Canadian Mortgage Rate History
5 years of weekly posted and discounted mortgage rates sourced directly from the Bank of Canada. Track how rates have changed since 2020 and understand where we are today.
<ins> tag- Posted 5-yr Fixed
- Best 5-yr Fixed
- Overnight Rate
BoC Rate Decision Calendar
Announcements at 9:45 AM ET
Dates sourced from the Bank of Canada official schedule. MPR = Monetary Policy Report. All times 9:45 AM Eastern Time. Outcomes shown are for informational purposes only.
Weekly Rate Data — 5Y View
260 data points| Date | Posted 5-yr | Best 5-yr | Overnight | Bank Rate | Prime |
|---|---|---|---|---|---|
| LatestMay 5, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| May 12, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| May 19, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| May 26, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| June 2, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| June 9, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| June 16, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| June 23, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| June 30, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| July 7, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| July 14, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| July 21, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| July 28, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| August 4, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| August 11, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| August 18, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| August 25, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| September 1, 2021 | 4.79% | 0.70% | 0.18% | 0.50% | 2.38% |
| September 8, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| September 15, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| September 22, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| September 29, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| October 6, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| October 13, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| October 20, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| October 27, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| November 3, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| November 10, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| November 17, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| November 24, 2021 | 4.79% | 0.70% | 0.13% | 0.50% | 2.33% |
| December 1, 2021 | 4.79% | 1.28% | 0.13% | 0.50% | 2.33% |
| December 8, 2021 | 4.79% | 1.28% | 1.45% | 1.75% | 3.65% |
| December 15, 2021 | 4.79% | 1.28% | 1.45% | 1.75% | 3.65% |
| December 22, 2021 | 4.79% | 1.28% | 1.45% | 1.75% | 3.65% |
| December 29, 2021 | 4.79% | 1.28% | 1.45% | 1.75% | 3.65% |
| January 5, 2022 | 4.79% | 1.28% | 1.45% | 1.75% | 3.65% |
| January 12, 2022 | 4.79% | 1.05% | 1.45% | 1.75% | 3.65% |
| January 19, 2022 | 4.79% | 1.05% | 1.45% | 1.75% | 3.65% |
| January 26, 2022 | 4.79% | 1.05% | 1.45% | 1.75% | 3.65% |
| February 2, 2022 | 4.79% | 1.05% | 1.45% | 1.75% | 3.65% |
| February 9, 2022 | 4.79% | 1.05% | 1.45% | 1.75% | 3.65% |
| February 16, 2022 | 4.79% | 1.15% | 1.45% | 1.75% | 3.65% |
| February 23, 2022 | 4.79% | 1.45% | 1.45% | 1.75% | 3.65% |
| March 2, 2022 | 4.79% | 1.45% | 1.45% | 1.75% | 3.65% |
| March 9, 2022 | 4.79% | 1.55% | 1.45% | 1.75% | 3.65% |
| March 16, 2022 | 4.79% | 1.55% | 1.45% | 1.75% | 3.65% |
| March 23, 2022 | 4.79% | 1.65% | 1.45% | 1.75% | 3.65% |
| March 30, 2022 | 4.79% | 1.90% | 1.45% | 1.75% | 3.65% |
| April 6, 2022 | 4.79% | 1.90% | 1.45% | 1.75% | 3.65% |
| April 13, 2022 | 4.79% | 1.90% | 1.45% | 1.75% | 3.65% |
| April 20, 2022 | 4.99% | 1.90% | 1.45% | 1.75% | 3.65% |
| April 27, 2022 | 4.99% | 1.90% | 1.45% | 1.75% | 3.65% |
<ins> tagWhat is the Posted 5-yr Fixed Rate?
The posted 5-year fixed rate is the benchmark rate published by major Canadian banks. It's used by the federal stress test to determine maximum mortgage qualification (you must qualify at the higher of the posted rate or your contract rate + 2%). The posted rate is typically higher than the best available discounted rate.
What is the Best 5-yr Fixed Rate?
The best 5-year fixed rate reflects the lowest available discounted rate from Canadian lenders. This is closer to what most borrowers actually pay. The spread between the posted and best rates typically ranges from 1.0% to 1.5%, representing the discount negotiated with lenders.
How the Overnight Rate Affects Mortgages
The Bank of Canada's overnight rate directly influences variable mortgage rates and the prime rate (overnight + 2.20%). When the BoC raises the overnight rate, variable mortgage payments increase. Fixed rates are influenced more by bond yields than the overnight rate, but BoC policy still affects the broader rate environment.
Data Disclaimer: All rate data is sourced directly from the Bank of Canada Valet API and reflects posted/benchmark rates. The "Best 5-yr Fixed" series represents a benchmark rate, not a guarantee of availability. Actual mortgage rates offered by individual lenders may differ. Historical data is provided for informational and educational purposes only. Past rate trends do not predict future rates. Always consult a licensed mortgage broker for current rate quotes and personalized advice.