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Best Mortgage Rates in Ontario — February 2026

We compare 50+ lenders daily to surface Ontario's lowest rates. Our service is 100% free to borrowers.

Bank of Canada Prime Rate
4.45%
Held January 28, 2026 (2nd consecutive pause) · Next decision: March 12, 2026
→
Down 275 bps from peak of 5.00%
BoC on hold · Watching inflation & trade uncertainty
Rates updated: February 18, 2026 · These are our lowest available rates. Your rate may vary based on credit, down payment, and property type.
Term Rate Type Monthly Payment* Details
5-Year Fixed
BEST RATE		 3.69% Fixed · Insured $3,565/mo ($700K, 25yr) Prepayment: 20/20 · Portable Get This Rate
3-Year Fixed
POPULAR		 3.59% Fixed · Insured $3,530/mo Prepayment: 20/20 · Portable Get Rate
2-Year Fixed 3.74% Fixed · Insured $3,573/mo Prepayment: 15/15 · Portable Get Rate
1-Year Fixed 3.94% Fixed · Insured $3,634/mo Prepayment: 15/15 Get Rate
5-Year Variable
LOWEST		 P − 1.10%
= 3.35%		 Variable · Insured $3,420/mo (initial) Adjusts with prime rate Get Rate
3-Year Variable P − 0.61%
= 3.84%		 Variable · Insured $3,573/mo (initial) Adjusts with prime rate Get Rate

*Monthly payment based on $700,000 mortgage, 25-year amortization, Canadian semi-annual compounding. Rates for insured purchases (less than 20% down). OAC. Rates subject to change without notice.

What's Driving Ontario Mortgage Rates in 2026?

After a rapid rate hike cycle (2022–2023) followed by 9 cuts since June 2024, the Bank of Canada is now in a holding pattern. Here's the context for today's rates:

  • Bank of Canada rate: Now at 2.25% (overnight) / prime 4.45%, held January 28, 2026 — the second consecutive pause. The BoC is monitoring global trade uncertainty and inflation before resuming cuts.
  • 5-year bond yields: Canada 5-year government bond sits near 2.60–2.80%, giving lenders room to price 5-year fixed mortgages at 3.69%–3.84%.
  • Stress test: Still required at contract rate + 2% (minimum 5.25%). No changes announced for 2026.
  • CMHC limit change: Maximum insured purchase price raised to $1,499,999 effective December 2024. More buyers qualify for lower insured rates.
  • 30-year amortization: Available for first-time buyers and new construction since August 2024 — increasing affordability for eligible buyers.

Why Broker Rates Beat Bank Rates

Big 5 Bank Posted
5.39%
5-Year Fixed
Limited to their own products. Negotiation possible but rarely beyond 0.5%.
Big 5 Bank Discounted
4.09–4.39%
5-Year Fixed
Better than posted, but still not the best. Only applies to their one product lineup.
Mortgage Wave (Broker)
3.69–3.84%
5-Year Fixed
We shop 50+ lenders — monoline, credit union, and bank wholesale rates. Best of the market, free to you.
Private Lenders
7.99–11.99%
All Terms
For those who don't qualify at A-lenders. Higher rates, lower qualification standards. Short-term solution.

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Mortgage Rate FAQs

Common questions about Ontario mortgage rates in 2026.

As of February 2026, the best available 5-year fixed rate for insured purchases (under 20% down) is 3.69%. For uninsured (20%+ down), the best 5-year fixed is 3.84%. Variable rate borrowers can access P−1.10% = 3.35%. The actual rate you're offered depends on your credit score, income, property type, and down payment percentage. Contact us for a personalized quote.
When your down payment is less than 20%, your mortgage requires CMHC (or Sagen/Canada Guaranty) default insurance. This insurance protects lenders against default, so they're willing to offer lower rates. Paradoxically, buying with under 20% down often gives you access to better rates — though you pay the CMHC premium (0.60–4.00% of the mortgage, added to the loan).
After 9 rate cuts since June 2024 that brought the overnight rate from 5.00% to 2.25%, the Bank of Canada held on January 28, 2026 — the second consecutive pause. The BoC is assessing global trade uncertainty and inflation data before deciding on further moves. Fixed rates follow bond yields (currently 2.60–2.80%) — if the economy slows or yields fall further, fixed rates could edge lower. Nobody can predict rates with certainty. A mortgage broker can help you choose a term that fits your outlook.
A 1-year fixed at 3.94% makes sense if you believe rates will drop significantly in the next 12 months and you want to lock in again at a lower rate. However, it comes with renewal risk — you'll need to refinance in a year, potentially at higher rates if the market moves unexpectedly. It's also typically not portable. Most clients in 2026 are choosing 3-year fixed to balance between flexibility and stability.
If you stay with your existing lender at renewal, no stress test is required. However, if you switch to a different lender at renewal (even with the same or smaller mortgage amount), you technically need to qualify — but the rules have been relaxed for straight switches without additional borrowing. In practice, most lenders will accept you if your mortgage is in good standing. Contact us — switching at renewal is often the best way to get a better rate.

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