As of September 13, 2026, the Bank of Canada policy rate is 2.25%, unchanged since the cut of October 30, 2025, a seventh consecutive hold confirmed on September 2. The big banks' prime rate stands at 4.45%. On the mortgage side, the best insured 5-year fixed rate on the market is 4.09% and the best 5-year variable is about 3.35%, a gap of roughly 70 basis points in favour of the variable. Unusually, short terms sit below the 5-year: 3.94% on a 3-year fixed and 3.89% on a 2-year. The posted conventional 5-year rate published by the Bank of Canada remains at 6.09%, frozen since January 7, 2026: the two-point gap with the rate borrowers actually obtain is the exact measure of what negotiation is worth. If your term renews within six months, remember most lenders will hold a rate for 90 to 120 days. The next announcement lands on October 28, 2026 with the Monetary Policy Report, and the summary of deliberations for the September 2 decision is published on September 16.
Policy rate at 2.25%: the long pause
The Bank of Canada has held its policy rate at 2.25% since its October 2025 cut: seven consecutive announcements without a change, the latest on September 2, 2026. The summary of deliberations for that decision is published on September 16, 2026. It is the longest stretch of stability in the cycle, and it gives the housing market a predictable floor.
The big banks' prime rate (RBC, TD, BMO, Scotiabank, CIBC, NBC) follows at 4.45%: it is the base for variable-rate mortgages and home equity lines of credit.
Mortgage rates as of September 13, 2026
Ratehub reading of September 11, 2026, best rates offered in Canada:
- 5-year fixed: the best insured rate is 4.09%. Your actual range depends on your profile, down payment and whether the loan is insured.
- 5-year variable: from about 3.35% for the strongest insured files.
- 3-year fixed: 3.94%. 2-year fixed: 3.89%. Both sit below the 5-year fixed, which is not the usual situation and deserves to be put on the table with your lender.
The number almost nobody looks at
Every week the Bank of Canada publishes the posted conventional 5-year rate of the chartered banks. It stands at 6.09% and has not moved since January 7, 2026. In other words, the window rate has been frozen for eight months while the rate actually granted is negotiated two points lower. It is the best numerical proof that a posted rate means nothing, and that everything is decided on the file.
What will move fixed rates
Fixed rates do not follow the policy rate, they follow the Government of Canada 5-year bond yield, which has climbed back to around 3.65%. When that yield rises, fixed rates rise in the following weeks, even if the Bank of Canada stands still. It is the indicator to watch if you are hesitating to lock in.
A useful reminder for your calculations: the stress test makes you qualify at the higher of 5.25% or your contract rate plus 2 points. At 4.09%, you are therefore tested at 6.09%, not at 4.09%.
The roughly 70-basis-point gap in favour of the variable remains the story of the fall. Our French guide taux fixe ou variable breaks down how to choose; the same logic applies in English with your broker.
Next announcement: October 28, 2026
The Bank of Canada held its policy rate at 2.25% on September 2, 2026, a seventh consecutive hold. Its next decision comes on Wednesday, October 28, 2026 at 9:45 a.m. ET, together with the Monetary Policy Report. A hold would extend the status quo; any move passes through to prime, variable rates and credit lines the same day. This page is updated after every announcement: come back, or ask us for the current picture.
If your term matures within the next 6 months, do not just absorb the announcement: most lenders will hold a rate for 90 to 120 days. Our renewal guide (FR) details the manoeuvre.
What these rates change for your project
Buyers: a fixed rate of 4.09% on a $500,000 loan means roughly $2,657 per month over 25 years; every 25-basis-point move shifts the payment by about $70 per month. A pre-approval locks your rate while you shop.
Sellers: ten months of stable rates have brought qualified buyers back to the market, which the second-quarter numbers confirm. A market with predictable rates is a market where accepted offers actually close.
Negotiating your rate: the 0.8-point gap is real
The spread between a big bank's posted rate and the best market rate often exceeds 0.8 percentage points for the same borrower. The levers: make lenders compete (mortgage broker or multiple quotes), tend to your credit score, and negotiate the loan's features, prepayment privileges and portability, not just the headline rate. Our team works with English-speaking clients across the South Shore and Montreal every week.
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Frequently asked questions
What are current mortgage rates in Quebec?
As of September 13, 2026, the best insured 5-year fixed rate is 4.09% and the best 5-year variable about 3.35%, according to the Ratehub reading of September 11. Short terms are lower: 3.94% on 3 years and 3.89% on 2 years. The policy rate is 2.25% and prime is 4.45%. The posted conventional 5-year rate published by the Bank of Canada remains at 6.09%, unchanged since January 7, 2026. These numbers move: the next Bank of Canada announcement is October 28, 2026.
When is the next Bank of Canada rate announcement?
Wednesday, October 28, 2026 at 9:45 a.m. Eastern, with the Monetary Policy Report. The policy rate has been at 2.25% since October 2025, with seven consecutive holds, the latest on September 2, 2026. Any change passes through immediately to the banks' prime rate, and therefore to variable mortgages and home equity lines of credit.
Will mortgage rates go down in 2026?
Nobody knows for certain, and anyone claiming otherwise is guessing. What is factual: the policy rate has been on hold at 2.25% since October 2025, and the variable-fixed gap sits around 70 basis points in favour of the variable, a sign that markets expect stability rather than hikes. Build your plan on your budget, not on a prediction.
Published on August 16, 2026, updated September 13, 2026, by the Loaa & Manseur team, #1 team at RE/MAX Platine in 2024 and 2025 · Tell us about your project