Financing · Rates · September 2026
This month's rates, dated, with the payment they produce and the only question that matters: fixed or variable, for you, now.
As of September 4, 2026, the typical five-year fixed rate at the major lenders is 4.24%, the best insured five-year fixed is 4.09%, the average variable is 4.16% (prime 4.45% minus a discount), and the best renewals negotiate between 3.84% and 4.19% fixed, from 3.45% variable on an insured loan. The Bank of Canada held its policy rate at 2.25% on September 2, after the 2025 cuts; the next decision is October 28. On a $400,000 loan amortized over 25 years, the monthly payment is about $2,156 at 4.24%, $2,124 at 4.09% and $1,987 at 3.45%. Fixed rates follow five-year Government of Canada bonds, not the policy rate: a Bank cut does not mechanically lower the fixed. The stress test is at the contract rate plus 2% (6.24% on a 4.24% contract) or 5.25% if higher.
| Product | Rate | Payment on $400,000 (25 years) | Note |
|---|---|---|---|
| 5-year fixed, major lenders (typical) | 4.24% | $2,156 | Negotiated rate, not posted |
| 5-year fixed, best insured | 4.09% | $2,124 | CMHC-insured loan, through a broker |
| 5-year fixed, renewal | 3.84% to 4.19% | $2,070 to $2,145 | By lender, insured or not |
| 5-year variable, average | 4.16% | $2,139 | Prime 4.45% minus discount |
| Variable, best insured | 3.45% | $1,987 | Prime minus 1.00% |
| Stress-test rate | 6.24% (4.24% contract + 2%) | $2,617 (qualification only) | Minimum 5.25% |
| Bank of Canada policy rate | 2.25% | Held September 2; next decision October 28 |
Rates collected on September 4, 2026 from comparison sites and lenders; they change weekly and vary by amount, down payment, term and lender. Illustrative payments, semi-annual compounding.
The variable rate follows the banks' prime rate, which follows the policy rate: each Bank of Canada decision (eight a year) shows up the next day. The fixed rate follows the yield on five-year Government of Canada bonds, which prices in inflation and future decisions: it can rise while the Bank cuts, and the reverse. In September 2026 the market is not pricing an imminent cut; economists' 2027 forecasts are on mortgage rate forecasts 2027 (French) and policy rate 2027 (French).
With an insured variable at 3.45% and a fixed at 4.09%, the 0.64-point gap is worth about $137 a month on $400,000: the variable wins if the Bank cuts or holds, loses if it raises by more than 0.75 point within the term. The full math, with three scenarios, is on fixed or variable: the math. A three-year fixed is the common compromise for those who want to reposition in 2029 without a differential penalty.
Around 4.24% on a typical five-year fixed, 4.09% at best on an insured loan, 4.16% on an average variable; policy rate at 2.25%.
The Bank of Canada held 2.25% on September 2; the next decision is October 28. Fixed rates depend on bonds, which are not pricing a marked cut in the short term.
The contract rate plus 2%, so 6.24% on a 4.24% fixed, or 5.25% if that is higher.
Banks' posted rates are 1 to 2 points higher; the negotiated rate, through a broker or good negotiation, is the one in the table. The posted rate is also used to compute the differential penalty.
To run your own numbers: the commission calculator, our fees and the mortgage calculator. French versions are linked below.
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 221 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.