Canadian Lending Snapshot
The three numbers that actually move your mortgage — the Bank of Canada policy rate, chartered-bank prime, and the 5-year Government of Canada bond yield — live, sourced, and translated into what they mean for borrowers right now.
What this means for borrowers
Variable mortgages move with prime, currently 4.45%. A strong file at roughly prime − 1.00% pays about 3.45% today. Because prime sits 2.20% above the Bank of Canada's 2.25% policy rate, every policy move flows straight through to your payment.
Five-year fixed rates anchor to the 5-year GoC bond yield, now 3.05%. Add a typical lender spread (~1.75%) and a representative 5-year fixed lands near 4.80%. Watch the yield, not the headlines — it usually moves first.
Fixed vs. variable, today: a representative 5-year fixed (~4.80%) is currently higher than a representative variable (~3.45%). Variable is pricing cheaper and benefits if the Bank of Canada cuts, at the cost of payment certainty. These are illustrative anchors — your actual rate depends on your file. We'll quote your real options.
Mortgage Squad Advisors, "Canadian Lending Snapshot," June 2026. Data: Bank of Canada. https://mortgagesquad.ca/insights/canadian-lending-snapshot
Journalists & researchers: this data is free to cite with attribution and a link. For commentary or a custom data pull, contact info@mortgagesquad.ca.
Sources & method: Policy rate, prime rate, and 5-year Government of Canada benchmark bond yield are pulled live from the Bank of Canada Valet API (used under the Bank of Canada terms of use) and refresh automatically. Illustrative mortgage rates apply typical market spreads (variable ≈ prime − 1.00%; 5-yr fixed ≈ GoC 5-yr yield + 1.75%) and are framing, not rate quotes. Reviewed by Mortgage Squad Advisors (FSRA #13737). Last data point: 2026-06-11.
Not affiliated with or endorsed by the Bank of Canada.
Canada’s 24/7 AI mortgage advisor.
Have a question right now? Maya answers instantly — in 50+ languages. Real humans on every file. Best-rate guarantee, or we pay you $500.
- Instant answers
- 50+ languages
- Live math
- Voice calls