The Bank of Canada has lowered its benchmark rate multiple times since 2024, providing relief to Quebec mortgage borrowers.
Macroeconomic Context
In 2026, the Bank of Canada's benchmark rate sits around 3.25%. Major Canadian banks have adjusted their prime rate accordingly, which directly affects variable mortgage rates.
Fixed Rate Forecasts
5-year fixed rates range from 4.59% to 5.19% depending on the lender. Analysts expect stabilization in this range for the rest of 2026, with a slight downward trend if inflation continues to moderate.
Variable vs Fixed Rates in 2026
The gap between variable and 5-year fixed rates is about 0.5% in favour of variable. This narrow spread makes fixed rates attractive for borrowers who prefer stability.
OACIQ Broker Recommendation
An OACIQ-certified mortgage broker can help you choose between fixed and variable rates based on your risk tolerance and financial situation. The service is free for residential purchases and renewals.
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