Where Canadian mortgage rates, the housing market and borrowing costs are headed — and what to do about it.
The five-year Government of Canada bond yield has climbed to about 3.70%, its highest since 2024, and lenders have started raising fixed mortgage rates. The policy rate has not moved. Here is what the increase costs on a $500,000 mortgage and what to do before October 28.
Most Canadian lenders allow a penalty-free renewal about 120 days before maturity, and some allow more. See what the major banks publish, how renewing early differs from breaking early, the start-date trap that can cost thousands, and how rising bond yields affect timing in 2026.
A lenders offer the lowest rates to borrowers who fit standard rules, B lenders accept more complex files for a premium, and private lenders lend on equity at the highest cost. Compare regulation, rates, fees and first-year cost, plus a plan to move up a tier.
One short email when the market moves — Bank of Canada decisions, bond yields, and what they mean for your renewal.
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