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20% or more avoids CMHC mortgage default insurance.
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Fixed vs. variable vs. shorter term — the honest version
A 5-year fixed is the default Canadian mortgage for a reason: your payment never changes for five years. You pay a premium for that certainty — fixed rates almost always sit above variable at any given moment — but you can budget to the dollar and sleep through Bank of Canada announcements.
A 5-year variable usually starts lower (right now roughly three-quarters of a point below the best fixed). Over long stretches, variable borrowers have historically paid less total interest — but "historically" is doing heavy lifting there. When rates rise, your payment climbs or more of it goes to interest, and the discount you were promised can evaporate. Variable suits borrowers with cash-flow room and a strong stomach.
A 3-year fixed is the middle path: a shorter commitment at a rate that currently sits below the 5-year fixed. It makes sense when you believe rates will be lower at your next renewal — you get to re-shop sooner. The risk is the obvious one: if rates are higher in three years, you'll wish you'd locked in longer.
The comparison above uses the lowest currently tracked rates, 25-year amortization, and Canadian semi-annual compounding. Your actual offer depends on credit score, down payment size, property type, and whether the mortgage is insured — treat these as a starting point, then confirm with a licensed agent using the form above.
Common questions
Should I choose a fixed or variable mortgage rate in Canada?
Fixed rates lock your payment for the whole term. Variable rates usually start lower and have historically cost less over long periods, but can rise with the Bank of Canada's policy rate. Choose fixed for certainty, variable if you can absorb payment changes.
Is a 3-year fixed better than a 5-year fixed?
A 3-year fixed lets you re-shop sooner — useful if you expect rates to fall. A 5-year fixed protects you longer if rates rise. If the rate gap between them is small, the 5-year's certainty is usually worth it.
How are the comparison rates sourced?
They are the lowest rates in our weekly survey, updated every Monday from published lender rates — currently the October 5, 2026 update. They are best-available quotes, not averages; your offer depends on credit, down payment, and property.
Does this include mortgage insurance or taxes?
No — principal and interest only, using Canadian semi-annual compounding. Insurance, property tax, home insurance, and closing costs are separate.