Compare current fixed and variable mortgage rates, average home prices, and first-time buyer programs in every Canadian province. Bank of Canada rate: 2.25% · Prime Rate: 4.45%
The Bank of Canada has held its overnight rate at 2.25% as of June 2026, with Prime Rate at 4.45%. Variable rates are around 3.30–3.80%, while 5-year fixed rates range from 4.80–5.20%.
Credit unions often offer rates 0.25–0.50% below the major banks. Using a mortgage broker gives you access to 30+ lenders at once — free to use.
All buyers must pass Canada's mortgage stress test, qualifying at rate + 2% or 5.25%. First-time buyers can use FHSA ($40K) and RRSP HBP ($60K) to maximize down payment.