3-Year vs 5-Year Mortgage
A shorter term means renewing sooner at whatever rates are then available; a longer term locks in today's rate for longer.
3-year posted
6.05%
Nov 4, 2026 · Bank of Canada
5-year posted
6.19%
Nov 4, 2026 · Bank of Canada
Average new insured, 3 to <5 years
4.02%
+0.03 pts since Jul 2026
Aug 2026 · Bank of Canada
Average new insured, 5 years+
4.12%
+0.07 pts since Jul 2026
Aug 2026 · Bank of Canada
Rates compared
Posted: 3-year 6.05% vs 5-year 6.19%. Average new insured: 3 to under 5 years 4.02% vs 5 years and over 4.12% (Aug 2026).
Renewal timing
With a 3-year term you'll get a renewal statement (at least 21 days ahead from federally regulated lenders) two years sooner.
Sources
Rules are summarized in our own words from official publications. Check the source and talk to your lender or a licensed professional before making a decision.
Informational only, not financial advice. Data as of the release snapshot generated 2026-11-12.