1-Year fixed broker floor: 4.54% · 1-Year variable broker floor: 3.60% · Stress test qualifying rate: 6.54%. Compare by credit tier and province.
Paid report options after the free check: Rate Fairness Report CA$24 · Full Renewal Decision Report CA$49. No broker calls. No data sold.
A 1-year fixed term provides maximum flexibility. Borrowers who expect rates to fall within 12 months or who anticipate selling, refinancing, or having major life changes in the near term benefit most from the shorter lock-in period.
Typical borrower profile: Typical 1-year fixed borrowers include those expecting rate declines, sellers within 12 months, or borrowers waiting to qualify for a larger mortgage. The break penalty is the smallest of any fixed term.
Rate context: 1-year fixed rates currently sit approximately +0.50% versus the 5-year fixed broker floor. Shorter terms can carry a premium when the market prices in future rate declines or when lenders price renewal risk into the shorter commitment.
Tradeoff vs 5-year fixed: Choosing 1-year over 5-year means renewing five times in a decade versus twice. Each renewal is an opportunity to benefit from lower rates — or a risk of higher rates. The net outcome depends on the rate path, which is impossible to predict with certainty.
| Credit tier | Fixed broker floor | Fixed bank avg | Variable broker floor | Variable bank avg |
|---|---|---|---|---|
| Excellent (750+) | 4.54% | 4.79% | 3.60% | 4.00% |
| Good (680–749) | 4.79% | 5.04% | 3.85% | 4.25% |
| Fair (620–679) | 5.29% | 5.54% | 4.35% | 4.75% |
| Poor (below 620) | 6.04% | 6.29% | 5.10% | 5.50% |
Select fixed or variable to see detailed rate pages for every credit tier, intent, and province.
Mortgage rates are set nationally by lenders — the benchmark rate is the same across provinces for the same credit profile. However, provincial rules affect closing costs (land transfer tax), FTHB rebate eligibility, and the regulatory bodies that govern mortgage brokers. Select a province to see the full scenario-specific page.
The 1-Year fixed mortgage broker floor is approximately 4.54% and the bank average is approximately 4.79%, based on Bank of Canada benchmark data. These are reference rates — actual lender offers vary by credit profile and insured status.
The 1-Year variable mortgage broker floor is approximately 3.60% (prime minus 0.85%) and the bank average is approximately 4.00% (prime minus 0.45%), with prime at 4.45%.
The stress test qualifying rate for a 1-Year fixed mortgage at 4.54% is 6.54% (contract rate + 2%, minimum 5.25%). This qualifying rate determines your maximum mortgage amount.
Choosing 1-year over 5-year means renewing five times in a decade versus twice. Each renewal is an opportunity to benefit from lower rates — or a risk of higher rates. The net outcome depends on the rate path, which is impossible to predict with certainty.