Five-year fixed terms are the most common in Canada. They offer stability for longer planning horizons.
Direct answer
A 5-year fixed mortgage keeps the contract rate and scheduled payment stable for five years. The longer certainty can simplify budgeting, but it also increases the chance that a sale, move, or refinance happens before maturity. Compare penalty formulas and portability alongside insured, insurable, or uninsured pricing.
A five-year fixed mortgage removes scheduled rate changes for a long planning window. That can suit stable households that value a predictable payment and expect to keep the property and mortgage structure through maturity.
The rate should be compared across the same insurance, amortization, occupancy, and transaction type. A headline insured purchase rate is not a valid quote for every five-year fixed borrower.
Estimate the probability of selling, moving provinces, refinancing, separating, or needing equity before year five. Then compare the lender's IRD method, portability window, blend policy, and prepayment privileges.
If the exit risk is meaningful, compare the total expected cost of a three-year fixed term rather than assuming the longer term's lower starting rate wins.
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Live rate snapshot
Showing the first 8 cards from 31 matching rates for Purchase · 5-year fixed · $999,999 · $75,000 down.
Prospera
Insured
3.99%
5-year term
APR
Call for APR
Prospera advertised public mortgage rate; 5-Year Closed - Insured.
Radius Financial
5 year promo at 3.99
3.99%
5-year term
APR
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RFA
Front Line Program
3.99%
5-year term
APR
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Beem Credit Union
Insured
4.04%
5-year term
APR
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Beem public featured insured 5-year fixed closed mortgage rate.
BlueShore Financial
Insured
4.04%
5-year term
APR
Call for APR
Beem public featured insured 5-year fixed closed mortgage rate.
Envision Financial
Insured
4.04%
5-year term
APR
Call for APR
Beem public featured insured 5-year fixed closed mortgage rate.
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Reviewed rate context
This page is maintained by Pragmatic Mortgage Lending for Canadian borrowers comparing rate categories, lender fit, and product trade-offs. Rate tables can change without notice, so final advice still depends on the live lender file and approval conditions.
Reviewed by the Pragmatic Mortgage Lending broker team. Updated July 16, 2026.
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Yes. Many borrowers prefer its balance of rate stability and term length.
They vary by lender. Review privileges and penalties before locking in.
