Recent increases in Government of Canada bond yields are putting upward pressure on fixed mortgage rates in Ontario, while variable mortgage rates continue to track lenders’ prime rates. Fixed mortgage offers can change even when the Bank of Canada holds its policy rate steady.
Here is a straightforward look at current mortgage rates, what is influencing them, and which options may be worth considering.
Mortgage Market at a Glance
- Bank of Canada overnight rate: 2.25%, unchanged following the September 2 announcement.
- Bank prime rate: 4.45%.
- Next Bank of Canada announcement: Wednesday, October 28, 2026, accompanied by a new Monetary Policy Report.
- Macklem on economic growth: At his September 2 press conference, Governor Tiff Macklem noted that Canada’s economy has strengthened, but new U.S. tariffs make the recovery less certain.
- Macklem on inflation: High energy prices have increased inflation risks. The Bank remains focused on its 2% inflation target and is prepared to adjust policy as needed.
Featured Mortgage Rates
Adjustable Rate Mortgage (A.R.M.): Your monthly payment changes automatically when the Prime rate shifts, keeping your mortgage payoff schedule exactly on track. When the Prime rate drops, an A.R.M. immediately improves your cash flow.
Variable Rate Mortgage (V.R.M.): Your monthly payment stays fixed when the Prime rate shifts. Only the proportion of your payment going toward the principal versus interest changes.
Rates shown are for owner-occupied properties and are subject to borrower and property qualification. Rate premiums may apply to conventional mortgages, rental properties, and borrowers with marginal credit. B-lender and private mortgage rates shown are starting rates.
Rates are subject to change without notice. Terms, conditions, fees, and lender approval criteria may apply.
Not Sure Which Mortgage Option Is Right for You?
The lowest rate is not always the best mortgage. Book a telephone appointment with me to discuss the option that best fits your needs.
| Mortgage Option | Current rate (Owner-Occupied) |
|---|---|
| 5-Year High-Ratio A.R.M. (90-day hold) | Prime (4.45%) − 1.00% = 3.45% |
| 3-Year High-Ratio A.R.M. (120-day hold) | Prime − 0.90% = 3.55% |
| 5-Year High-Ratio Fixed (120-day hold) | 4.29% |
| 4-Year High-Ratio Fixed (120-day hold) | 4.24% |
| 3-Year High-Ratio Fixed (120-day hold) | 4.04% |
| 2-Year High-Ratio Fixed (120-day hold) | 3.99% |
| 1-Year High-Ratio Fixed (120-day hold) | 4.59% |
| 6-Month High-Ratio Fixed (90-day hold) | 3.64% |
| B-Lender 1-Year Fixed (90-day hold) | 5.04% (Credit score 680+) |
| B-Lender 2-Year Fixed (90-day hold) | 5.09% (Credit score 680+) |
| B-Lender 3-Year Fixed (90-day hold) | 5.19% (Credit score 680+) |
| Second Mortgage – EquityLine Visa (ELV) | From 7.49% (LTV up to 60%, credit score 680+) |
| Private First Mortgage (65% Loan-To-Value) | From 5.99% (credit score 660+, 1% lender fee) |
| Private Second Mortgage (65% Loan-To-Value) | From 8.99% (credit score 660+, 1% lender fee) |
Last updated: September 9, 2026
Phone: 416-618-9312 (cell / text / WhatsApp)
Web: https://MortgageMaurice.ca
email: maurice@sherwoodmortgagegroup.com
Maurice Kwok ・ 郭澤文
Mortgage Broker, CPA, MBA ・ 粵語 ・ 國語
FSRA-licensed Mortgage Broker (Licence #M13000496)
Sherwood Mortgage Group (FSRA Brokerage Lic.#12176)
Your trusted mortgage guide since 1995.