As of June 22, 2026, the typical 5-year fixed sits near 4.69% while the 5-year variable is around 3.55%. Fixed rates give you payment certainty for the full term; variable rates move with the Bank of Canada policy rate and the lender prime (currently 4.45%). Fixed suits borrowers who want predictable budgeting; variable can win if you expect the Bank of Canada to cut. There is no universally "better" choice — it depends on your risk tolerance and rate outlook.
Canadian fixed mortgage rates are priced off Government of Canada bond yields of a similar term. When the 5-year GoC yield (currently 3.04%) rises, lenders cost of funding fixed mortgages rises, and fixed rates follow — usually within days. Variable rates instead track the Bank of Canada overnight policy rate through each lender prime rate. That is why we publish the GoC 3-year and 5-year yields alongside the rates: they are the leading indicator for where fixed mortgages are heading.
Under OSFI B-20 guideline, federally regulated lenders qualify you at the greater of your contract rate plus 2% or a 5.25% floor. As of June 22, 2026 that qualifying rate is about 6.69%. You must show you could afford payments at that higher rate even if your actual rate is lower.
Source & method. Fixed-rate figures are RateHarp own indicative band, modelled from public Bank of Canada inputs (Valet API — GoC benchmark bond yields and the commercial prime rate). Provenance: GoC 5yr/3yr yields: LIVE (BoC Valet) | prime: LIVE (BoC V80691311). Rates are indicative, refreshed daily, and will vary by lender, region, credit profile and loan-to-value.
Informational only — not financial advice or a rate guarantee. Confirm live pricing with a licensed mortgage professional. Last updated June 22, 2026 at 6:00 AM ET.