Today's Best Mortgage Rates

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Today's Prime Lending Rate	4.70%	Next Bank of Canada Meeting - October 29th, 2025
Variable Rates: *
Home Equity Line of Credit	P + .25% (4.95% today)	No Change
5 Year Closed - 25 year amortization Purchases Only	P - 0.75% (4.20% today)	No Change
5 Year Closed - 30 year amortization Refinances	P - .45% (4.45% today)	No Change
Residential Owner Occupied Fixed Mortgage Rates From: **
1 Year Closed	5.24%	No Change
2 Year Closed	4.49%	No Change
3 Year Closed	4.29%	No Change
4 Year Closed	4.44%	No Change
5 Year Closed - Refinances and conventional purchases	4.44%	.10% Increase
5 Year Closed - CMHC/Sagan insured purchases and transfers	3.99%	.40% Decrease
7 Year Closed -  CMHC insured for purchases and transfers	5.14%	.20% Decrease
10 Year Closed - CMHC insured for purchases and transfers	5.24%	.20% Decrease
Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)

*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada Update – September 19, 2025

The Bank of Canada lowered its policy rate by 0.25% at its September 19 meeting, bringing the overnight rate to 2.50%, the Bank Rate to 2.75%, and the deposit rate to 2.50%. This is the Bank’s first move since July and follows a total of 2.50% in rate cuts since June 2024.

Headline inflation continues to cool, with CPI easing to 1.8% in August, dipping slightly below the Bank’s 2% target. However, core inflation (excluding indirect taxes) remains elevated around 2.4%, a sign that underlying price pressures are easing but not yet fully anchored.

The Canadian economy contracted by an estimated 0.7% in Q3, a milder decline than earlier in the year but still reflecting weak consumer spending and a sluggish export sector. The labour market shows further signs of softening, with unemployment rising to 7.1% in August. Wage growth has moderated but remains somewhat above levels consistent with the inflation target.

Global uncertainty remains a key factor, particularly around U.S. trade policy and commodity prices. The Bank again presented multiple scenarios in its Monetary Policy Report, refraining from offering a clear base-case projection given the risks.

Governor Tiff Macklem emphasized that the Bank remains prepared to adjust rates further if growth continues to disappoint while inflation stays within the 1–3% control range. Markets are now pricing in the likelihood of another cut before year-end, which could bring the overnight rate to 2.25%.

For mortgage borrowers:

• Variable-rate holders tied to prime (~4.70%) will see their rates decline modestly with this move.

• Fixed-rate borrowers may benefit if government bond yields continue to ease in anticipation of further cuts.

• The mortgage stress test remains unchanged, requiring qualification at 2% above the contract rate—meaning approvals are still assessed in the 6.25% range or higher for most borrowers.

The next Bank of Canada rate decision is scheduled for October 30, 2025, with policymakers reaffirming a data-dependent approach, focused on inflation, labour market conditions, and global developments.