Rate Update May 28th

Mortgage Rate Update

Government of Canada bond yields have dropped to 2.60%. and 5 year discounted fixed are currently 4.39%. In March when bond yields were this low, 5 year rates were at 3.69%. Could be some room for further declines. Next Tuesday, June 1st, is the next rate announcement from the Bank of Canada so we'll have to wait and see. Earlier this week, the OCED was pressuring Mark Carney to raise interest rates in Canada to bring them back to natural levels, but it is still anybody's guess.

Fixed rate mortgages

3 year 3.75%
5 year 4.19% best discounted
5 year 4.59% standard

Variable rate Mortgages

3 year 1.65% special
5 year 1.75%


Contract qualifying rate
6.10% (applies to variable mortgages and terms of less than 5 years)