Next Bank of Canada rate decision
Now: policy rate 2.50% · Prime 4.70%
2026-12-09 in 28 days (9:45 a.m. ET)
Each 0.25% cut lowers a $500k variable mortgage payment by about $70/month (a hike adds it)
See 20 years of rates →After that: 01/27 · 03/03 · 04/28 · 06/02 · Fixed rates follow bond yields and may not move in step.
Big 5 side by side
| Bank | 3-yr fixed (special) | 5-yr fixed (special) | 5-yr variable (special) | 5-yr fixed (posted) |
|---|---|---|---|---|
| Monest | 3.99% | 3.89% | 3.95% | — |
| RBCRBC Royal Bank | 5.09% | 5.14% | 4.40% | 6.19% |
| TDTD Bank | 5.24% | 5.39% | 4.54% | 6.14% |
| BMOBMO Bank of Montreal | 4.94% | 5.14% | 4.35% | 6.09% |
| ScotiabankScotiabank | — | 5.15% | — | 6.19% |
| CIBCCIBC | 5.09% | 5.34% | 4.30% | 6.49% |
Special rates usually come with conditions (e.g. 25-year amortization or less, insured). Source: each bank's website, checked 2026-11-05. "—" means not published. Monest rates are samples, subject to approval.
What does this rate assume? Why might my quote be higher?
The Big 5 special rates above are the banks' published good-conditions prices: usually good credit, owner-occupied, purchase or switch at renewal, insured with under 20% down (or insurable with 20%+), price under $1.5M, amortization of 25 years or less, and provable income.
Quotes are usually higher if (tap for the matching tool):
- · Lower credit score or recent late payments
- · 20%+ down but not insurable, or price $1.5M+
- · Refinance, top-up, or a rental property
- · Self-employed or hard-to-prove income (stated income or asset-based)
- · Unusual property: micro condo, rural, leasehold, mixed use, etc.
- · 30-year amortization (with 20%+ down) or a long rate hold
With a written quote you can compare and negotiate: big banks often give rates well below posted. Compare the same term, tier and conditions.
Monest rates, Big 5 commercial / private rates are samples (placeholders); Big 5 residential posted rates are checked on bank sites. Subject to lender approval.
Rate history: high or low right now?
Bank of Canada public data, 2006.01 to 2026.11, monthly.
Banks' posted 5-year fixed
Now 6.19%; low 4.64% (2015.04), high 7.54% (2007.12).
Prime (variable rates follow it)
Now 4.70%; low 2.45% (2009.04), high 7.20% (2023.07).
Posted rates are banks' published list prices; actual rates are usually lower. Variable rates are usually prime plus or minus a set spread. Source: Bank of Canada (Valet API), updated daily.
See all rates for one bank:
RBC Royal Bank special rates now
| Term | Rate |
|---|---|
| 3-year fixed | 5.09% |
| 5-year fixed | 5.14% |
| 5-year variable | 4.40% |
Source: bank website, checked 2026-11-05. (read automatically every day) www.rbcroyalbank.com
All RBC Royal Bank posted rates (closed)
| Term | Rate |
|---|---|
| 1-year fixed | 5.74% |
| 2-year fixed | 5.74% |
| 3-year fixed | 6.25% |
| 4-year fixed | 6.09% |
| 5-year fixed | 6.19% |
| 7-year fixed | 6.50% |
| 10-year fixed | 6.90% |
| 5-year variable (= the bank's mortgage prime) | 4.70% |
Posted rates are the bank's list prices and are usually negotiable; prepayment penalties (IRD) are often calculated from posted rates.
RBC Royal Bank mortgage prime
4.70%
Variable rates are prime plus or minus a spread. Big 5 prime moves with the Bank of Canada's overnight rate (overnight + 2.20%; TD's mortgage prime is 0.15% higher). This page updates automatically from Bank of Canada data as of 2026-11-10.
Run the numbers
Posted rates vs. special rates
Big banks publish two rates: the posted rate is the list price; the special (discounted) rate is lower and usually has conditions.
Posted rates are often about 1% higher than specials, with the expectation that customers negotiate. Many renewal offers land close to posted.
Watch out: when breaking a fixed mortgage, big banks often calculate the IRD penalty from posted rates, so a higher posted rate can mean a bigger penalty. Ask how the penalty works before signing.
Bank rates are compiled by hand from each bank's public website and may change at any time; the bank's own figures prevail. Monest rates are samples (placeholders), subject to lender approval.