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Rates & Terms

Fixed Rate

Fixed Rate Mortgage

Last updated: October 2026

What is Fixed Rate (Fixed Rate Mortgage) in Canadian mortgages?

Mortgage rate locked for the entire term, unaffected by Bank of Canada rate changes. Provides payment certainty but higher break penalty (IRD) if broken early.

Fixed Rate example

Worked example

5-year fixed at 5.29% means the same rate and payment for all 60 months regardless of BoC decisions.

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How bips handles Fixed Rate

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