Rates · Canada · September 2026
The four numbers that set the Canadian mortgage market this month, the special rate of every major lender read on 13 September, and what negotiating is worth on a $400,000 mortgage.
As of mid-September 2026, the Bank of Canada policy rate is 2.25% (held on 2 September), the posted 5-year conventional rate published by the Bank of Canada is 6.09%, unchanged since 7 January 2026, and the best insured 5-year fixed rate on the Canadian market was 4.09% in the Ratehub survey of 11 September. The big banks' special 5-year fixed offers read on 13 September run from 4.69% (Desjardins, Manulife) to 4.99% (Laurentian), with variables from 3.98% (RBC) to 4.45%; the broker lender Multi-Prêts posted 4.29% on 5 years and 3.50% variable on 14 September. Every borrower is stress-tested at the higher of 5.25% or their contract rate plus 2 points. The next Bank of Canada decision is 28 October 2026. Rates change without notice: the date each figure was read is stated on this page.
| Benchmark | Rate | Date and source |
|---|---|---|
| Bank of Canada policy rate | 2.25% | Decision of 2 September 2026 (held); next decision 28 October 2026 |
| Posted 5-year conventional rate (Bank of Canada) | 6.09% | Unchanged since 7 January 2026 |
| Best insured 5-year fixed on the market | 4.09% | Ratehub survey, 11 September 2026 |
| Stress test | higher of 5.25% or your rate + 2 points | Federal rule, in force |
The posted rate and the rate you sign are not the same number. The 6.09% posted rate exists mostly to calculate penalties and to anchor negotiation; real mortgages are signed between roughly 4.1% and 4.9% in September 2026 depending on the lender, the term, the down payment and the file. Our daily rates page is updated at every Bank of Canada decision, and our rate forecast for 2027 follows what comes next.
| Lender | Posted 5-year | Special 5-year fixed | Variable | Details |
|---|---|---|---|---|
| TD | 6.09% | 4.94% | 4.24% | full grid |
| RBC | 6.09% | 4.89% | 3.98% | full grid |
| BMO | not posted | 4.84% | 4.10% | full grid |
| Desjardins | 6.14% | 4.69% | 4.10% | full grid |
| National Bank | 6.09% | 4.84% | 4.10% | full grid |
| Scotiabank | 6.09% | 4.90% | 5.95% | full grid |
| CIBC | not posted | 4.94% | 4.05% | full grid |
| Laurentian Bank | 6.29% | 4.99% | 4.10% | full grid |
| Manulife Bank | not posted | 4.69% | 4.45% | full grid |
| First National | 5.14% | 4.79% | prime less 0.75 of a point | full grid |
Read on 13 September 2026 on each lender's official site; each line links to the full grid by term, with what sets that lender apart. Two broker lenders complete the picture: Multi-Prêts posted 4.59% on 1 year, 4.09% on 3 years, 4.29% on 5 years, 4.59% on 7 years and a 3.50% variable on 14 September 2026, and First National, the largest non-bank lender, is reachable only through a mortgage broker.
On a $400,000 mortgage amortized over 25 years, the best insured rate of 4.09% gives a payment of about $2,124 a month; Multi-Prêts' 4.29% gives $2,167; the 6.09% posted rate would give $2,581. The gap between the posted rate and the best negotiated rate is $457 a month, $27,421 over a five-year term. That is the exact measure of what a comparison between lenders is worth. Our mortgage calculator redoes the math with your own price, down payment and the insurance premium when it applies.
With the policy rate at 2.25% and big-bank variables between 3.98% and 4.45%, the variable sits below most 5-year fixed specials, but it moves within days of every Bank of Canada decision. Our guide fixed or variable in September 2026 runs the calculation on your amount, and our renewal guide covers the 2021-2022 buyers who renew in 2026-2027 at higher rates.
It depends on the lender and the term. The benchmarks: the Bank of Canada policy rate is 2.25%, the posted 5-year conventional rate is 6.09%, the best insured 5-year fixed rate on the market was 4.09% on 11 September 2026, and the big banks' special 5-year fixed offers read on 13 September run from 4.69% to 4.99%, with variables from 3.98% to 4.45%.
The Bank of Canada held its policy rate at 2.25% on 2 September 2026; the next decision is 28 October 2026. Fixed rates follow bond yields rather than the policy rate. Our 2027 forecast follows every announcement without predicting a number we cannot source.
On 13 September 2026, the lowest big-bank special 5-year fixed rates were Desjardins and Manulife at 4.69% (Manulife 4.39% insured, CIBC 4.59% high ratio), and the lowest big-bank variable was RBC at 3.98%. The best insured rate on the whole market, 4.09%, came from a broker channel. Rates change without notice.
Sources: Bank of Canada (policy rate decision of 2 September 2026; posted 5-year conventional rate), Ratehub survey of 11 September 2026, each lender's official rates page read on 13 September 2026, multi-prets.com read on 14 September 2026. This page is redone at every Bank of Canada decision.
The Loaa & Manseur team, led by Lotfi Manseur and Loaa Al Daow, is the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 of large residential teams according to the official RE/MAX ranking, computed on actual transactions. Its Google profile counts more than 220 reviews with a 4.9 rating. Its offices are at 55 avenue de l'Équinoxe in Brossard, one bridge from the island, and every broker's licence can be checked in the OACIQ public register. Three things to verify yourself before calling us, and to demand of any other broker.
Also available in French: version française de ce guide.
Published September 7, 2026 by the Loaa & Manseur team, the number 1 team at RE/MAX Platine in 2024 and 2025, 6th RE/MAX team in Quebec, 15th in Canada and in the global top 50 according to the official RE/MAX ranking. Tell us about your project.
Équipe no 1 de RE/MAX Platine en 2024 et en 2025, 6e au Québec, 15e au Canada et dans le top 50 mondial au classement officiel RE/MAX. Réponse en moins de 24 heures, sept jours sur sept.