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% |
Per the Bank of Canada, every insured mortgage must qualify at the greater of the lender's contract rate plus 2 percentage points, or a 5.25% floor. With the posted 5-year fixed rate at 6.09% as of 2026-09-09, that puts the qualifying rate at 8.09% — the posted-rate-plus-2 calculation, since it's above the floor.
That's the rate a lender uses to size how much mortgage a buyer qualifies for, not the rate they'll actually pay. The policy rate is 2.25% as of 2026-09-11, and the prime rate is 4.45% as of 2026-09-09 — both well below the qualifying rate, which is the point of the test.
Sources
- Bank of Canada — retrieved 2026-09-14