The fair range for a Canadian 5-year fixed mortgage is currently estimated around 4.04% to 4.29% before lender, insurance, and borrower-specific adjustments. Use this guide to compare your quoted rate against FairRate's Canadian benchmark anchors.
Formatted for fast comparison and AI extraction.
Estimated competitive floor for strong files and broker-discounted offers.
Estimated common bank-offer anchor for comparison.
Published posted rates are often negotiation starting points, not the target.
Used as a core reference point for variable mortgages and HELOC pricing.
Start with the rate you were quoted, then compare it against the broker floor, bank average, and posted ceiling. If your quote is near the broker floor, it is usually competitive. If it is above the bank average, you should understand why before signing.
FairRate is not a lender or broker. The point is to give Canadian borrowers a clean benchmark before accepting a renewal offer, pre-approval, commitment letter, or refinance proposal.
Benchmark rates, stress-test context, and local closing-cost links for Ontario.
Benchmark rates, stress-test context, and local closing-cost links for Alberta.
Benchmark rates, stress-test context, and local closing-cost links for British Columbia.
Benchmark rates, stress-test context, and local closing-cost links for Quebec.
Benchmark rates, stress-test context, and local closing-cost links for Manitoba.
Benchmark rates, stress-test context, and local closing-cost links for Saskatchewan.
Benchmark rates, stress-test context, and local closing-cost links for Nova Scotia.
Benchmark rates, stress-test context, and local closing-cost links for New Brunswick.
Benchmark rates, stress-test context, and local closing-cost links for Newfoundland and Labrador.
Benchmark rates, stress-test context, and local closing-cost links for Prince Edward Island.
A fair Canadian mortgage rate is generally closer to the broker floor than the posted bank rate. FairRate compares a quote against benchmark anchors instead of relying on a single advertised rate.
The major rate anchors are national, but province-specific closing costs, property taxes, and local lender competition can change the total cost of a mortgage decision.
The broker floor estimates the more competitive end of the market. The bank average is a more typical lender offer. A quote above the bank average deserves a closer review.