/A | N/A | N/A |
| Stress Test | 5.45% | 5.45% | 5.45% | 5.50% | N/A |
Today's Best Mortgage Rates in Canada
Evaluate Canada’s best mortgage rates in one place. You can compare the most current mortgage rates and monthly payments from 175+ banks and lenders across Canada.
Rates are based on an average mortgage of $500,000 and subject to change based on filter criteria.
Lender | Insured | Insurable | Uninsured |
|---|---|---|---|
 Dominion Lending Centres Mortgage Excellence | 3.45% $2,483.17 / month | 3.65% $2,536.10 / month | 3.50% $2,496.35 / month |
 Morra | Mortgage Alliance | 3.45% $2,483.17 / month | 3.45% $2,483.17 / month | 3.45% $2,483.17 / month |
 Pineapple Financial Inc – Kinetix Mortgages Team | 3.55% $2,509.57 / month | 3.65% $2,536.10 / month | 3.55% $2,509.57 / month |
 West Capital Mortgage Ltd | 3.68% $2,544.09 / month | 3.70% $2,549.42 / month | 3.65% $2,536.10 / month |
 Richards Mortgages | 3.70% $2,549.42 / month | 3.70% $2,549.42 / month | 3.70% $2,549.42 / month |
 CIBC | 3.73% $2,557.43 / month | 3.80% $2,576.17 / month | 3.80% $2,576.17 / month |
ATB Financials | 3.65% $2,536.10 / month | 3.65% $2,536.10 / month | 3.65% $2,536.10 / month |
 Centum Clinton Wilkins | 3.89% $2,600.37 / month | 3.89% $2,600.37 / month | 3.89% $2,600.37 / month |
 Centum Home Lenders Ltd. | 3.89% $2,600.37 / month | 3.89% $2,600.37 / month | 3.89% $2,600.37 / month |
 Alterna Savings | 3.94% $2,613.86 / month | 3.94% $2,613.86 / month | 3.94% $2,613.86 / month |
 CIBC | 4.19% $2,681.85 / month | 4.19% $2,681.85 / month | 4.19% $2,681.85 / month |
 Bayview Financial Services | 4.29% $2,709.29 / month | 4.29% $2,709.29 / month | 4.29% $2,709.29 / month |
 Centum Financial Services Limited Partnerships | 4.29% $2,709.29 / month | 4.29% $2,709.29 / month | 4.29% $2,709.29 / month |
 Bayview Credit Union | 4.44% $2,750.71 / month | 4.44% $2,750.71 / month | 4.44% $2,750.71 / month |
 Canada Mortgage Direct | 5.24% $2,976.71 / month | 5.24% $2,976.71 / month | 5.24% $2,976.71 / month |
Written By Lubna Umar
What is a 1-year fixed open mortgage rate?
One-year fixed terms are one of the shortest commitments among mortgage terms. While 1-year terms in general offer borrowers more flexibility due to the shorter commitment period, a 1-year fixed open mortgage provides the ultimate in repayment flexibility, as it can be repaid in part or fully at any time.
One-year terms aren't very popular with Canadian mortgage shoppers, as only about 5-6% of borrowers choose one, according to Mortgage Professionals Canada. One-year fixed open mortgages make up an even smaller piece of that pie.
Like 6-month open mortgages, 1-year fixed open mortgages can be a good short-term mortgage solution, with borrowers typically intending to renew into a longer mortgage term afterwards. Since it’s an open mortgage, a borrower can repay any amount of the loan at any time without penalty.
But that payment flexibility comes with a price. One-year open mortgage terms are priced significantly higher than comparable closed short-term mortgages.
This rate premium is largely due to the absence of a prepayment penalty. Because borrowers can repay the loan at any time, the loan is riskier for lenders to fund since they don’t know if they’ll receive the full interest cost over the term or if the loan will be repaid sooner. That creates “prepayment risk,” meaning the lender earns less profit at a given rate, versus a closed mortgage.
Advantages of a 1-year fixed open mortgage
These are some advantages for a shorter term mortgage.
- No prepayment penalties: An open mortgage means borrowers can increase their regular payments or make lump-sum payments with no risk of prepayment penalties.
- Stable interest rate: Fixed rates stay the same throughout their term and aren’t affected by the prime rate.
Disadvantages of a 1-year fixed open mortgage
There are also some disadvantages to consider.
Higher interest rates: Due to the prepayment flexibility of an open mortgage rate, interest rates tend to be significantly higher vs. comparable closed terms.
Renewal hassle: With such a short term, renewing just after a year can be a hassle, although most renew into a longer term.
Renewal risk: If you choose a short fixed term, you run the risk of renewing into higher interest rates when your term is up.
Lubna Umar,
Lubna Umar is a former SEO Content Manager at Rates.ca. She has produced a wide variety of content, including academic essays, pieces of fiction and financial literacy guides. In her free time, she can be found exploring the caf culture in Toronto or any other major city.
Mortgage Calculators
Home Closing Cost Calculator
Home Sale Proceeds Calculator
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:
Why Canadian housing seems unaffordable in 2026: A 35-year real estate disconnect
Housing affordability in Canada has worsened from 1990 to 2026 as household incomes haven’t kept pace with surging home prices.
Does renewing your mortgage early save you money?
Learn about pitfalls and benefits of early mortgage renewal, how blended rates work, and why switching lenders could reduce your borrowing costs.
Bank of Canada holds rate at 2.25% as weak growth collides with energy inflation risks
Bank of Canada holds rates as weak growth meets energy inflation, cooling housing demand and straining mortgage renewals.
Mortgage expert alert: Will the Iran War and rising inflation offer a buying opportunity in 2026?
Historically, moments of extreme global panic stemming from war can create generational buying opportunities in the Canadian real estate market.
BoC holds rate at 2.25% amid global tensions and economic uncertainty
The Bank of Canada holds its rate at 2.25% amid rising oil prices and economic uncertainty, keeping variable mortgage rates stable but pushing fixed rates higher.
How much does your credit score affect your mortgage rate?
A higher score tells your bank that your risk as a borrower is low, which usually prompts them to offer a better rate for your mortgage.
Find a better mortgage rate
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 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