Current Market Snapshot

Bank of Canada Overnight Rate: 2.50 (as of September 17, 2025)

Prime Rate: 4.70%

Typical 5-Year Fixed Rate (insured): 3.99%

Typical Variable Rate (broker channel): 3.90% (Prime -.80%)

Note: These are general market benchmarks. Your personal rate will depend on factors like credit, income, down payment, and property type.

What This Means for Borrowers

The latest movement in rates has created opportunities for some homeowners and buyers:

Fixed rates may adjust in response to changes in bond yields.

Variable rates tend to follow the Bank of Canada’s overnight rate more closely.

Renewals, refinances, and new purchases should all be reviewed with a licensed professional to ensure the best available options.

Tips to Consider

1. Start Early – If your mortgage is coming up for renewal within the next 6 months, it’s a great time to explore options.

2. Understand Terms, Not Just Rates – Prepayment privileges, penalties, and portability are just as important as the interest rate.

3. Stay Informed – Economic data, inflation, and Bank of Canada announcements all influence mortgage rates.

Final Thoughts

Rates continue to shift as the market responds to economic conditions. The right choice depends on your goals and comfort with risk. If you have questions about what today’s market means for you, I’d be happy to review your situation and help you explore your options.

📞 Sarah Beuk – Licensed Mortgage Agent Level 2
🏢 Dominion Lending Centres Edge Financial
📧 sarah@synergymortgages.com | 📱 416-580-1805
FSRA Lic. # 10710 | Agent License # M09002428

Good news for Ontario homeowners—mortgage rates are easing, and new policies make renewing simpler.

Current Mortgage Rates (February 2025)
Thanks to recent Bank of Canada rate cuts, mortgage rates have dropped slightly:

1-year fixed: ~5.84%
3-year fixed: ~4.64%
5-year fixed: ~4.29%
5-year variable: ~4.45%
New Policies Helping Borrowers
✅ No Stress Test for Renewals – Switching lenders at renewal? No need to requalify if your loan amount and term stay the same.
✅ 30-Year Amortization – First-time buyers and new-build purchases now qualify for longer repayment terms, reducing monthly payments.
✅ Higher Insured Mortgage Cap – The limit has increased from $1M to $1.5M, allowing more buyers to access mortgage insurance with lower down payments.

What This Means for You
🔹 Easier lender switching – No stress test means better rate options.
🔹 Lower payments – Falling rates and longer amortizations improve affordability.
🔹 More flexibility – New policies offer better financial planning options.

Take advantage of these changes to secure the best mortgage renewal deal in 2025.