Canadian Mortgage Rate History
The Bank of Canada raised rates to 5% in 2023, then cut nine times. Here's what that actually looked like — and where things stand now.
2.25%
BoC Overnight Rate
Held since Sep 2025
4.45%
Prime Rate
All major banks
3.89%
Best 5yr Fixed
As of Apr 9, 2026
Rate History
Updated April 9, 2026
Key Rate Events
The rate cycle in context
Canadian mortgage rates went on an unprecedented journey between 2022 and 2026. The Bank of Canada raised its overnight rate from 0.25% to 5.0% in 18 months — the fastest tightening cycle in Canadian history — to combat inflation that peaked above 8%.
Starting in June 2024, the BoC cut rates nine consecutive times, bringing the overnight rate from 5.0% to 2.25% by October 2025. Fixed mortgage rates followed bond yields lower, dropping from nearly 6% to around 3.89% today.
Since September 2025, the BoC has held at 2.25%, pausing as it monitors global trade tensions and whether inflation remains near its 2% target. Fixed rates have ticked upward slightly in early 2026 as bond yields rise on global uncertainty.
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