Bank of Canada holds at 2.25% for a seventh straight decision
The overnight rate stays at 2.25%, so prime remains 4.45%. Variable-rate payments are unchanged. Here's what it means if you're deciding between fixed and variable.
Read update →Buying your first home, renewing, or refinancing? I compare banks, credit unions and specialty lenders for you, so you get a better rate and terms that fit your life, at no cost to you on most residential mortgages.
One broker, every lender, and advice that puts your long-term finances first.
Pre-approvals that hold up, rate holds up to 120 days, and fast approvals when you find the one.
Get pre-approved →Down payment rules, FHSA and RRSP strategies, land transfer tax rebates, and 30-year amortization options, all explained clearly.
See what you can afford →Don't just sign your bank's renewal letter. I shop your renewal 120 days early so you can switch if it saves you money.
Compare my renewal →Consolidate high-interest debt, fund renovations, or access equity, with a clear breakdown of penalties and savings.
Talk refinancing →Built for Ontario: CMHC insurance, Ontario and Toronto land transfer tax, first-time buyer rebates and the federal stress test are all included.
Estimates only. Includes Ontario LTT, Toronto MLTT where selected, first-time buyer rebates and 1.5% for legal and closing costs. Canadian mortgages compound semi-annually. The PST on CMHC premiums (8% in Ontario) is due at closing.
Uses the federal stress test (the greater of 5.25% or your rate + 2%), GDS 39% / TDS 44% limits and $100/month heating. Real approvals depend on credit, income type and the lender. Book a call for an exact pre-approval.
Get a real pre-approval →Switching lenders at maturity usually carries no prepayment penalty. I'll check legal, appraisal and discharge costs for you, which lenders often cover.
Review my renewal →Every big bank posts essentially the same prime rate. The difference is the discount you negotiate, and that's my job.
| Lender | Prime rate | Change |
|---|---|---|
RBCRBC Royal Bank | 4.45% | — |
TDTD Bank Mtg prime 4.60% | 4.45% | — |
BNSScotiabank | 4.45% | — |
BMOBMO | 4.45% | — |
CIBCCIBC | 4.45% | — |
NBNational Bank | 4.45% | — |
As of October 1, 2026. Prime has been unchanged since October 29, 2025, when the Bank of Canada cut its rate to 2.25%.
| 5-year fixed | 4.29% |
| 3-year fixed | 4.14% |
| 5-year variable | Prime − 0.95% |
Rates are subject to change and on approved credit (OAC). Insured rates shown. Conventional and refinance rates may differ.
The overnight rate stays at 2.25%, so prime remains 4.45%. Variable-rate payments are unchanged. Here's what it means if you're deciding between fixed and variable.
Read update →The next announcement comes with the Monetary Policy Report. If you're shopping or renewing this fall, a rate hold of up to 120 days protects you either way.
Read update →Many Ontario homeowners who locked in during 2021–22 are renewing now. Comparing lenders before your maturity date is the easiest way to save thousands.
Read guide →A bank can only offer you its own products. I have access to over 20 lenders, so if one says no, or offers less than you deserve, we move on to the next one without starting over.
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"Real client review goes here, ideally about a renewal or refinance and the money saved."
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