The Under 5% range is above the insured benchmark, partially within bank average range the current Bank of Canada benchmark of 4.04%. Here is what it means for Quebec borrowers.
Formatted for fast comparison and AI extraction.
Midpoint: ~4.50%
Bank of Canada insured 5yr fixed average.
Typical uninsured 5yr fixed rate.
Province-typical balance for dollar cost reference.
The Bank of Canada insured 5-year fixed average — the rate that lenders are collectively writing on government-backed mortgages — is approximately 4.04%. The uninsured average is approximately 4.29%, and the posted-rate ceiling is approximately 5.99%.
The Under 5% range is above the insured benchmark, partially within bank average range. At a midpoint of approximately 4.50%, this range is above the bank average and above what negotiated borrowers typically pay. Borrowers in this range should review their offer before signing.
This information is for general reference based on Bank of Canada data and is not financial advice.
Most mortgage rate benchmarks in Canada are national, not provincial. However, Quebec borrowers should be aware of local factors:
Quebec mortgage shoppers should compare rate, penalty wording, and notary/transfer-cost assumptions before signing.
The average mortgage balance in Quebec is approximately $400,000. At that balance, the dollar difference between the Under 5% midpoint and the benchmark is approximately $1,214 more per year in estimated interest costs — and approximately $6,070 more over a 5-year term. These are estimated figures.
| Rate | Annual difference vs benchmark | 5-year total vs benchmark |
|---|---|---|
| 5.0% | $2,564/yr more | $12,820 over 5 yrs |
| 5.5% | $3,946/yr more | $19,730 over 5 yrs |
| 6.0% | $5,358/yr more | $26,790 over 5 yrs |
| 6.5% | $6,798/yr more | $33,990 over 5 yrs |
Rates below 5% are typically seen with insured mortgages (20% or less down payment), borrowers with excellent credit who have negotiated aggressively, or broker-channel mortgages from monoline lenders. This range is below the typical uninsured bank average.
A renewal offer in the Under 5% range is above the bank average for Quebec borrowers. This warrants action before signing:
A Under 5% rate is above the insured benchmark, partially within bank average range the current Bank of Canada benchmark of 4.04%. Rates in this range are above the bank average for Quebec borrowers and are worth reviewing before signing. This is for informational purposes. Verify current rates with the Bank of Canada and your lender.
Canadian mortgage renewal rates are primarily set at the national level, not by province. The Bank of Canada insured 5-year fixed average is approximately 4.04% and the uninsured average is approximately 4.29%. Quebec borrowers see rates across this same spectrum depending on their mortgage type, credit profile, and whether they have negotiated.
Compare the offer against the current Bank of Canada benchmark using FairRate, then get a competing quote from a mortgage broker. Call your lender's retention team with both data points. At the Under 5% level, you are likely above the bank average, which means there is meaningful room to negotiate.