7-Year fixed broker floor: 4.24% · 7-Year variable broker floor: 3.60% · Stress test qualifying rate: 6.24%. 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 7-year fixed term provides extended rate certainty beyond the typical 5-year cycle. It suits borrowers who are very rate-averse and want to avoid a renewal during a potential future rate spike.
Typical borrower profile: 7-year fixed borrowers typically include those on fixed incomes, retirees, or borrowers who are highly sensitive to payment changes and prefer to plan over a longer horizon.
Rate context: 7-year fixed rates carry a premium over 5-year rates — currently approximately +0.20% above the 5-year fixed broker floor. Lenders charge more for longer commitment periods.
Tradeoff vs 5-year fixed: A 7-year term provides two additional years of rate protection versus a 5-year term at a higher initial rate. IRD penalties for breaking a 7-year fixed early can be very substantial, particularly in a rate-decline environment.
| Credit tier | Fixed broker floor | Fixed bank avg | Variable broker floor | Variable bank avg |
|---|---|---|---|---|
| Excellent (750+) | 4.24% | 4.49% | 3.60% | 4.00% |
| Good (680–749) | 4.49% | 4.74% | 3.85% | 4.25% |
| Fair (620–679) | 4.99% | 5.24% | 4.35% | 4.75% |
| Poor (below 620) | 5.74% | 5.99% | 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 7-Year fixed mortgage broker floor is approximately 4.24% and the bank average is approximately 4.49%, based on Bank of Canada benchmark data. These are reference rates — actual lender offers vary by credit profile and insured status.
The 7-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 7-Year fixed mortgage at 4.24% is 6.24% (contract rate + 2%, minimum 5.25%). This qualifying rate determines your maximum mortgage amount.
A 7-year term provides two additional years of rate protection versus a 5-year term at a higher initial rate. IRD penalties for breaking a 7-year fixed early can be very substantial, particularly in a rate-decline environment.