Rate report card · Ontario
3.95% · insured 5-year variable · $500,000 · 25-yr amortization
Graded Nov 1, 2026
0.50 points above the best published insured 5-year variable rate in Ontario
3.95% is 0.50 points above the lowest rate listed today (3.45%). On $500,000 that is about $12,077 more interest over the 5-year term.
- A+≤ 3.45%
- Ato 3.55%
- Bto 3.70%
- Cto 3.95%
- Dto 4.30%
- Fover 4.30%
Bands are measured from today's lowest published rate for the same term, type, insurance class and province.
| Yardstick | Rate | Where it comes from |
|---|---|---|
| Your rate | 3.95% | What you entered. |
| Best today | 3.45% | Lowest of 29 insured 5-year variable rates listed for Ontario on WOWA.ca (listings updated to October 30, 2026). Third-lowest 3.55%, median 4.20%. Source |
| Big-bank advertised | 4.30%+ | 4.30% (CIBC) to 4.54% (TD), as listed for the same cell. Advertised special rates, not posted rates. |
| Typical (estimated) | 3.99% | Effective rate on new insured variable-rate mortgages: 3.74% for August 2026 (Bank of Canada), moved +0.25 for market moves since. Estimate. Source |
| Big-bank posted | 6.19% | Posted conventional mortgage rate, 5-year, October 28, 2026 (Bank of Canada). List price; many lenders use it to calculate penalties. |
Mitey's margin note · Needs another look
Room to negotiate. Show the lender today's best published rate and ask them to match or explain the difference.
What to ask for
Hi, I've been offered 3.95% on a 5-year variable mortgage of $500,000. The lowest published insured rate for the same term in Ontario is 3.45% today (wowa.ca, Oct 30, 2026). Big banks advertise from 4.30% for the same term. I'd like to stay with you. Can you offer 3.55% or better? Please also send me the prepayment privileges and how the prepayment penalty is calculated, in writing.
- The lowest listed rate can come with conditions: a short rate hold, a quick closing date, a limited-feature product or a stricter penalty. Compare the whole offer, not just the rate.
- The Bank of Canada policy rate moved from 2.25% to 2.50% after August 2026. Prime-linked rates usually move by the same amount, so the benchmark is moved by +0.25 points. This is an estimate.
Educational estimate, not advice or an offer. Best-today figures are the lowest rates published for the same cell; you may not qualify for them. Confirm every rate and term in writing.