Cost| Policy rate | 2.25% — since 2026-09-11 |
|---|---|
| Prime rate | 4.45% — as of 2026-09-09 |
| Posted 5-year fixed | 6.09% — as of 2026-09-09 |
| 5-year Government of Canada bond | 3.65% — as of 2026-09-11 |
| Stress-test rate at posted | 8.09% — greater of posted + 2 or 5.25% |
Variable-rate mortgages are priced off the prime rate, which is 4.45% as of 2026-09-09, according to the Bank of Canada. Fixed rates move more with bond markets: the posted 5-year fixed rate was 6.09% on the same date, while the 5-year Government of Canada bond yield — the number lenders watch when setting fixed pricing — was 3.65% on 2026-09-11, up slightly from 3.63% the day before.
The policy rate itself is 2.25% as of 2026-09-11, down substantially from the 5.00% peak reached in 2023. Whichever way a borrower leans, the mortgage stress test still applies: an insured mortgage today is tested at 8.09%, the posted rate plus 2 percentage points, since that's above the 5.25% regulatory floor.
Sources
- Bank of Canada — retrieved 2026-09-14