Canada Mortgage Renewal Rate Benchmark
What banks actually charged in August 2026
In August 2026, Canada’s chartered banks charged an average 4.58% on uninsured and 4.12% on insured fixed-rate mortgages of 5 years or more (new loans, renewals and refinancings), versus a typical posted 5-year rate of 6.09% that month: 1.51 to 1.97 percentage points below posted. The typical posted 5-year rate was 6.19% on November 4, 2026.
Data as of August 2026; source: Bank of Canada, “Interest rates charged for new and existing lending by chartered banks” (funds advanced, residential mortgages, series V122667780 insured and V122667786 uninsured for 5 years and over) and “Interest rates posted for selected products by the major chartered banks” (V80691335). Bank of Canada policy rate: 2.50% (as of November 9, 2026).
Average rate charged vs posted rate, by term (August 2026)
Weighted-average rate on residential mortgage funds advanced by chartered banks during the month. Posted column is the monthly average of the Bank of Canada’s weekly typical posted rate. Gap = average charged minus posted.
| Term | Avg charged, insured | Avg charged, uninsured | Posted comparator | Gap (insured / uninsured) |
|---|---|---|---|---|
| Fixed, 5 years and over | 4.12% | 4.58% | 6.09% · Posted 5-year | −1.97 pts / −1.51 pts |
| Fixed, 3 to under 5 years | 4.02% | 4.13% | 6.05% · Posted 3-year | −2.03 pts / −1.92 pts |
| Fixed, 1 to under 3 years | 4.94% | 5.31% | 5.49% · Posted 1-year | −0.55 pts / −0.18 pts |
| Fixed, under 1 year | 7.52% | 7.38% | No posted equivalent | — |
| Variable rate | 3.74% | 3.90% | 4.45% · Prime rate (reference) | −0.71 pts / −0.55 pts |
Posted comparators are the closest Bank of Canada posted series, not exact matches: the 1-year posted rate is set beside the 1-to-under-3-year band and the 3-year posted rate beside the 3-to-under-5-year band. The prime rate is shown as a reference for variable-rate mortgages, which are usually priced relative to prime. The Bank of Canada publishes no posted rate for terms under 1 year. Latest weekly posted rates (November 4, 2026): 1-year 5.49%, 3-year 6.05%, 5-year 6.19%, prime 4.70%.
24-month trend: 5-year+ fixed, charged vs posted
September 2024 to August 2026. The gap between the posted rate and what borrowers actually paid is the room a renewal offer can be negotiated within.
Show the monthly values
| Month | Insured 5y+ | Uninsured 5y+ | Posted 5-year (avg) |
|---|---|---|---|
| August 2026 | 4.12% | 4.58% | 6.09% |
| July 2026 | 4.05% | 4.49% | 6.09% |
| June 2026 | 4.01% | 4.35% | 6.09% |
| May 2026 | 3.96% | 4.30% | 6.09% |
| April 2026 | 3.95% | 4.17% | 6.09% |
| March 2026 | 3.96% | 4.22% | 6.09% |
| February 2026 | 3.89% | 4.31% | 6.09% |
| January 2026 | 3.94% | 4.33% | 6.09% |
| December 2025 | 3.97% | 4.31% | 6.09% |
| November 2025 | 3.94% | 4.26% | 6.09% |
| October 2025 | 3.97% | 4.40% | 6.09% |
| September 2025 | 4.05% | 4.37% | 6.09% |
| August 2025 | 3.99% | 4.31% | 6.09% |
| July 2025 | 3.95% | 4.27% | 6.09% |
| June 2025 | 3.92% | 4.25% | 6.09% |
| May 2025 | 3.92% | 4.24% | 6.19% |
| April 2025 | 3.98% | 4.30% | 6.49% |
| March 2025 | 4.13% | 4.52% | 6.49% |
| February 2025 | 4.25% | 4.61% | 6.49% |
| January 2025 | 4.29% | 4.59% | 6.49% |
| December 2024 | 4.21% | 4.61% | 6.49% |
| November 2024 | 4.28% | 4.68% | 6.49% |
| October 2024 | 4.39% | 4.82% | 6.49% |
| September 2024 | 4.52% | 4.93% | 6.59% |
How to use this against your renewal offer
- Find the row for your offer’s term and whether your mortgage is insured (default insurance, usually because the original down payment was under 20%). A 5-year fixed offer belongs in the “5 years and over” row.
- Put your offered rate beside the average charged. In August 2026, banks charged an average 4.58% on uninsured 5-year-plus fixed mortgages. An offer close to the posted rate (6.09%) sits well above what banks typically charged that month.
- Remember this is last published month’s average across all borrowers, not a quote for you. Rates move, and your credit, equity, property and timing matter.
- Run your written offer through FairRate’s free checker for a same-term comparison with current market context and an estimate of the payment difference, then ask your lender to match or explain the gap in writing.
Bank of Canada rate decisions and your renewal
The policy rate moves variable and prime-linked rates directly; fixed renewal rates follow bond yields and lender pricing, so they can move before or after a decision. What the October 28, 2026 decision means for a renewal offer. Next scheduled announcement: December 9, 2026, 09:45 ET.
The Bank of Canada raised rates on October 28, 2026: what it means for your mortgage renewal
Methodology and caveats
- What is measured. Banks report the weighted-average interest rate on all new residential mortgage funds advanced to individuals during the month, booked in Canada in Canadian dollars. Under the OSFI reporting instructions, new funds advanced include mortgage renewals and refinancing, so each figure is a blend of new purchases, renewals and refinancings. The Bank of Canada does not publish a renewal-only rate.
- Averages across borrowers. Rates are weighted by dollars advanced, so larger loans count for more. Individual borrowers paid more or less than the average; your offer depends on your own credit, equity, property and timing.
- Insured vs uninsured. Insured mortgages carry default insurance (CMHC or a private insurer) and usually price lower than uninsured ones. Compare your offer with the row that matches your mortgage.
- Chartered banks only. The Bank of Canada table covers chartered banks. Credit unions, caisses populaires and most non-bank lenders are not included.
- Term bands. Loans are grouped by the term agreed at origination; a renewal is reclassified to its new term. Hybrid mortgages with a variable component are counted as variable. For loans whose rate changes, the month-end rate is reported.
- Posted rates. The posted rate is the Bank of Canada’s weekly (Wednesday) “most typical” rate posted by the six major chartered banks. FairRate averages the weekly values within each month. Posted rates are list prices and are not what most borrowers pay.
- Timing. The Bank of Canada typically publishes this table within the third week of the month, about two months after the month it describes. This page re-reads the data daily and keeps a stored copy in case the source is unavailable.
- FairRate Canada is not a lender, mortgage broker or financial adviser. This benchmark is educational context, not a rate quote, approval or recommendation.
Sources, attribution and how to cite
Source: Bank of Canada, Interest rates charged for new and existing lending by chartered banks (series V122667776–V122667786, funds advanced) and interest rates posted by the major chartered banks (V80691333, V80691334, V80691335, V80691311), retrieved through the Valet API. The same lending series are published by Statistics Canada, Table 10-10-0006-01. Definitions: OSFI Report on New and Existing Lending (A4).
Changes made: FairRate Canada calculated the monthly posted averages and the gaps shown; the Bank of Canada values are otherwise unchanged. Used under the Bank of Canada terms of use. The Bank of Canada does not endorse FairRate Canada or this page.
Suggested citation: “FairRate Canada, Canada Mortgage Renewal Rate Benchmark (August 2026 data), using Bank of Canada data, https://www.fairratecanada.ca/mortgage-renewal-rate-benchmark.” Machine-readable values: https://www.fairratecanada.ca/api/ca/rate-benchmark. Publishers can also embed the benchmark badge.
Values read from the Bank of Canada Valet API · retrieved November 12, 2026.
FairRate Canada is an independent educational comparison and reporting product — not a lender, mortgage broker, mortgage agent, law firm, financial advisor, or mortgage underwriter. FairRate does not arrange mortgages, take applications, or approve credit. If you choose to be introduced to a mortgage broker, FairRate may earn a referral fee; we’ll always ask first, and your result never depends on it. The current benchmark-backed checker and paid benchmark reports support Canadian 3-year fixed and 5-year fixed renewal offers and use fresh public same-term fixed comparison context when a usable source is available. Variable-rate and unsupported terms should not be compared against these fixed-term references. Broader Bank of Canada data may be used for contextual purposes. Results are not a lender quote, approval, qualification result, personalized advice, or guarantee of a lower rate or savings. Verify current rates, eligibility, fees, penalties, product terms, and switching costs with the relevant lender and, where appropriate, a licensed mortgage professional or other qualified advisor.