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| Today's Prime Lending Rate | 4.45% | Next Bank of Canada Meeting - Wednesday, January 28 2026 |
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Variable Rates: * |
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| Home Equity Line of Credit | P + .25% (4.70)% today) | No Change |
| 3 Year Closed - 25 year amortization Purchases Only | P - .80% (3.65)% today) | No Change |
| 5 Year Closed - 25 year amortization Purchases Only | P - .80% (3.65)% today) | No Change |
| 5 Year Closed - 30 year amortization Refinances | P - .44% (4.04)% today) | No Change |
Residential Owner Occupied Fixed Mortgage Rates From: ** |
| 1 Year Closed | 4.89% | No Change |
| 2 Year Closed | 4.59% | No Change |
| 3 Year Closed | 4.34% | No Change |
| 4 Year Closed | 4.54% | No Change |
| 5 Year Closed - Refinances and conventional purchases | 4.54% | .10% Increase |
| 5 Year Closed - CMHC/Sagan insured purchases and transfers | 4.09% | .05% Increase |
| 7 Year Closed - CMHC insured for purchases and transfers | 5.24% | .15% Increase |
| 10 Year Closed - CMHC insured for purchases and transfers | 5.34% | .10% Increase |
| Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher) |
On December 10, 2025, the Bank of Canada decided to hold interest rates steady — a rare moment of stability in a country that hasn’t seen much of it lately.
The overnight rate remains at 2.25%, with the Bank Rate at 2.50% and the deposit rate at 2.20%. In plain English: no surprise rate hike, no cut, and no fresh curveballs for borrowers this month.
In its statement, the Bank pointed to ongoing economic uncertainty, stubbornly weak productivity, and continued trade pressures - all while inflation sits roughly near the 2% target (depending on which costs you’re paying attention to at the grocery store or the gas pump). Core inflation remains higher than ideal, and growth continues to feel… uninspired.
The Bank described the current rate as “about right,” which in central-bank language means “we’re waiting to see what breaks next.” With fiscal policy still running hot and Ottawa spending like it’s allergic to restraint, monetary policy is now firmly in wait-and-see mode.
Variable-rate borrowers shouldn’t expect any immediate changes - prime rates are likely to stay put for now.
Fixed-rate borrowers will continue to see rates influenced more by bond markets than by central-bank speeches, though stability helps calm things down.
Affordability still matters. Even with rates on pause, lenders continue to price for risk, funding costs, and regulation - none of which have gotten cheaper under the current federal leadership.
With the Bank signaling patience (and perhaps fatigue), this is a good time to review whether your mortgage structure still makes sense. Further rate cuts are not guaranteed, especially if government policy keeps working at cross-purposes with inflation control.
As always, the right strategy depends on your goals, timeline, and tolerance for uncertainty — something Canadian households have had plenty of lately.
If you’d like to review your options or talk through what this means for your mortgage, I’m happy to help.
