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!Mortgage Rate History Hero Image
If you are like many Canadians who purchase a home based on a 25-year amortization period, you will find yourself renewing your mortgage rate many times, especially if you choose the 5-year fixed term, which makes up around 40% of all mortgages in Canada according to the Bank of Canada. This makes mortgage rates one of the most important factors to consider home affordability in Canada since homeowners will be impacted when they renew their mortgage rate term.
Historical Average Posted 5-Year Mortgage Rates
The Bank of Canada publishes a weekly series for the chartered banks’ 5-year conventional mortgage rate that starts in 1975; this page averages it from 1975 through 2025. Over this period of time the 5-year fixed mortgage rate has an overall average of 8.57%. This high average mortgage rate is a result of a twenty year period from 1975 to 1995 where the 5-year fixed mortgage rate was mostly above 10%.
!Mortgage Rate History Canada
Highest posted 5-year fixed mortgage rate on record
The highest posted 5-year fixed mortgage rate in the Bank of Canada’s record happened in August 1981, when it reached 21.75%. The overall average for 1981 was also the highest of any year, at 18.38%.
Lowest posted 5-year fixed mortgage rate on record
The lowest posted 5-year fixed mortgage rate in this series was 4.64%, first reached in April 2015 and last seen in mid-2017. The posted rate was flat at 4.79% through all of 2021, then climbed to 6.49% by the end of 2022.
Mortgage rates in Canada
View the mortgage rates around Canada with these pages on specific mortgage rates for each province.
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