Today's Best Mortgage Rates

***** Mortgage Rates Last Changed - September 11th 2025 *****

Today's Prime Lending Rate	4.95%	Next Bank of Canada Meeting - September 17th 2025
Variable Rates: *
Home Equity Line of Credit	P + .25% (5.20% today)	No Change
5 Year Closed - 25 year amortization Purchases	P - .75% (4.20% today)	No Change
5 Year Closed - 30 year amortization Refinances	P - .50% (4.45% today)	No Change
Residential Owner Occupied Fixed Mortgage Rates: **
1 Year Closed	5.49%	No Change
2 Year Closed	4.79%	No Change
3 Year Closed	4.44%	No Change
4 Year Closed	439%	No Change
5 Year Closed - Refinances	4.54%	No Change
5 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	3.99%	.10% Increase
7 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	5.14%	.05% Increase
10 Year Closed - CMHC/Sagen insured purchases and renewals/transfers	5.24%	.15% Increase



Federal Government / Bank of Canada Qualifying Rate or contract rate plus 2% (the higher)

*Interest rate is compounded monthly, not in advance. Variable rate mortgages offers you a low variable interest rate based on the prime rate over a 5-year fixed term. The prime lending rate represents a variable rate of interest announced by the lender from time to time as its Prime Lending Rate. Rates subject to change without notice.
**The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees, such as legals costs and/or appraisal costs, which would increase your APR. Rates subject to change without notice.

Bank of Canada – July 30th, 2025 Meeting Update

The Bank of Canada held its policy rate at 2.75% during its July 30 meeting, maintaining the Bank Rate at 3.00% and the deposit rate at 2.70%. This marks the third consecutive hold following a total of 2.25% in rate cuts since June 2024.

Inflation has cooled, with headline CPI at 1.9% in June, nearing the Bank’s 2% target. However, core inflation (excluding indirect taxes) remains sticky around 2.5%, keeping the Bank cautious.

Meanwhile, the Canadian economy contracted by an estimated 1.5% in Q2, driven by a drop in exports and weakening domestic demand. The labour market has also softened, with unemployment rising to 6.9% in June—the highest level in several years.

Trade policy uncertainty continues to cloud the outlook, with the Bank highlighting three possible scenarios in its Monetary Policy Report: a baseline (status quo), escalation (further U.S. tariffs), and de-escalation (relief on trade pressure). The Bank did not provide a traditional base-case forecast, citing high uncertainty.

Governor Tiff Macklem noted that the Bank stands ready to cut rates further if growth remains sluggish and inflation stays within target. Many economists now expect at least two more rate cuts before the end of 2025, potentially bringing the rate down to 2.50% or lower.

For mortgage borrowers:

Variable-rate holders tied to prime (~4.95%) will see no change for now.
Fixed-rate borrowers may benefit if bond yields decline and rate cuts resume.
The mortgage stress test remains in place, requiring borrowers to qualify at 2% above the contract rate—meaning approvals are still based on rates around 6.44% or higher in many cases.

The next Bank of Canada rate decision is scheduled for September 17, 2025. The Bank has reaffirmed its data-dependent approach, closely watching inflation, economic growth, and trade developments.