5-Year Fixed Mortgage Rates in Canada
The best 5-year fixed mortgage rate in Canada today is 4.19%, on the insurable shelf. Compare every 5-year fixed rate we track below, by shelf and loan-to-value.
Which shelf are you actually shopping? Enter the numbers and we will filter the board to the rates you can really get.
Loan-to-value 90.0% · insured
Under 20% down, so default insurance is mandatory and the premium is added to the mortgage.
Lenders ask our rates only be disclosed to potential borrowers.
Login to browse all lender rates & offers for each term by program choice.
| Lender | Term | Category | Rate | APR | |
|---|---|---|---|---|---|
| Exclusive Lender Exclusive | 5 yr fixed | Insurable ≤80% | 4.19% | — | Get this rate |
| Sign in to reveal | 5 yr fixed | Insurable ≤80% | 4.29% | — | Get this rate |
| Sign in to reveal | 5 yr fixed | Insurable ≤80% | 4.49% | — | Get this rate |
No rates match that combination. Widen the filters — and remember the board is what we could verify this week, not every rate that exists.
Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates are subject to change without notice. Posted rates may be high ratio and/or quick close, which differs from conventional rates. The mortgage rates are provided as guidance only, and the accuracy of these rates is not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. You are strongly encouraged to speak with a licensed mortgage professional for the most accurate information and determine your eligibility.
Rates are the lowest we have collected for each combination and are not an offer or a commitment to lend by anyone. Every payment on this site uses semi-annual compounding, the Canadian standard.
What a 5-year term costs you in flexibility
Fixed means the rate is locked for 5 years, and so is the penalty formula. The interest rate differential is the part people underestimate — it can be ten times the three-month penalty on a variable.
Five years is where the deepest discounting sits, because it is where lenders make their money and where the market is most competitive.
Under 20% down
You put less than 20% down and default insurance is on the file. The lender carries no loss exposure, so these are the lowest rates on the board — but the premium is added to your mortgage.
20%+ down, up to $1.5M property value, 25-year amortization
You put 20% or more down and the file fits portfolio-insurance rules, so the lender can back-end bulk insure it at its own cost — on property values up to $1.5M. Priced between insured and uninsured, and tiered by loan-to-value.
Refinances, $1.5M+, 30-year amortization, rentals
The lender keeps the full risk: refinances, properties above $1.5M, amortizations past 25 years, and rentals. Rates sit highest here, typically 20 to 40 basis points above insured.
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5-year fixed mortgage questions
Is a 5-year fixed mortgage right for me?
A five-year fixed is the default for a reason: it prices well and it removes the question for five years. The cost is flexibility — breaking it early triggers an interest rate differential penalty that is frequently far larger than people expect.
How is a 5-year term different from a 5-year amortization?
The term is how long this contract lasts — 5 years. The amortization is how long it would take to pay the mortgage off entirely, usually 25 or 30 years. At the end of the term you renew whatever is left. Almost nobody pays off a mortgage in one term.
What is the penalty if I break it?
The greater of three months' interest and the interest rate differential. On a big bank fixed, the IRD is calculated off posted rates rather than the rate you actually pay, which routinely produces penalties several times larger than a monoline would charge on the same balance. It is one of the strongest arguments for not defaulting to your own bank.
Sources and how to read this board
Rates are collected from lender rate sheets and checked by the RateShop rate desk; the board's own as-of date is printed on it. The rules the shelves follow are set by OSFI Guideline B-20 (the qualifying rate and stress test), the Department of Finance mortgage insurance rules ($1.5M price cap, 25-year amortization on insured files) and the three insurers — CMHC, Sagen and Canada Guaranty. Variable rates move with the Bank of Canada policy rate, through prime.
The math is free. Acting on it is the point.
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
