Canada Mortgage Rates Today: 4.09% Fixed vs. 3.30% Variable

Canada's lowest advertised five-year fixed mortgage rate is 4.09%, while the lowest variable rate is 3.30%, making fixed-rate borrowers pay about C$211 more monthly on a C$500,000 mortgage. Fixed rates are influenced by government bond yields, not the central bank's overnight rate, which stabilizes variable rates. Many borrowers face higher payments at renewal, with some risk concentrated in areas like Toronto. Variable rates offer lower initial payments but carry rate increase risks; fixed rates provide payment certainty.