Canadian mortgage market report
Live Bank of Canada rates, bond yields and what they mean for your mortgage, updated automatically from official Bank of Canada data every time you visit.
Loading latest data...Source: Bank of Canada Valet API. Posted rates are typical major bank posted rates, not the contract rates most borrowers actually pay. Data refreshes each visit.
What the market is doing right now
These takeaways are generated automatically from the latest official data, so they stay current without anyone touching the page.
Market brief
Why bond yields matter for your mortgage
Fixed mortgage rates in Canada are priced off Government of Canada bond yields, especially the 5 year. When the 5 year yield climbs, fixed mortgage rates usually follow within days or weeks. When it falls, fixed rates tend to ease. Watching this one chart tells you which way fixed rates are leaning.
How each rate touches your wallet
Variable rates follow the policy rate
When the Bank of Canada changes its policy rate, the big banks almost always move their prime rate within hours. Variable rate mortgages and HELOCs are priced off prime, so a quarter point cut or hike flows straight through to those payments.
Fixed rates follow bond yields
Fixed mortgage rates track Government of Canada bond yields, mainly the 5 year. The bond market moves every day on inflation data and economic news, which is why fixed rates can change even when the Bank of Canada does nothing.
Posted rates are not your rate
The posted rate shown above is the typical advertised rate at the six major banks. Most borrowers pay well below posted. It still matters, because posted rates feed into penalty calculations and some qualifying math.
Renewing or buying soon?
If your renewal is inside 120 days, most lenders can hold a rate for you now. In a moving market, a free rate hold costs nothing and protects you if rates climb while you decide.
What today's posted 5 year rate means per $100,000
Monthly payment per $100,000 borrowed, 25 year amortization, using the live posted 5 year rate above. Your actual contract rate will typically be lower, so treat this as a directional guide.
Bank of Canada rate announcement dates
The Bank of Canada sets its policy rate on eight fixed dates each year, always at 9:45 AM Eastern. The highlighted date is the next decision.
Quarterly Monetary Policy Reports are published with the January, April, July and October decisions. Full schedule at the Bank of Canada.
Market report FAQ
What is the Bank of Canada policy rate?
The policy rate, formally the target for the overnight rate, is the interest rate the Bank of Canada sets to guide borrowing costs across the economy. It is the starting point for the prime rate at Canada's banks, which in turn sets the price of variable rate mortgages and lines of credit.
How does the policy rate affect my mortgage?
If you have a variable rate mortgage or a HELOC, your rate moves with prime, which follows the policy rate almost immediately. If you have a fixed rate mortgage, nothing changes until renewal, and the rate you renew into is driven mainly by bond yields rather than the policy rate itself.
Why do bond yields matter for fixed mortgage rates?
Lenders fund fixed rate mortgages in the bond market, so they price fixed rates off Government of Canada bond yields, especially the 5 year yield. When yields rise, lenders' funding costs rise and fixed mortgage rates typically follow within days or weeks, and the reverse when yields fall.
How often does the Bank of Canada announce rates?
Eight times a year on a schedule published in advance, always on a Wednesday at 9:45 AM Eastern. In 2026 the dates are January 28, March 18, April 29, June 10, July 15, September 2, October 28 and December 9.
What is the difference between posted and contract mortgage rates?
The posted rate is the advertised rate at the major banks, and most borrowers negotiate or are offered a contract rate well below it. Posted rates still matter because banks use them to calculate some prepayment penalties, which is one reason working with a broker who compares many lenders can save real money.
Where does the data on this page come from?
Every number is pulled live from the Bank of Canada's official Valet API, the same public data service that powers the Bank's own statistics pages. The page fetches fresh data each time it loads, and each figure is stamped with its observation date.
Wondering what these rates mean for you?
Markets move, and the right strategy depends on your mortgage, your timeline and your goals. Call us or apply online and a specialist will translate today's market into a plan for your situation, with no obligation.
This page is general market information, not financial advice or a rate offer. Rates shown are Bank of Canada published figures and typical posted rates, which differ from the contract rates available to individual borrowers.