5-Year Fixed Mortgage Rates in Canada as of October 2024
As of October 15, 2024, the 5-year fixed mortgage rates offered by the major Canadian banks are as follows:
| Bank | 5-year fixed mortgage rate |
|---|---|
| Royal Bank of Canada (RBC) | 4.70% |
| The Bank of Nova Scotia (Scotiabank) | 4.70% |
| Toronto-Dominion Bank (TD) | 4.70% |
| Canadian Imperial Bank of Commerce (CIBC) | 4.70% |
| Bank of Montreal (BMO) | 4.70% |
| National Bank of Canada | 4.70% |
These rates are in line with the prime rate in effect in Canada as of this date, which is 4.70% (wowa.ca).
Recent Trends in Mortgage Rates
Over the past few months, 5-year fixed mortgage rates have eased slightly. For example, in March 2025, some major banks reduced their 5-year fixed rates to 3.99% (canadianmortgagetrends.com). This trend is explained by the decline in yields on Canadian government 5-year bonds, which fell from 3.58% in 2024 to 2.86% in June 2025 (performancehypothecaire.ca). Additionally, the Bank of Canada has kept its policy rate at 2.75% since April 16, 2025, while waiting for durable signs of disinflation before considering further cuts (performancehypothecaire.ca).
Tips for Homebuyers
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Compare offers: The rates displayed by banks can vary. It is therefore essential to compare offers from several financial institutions to obtain the best rate possible.
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Consider variable rates: While fixed rates offer stability, variable rates can be more advantageous during periods of falling interest rates. Assess your risk tolerance before making a choice.
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Negotiate the terms: Beyond the interest rate, loan terms (prepayment penalties, accelerated repayment options, etc.) can have a significant impact on the total cost of your mortgage.
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Consult a mortgage broker: A broker can help you navigate the market and find offers that match your financial situation.
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Monitor Bank of Canada announcements: Bank of Canada decisions directly influence mortgage rates. Stay informed of announcements to anticipate rate fluctuations.
In conclusion, although 5-year fixed mortgage rates have eased slightly in 2025, it is crucial for homebuyers to remain vigilant and informed. Comparing offers, negotiating terms, and consulting experts are essential steps to secure financing that suits your needs.
Sources :
- Canada's prime rate history (1935 - October 2025) | WOWA.ca
- Three major banks have lowered their mortgage rates, one of which fixed the five-year rate at 3.99% - CMT News
- The policy rate is not falling, what impact if you wish to renew your mortgage, buy or build? - Performance Hypothécaire
- A wave of mortgage renewals under high pressure - Performance Hypothécaire
