Best 1-year fixed mortgage rates in Canada.
Today’s best 1-year fixed rate in our network is 4.19%. We compare 1-year fixed rates across 100+ Canadian lenders and lock your best on one application, with no bureau pull to start.
The best 1-year fixed mortgage rate in Canada today is approximately 4.19% — about $3,004/month on a $700,000 home with 20% down over 25 years. A 1-year fixed is the maximum-optionality fixed term for borrowers betting on near-term cuts. A specialist term for active rate-shoppers, not a mainstream default.
Rates illustrative; your file (credit, income, LTV) sets your personalized rate. See the full live board →
Mortgage payment by term
| Term | Best rate | Est. monthly payment* |
|---|---|---|
| 5-Year Fixed | 4.14% | $2,988/mo |
| 5-Year VariableLowest | 3.44% | $2,778/mo |
| 3-Year Fixed | 3.99% | $2,943/mo |
| 3-Year Variable | 3.55% | $2,811/mo |
| 2-Year Fixed | 3.99% | $2,943/mo |
| 1-Year Fixed | 4.19% | $3,004/mo |
| 4-Year Fixed | 4.14% | $2,988/mo |
| 7-Year Fixed | 4.49% | $3,096/mo |
| 10-Year Fixed | 5.29% | $3,350/mo |
Is a 1-year fixed right for you?
Who it suits. Rate-watchers who want a fixed payment for just twelve months so they can renew into what they expect will be a lower-rate market. It also suits borrowers who can't yet qualify for the best long-term pricing and want to improve their file before re-shopping.
What drives the rate. The 1-year fixed is the most responsive fixed term to the immediate outlook. It typically prices above longer terms in a normal market (lenders charge for the short hold) and only undercuts them when deep cuts are expected within the year.
Breaking it early. With only twelve months of term, the IRD is almost always trivial and three months' interest is the practical penalty, so flexibility is high.
Canadian fixed rates compound semi-annually (not monthly like in the US), so the effective annual cost is slightly below the stated rate. The rate you’re offered is then set by your credit, your down payment / loan-to-value, whether the mortgage is insured, and the property. We compare 1-year fixed pricing across 100+ lenders on one application, then hold your best rate for 90-120 days. Run the numbers in our payment calculator and check the rate forecast.
A worked example
On a $700,000 home with 20% down, the mortgage is $560,000. At today’s best 1-year fixed rate of 4.19% over a 25-year amortization, the payment is about $3,004/month using Canadian semi-annual compounding. That payment is locked for the full term.
Whatever your situation
First home, renewal, refinance, self-employed or bruised credit: there's a 1-year fixed path for your file.
First-time buyers
5% down with FHSA + RRSP HBP optimization.
Refinancing
Tap your home equity for renovations, debt consolidation, or investing.
Renewing
Don't auto-renew. Compare your bank's offer against the market.
Self-employed
Business-for-self files priced right — A-lender, alt-A and private.
Bruised credit
B-lender and private paths now, with a mapped exit to A-pricing.
New to Canada
Newcomer programs at the big banks; international credit accepted.
6 reasons to lock your 1-year fixed rate through a broker
Why Canadians shop the whole market instead of signing their bank's first 1-year fixed offer.
100+ lenders compete, not one
A bank shows you one 1-year fixed rate sheet. We put your file in front of 100+ lenders who bid for it, then pass on the volume pricing we hold.
Broker-channel pricing
The wholesale rate we access is typically 15-30 bps below a bank's posted rate — only a brokerage can reach it.
Locked by design
You accept a usually-higher rate for the freedom to renew in a year.
Your rate held 90-120 days
A pre-approval locks today's 1-year fixed rate while you shop, and many lenders honour a drop if rates fall before closing.
No bureau pull to start
We shop your 1-year fixed rate and pre-qualify with no hard credit check, so comparing costs nothing.
Rate Beat offer (conditions apply)
Rate-beat offer: if you bring a written, current 1-year fixed offer from one of the six largest banks for the same product, term and amount, we will try to beat it or pay you $500 (keep it, or we'll donate it to your favourite charity). Conditions apply; see mortgagesquad.ca/rate-beat-guarantee. Our advice is free, paid by the funding lender.
Why shop your 1-year fixed rate with us
- 100+ lenders on one application: banks, monolines, and credit unions.
- Broker-channel rates 15-30 bps below posted.
- Fixed and variable modelled on your numbers before you commit.
- FSRA-licensed advice, no bureau pull to start, Rate Beat: we try to beat an eligible Big-6 offer, or pay you $500 (conditions apply).
Best 1-year fixed rates — FAQ
What is the best 1-year fixed mortgage rate in Canada right now?
Should I choose a 1-year fixed rate?
What drives 1-year fixed rates?
How much does it cost to break a 1-year fixed mortgage?
Can I lock this rate before I buy?
Lock your best 1-year fixed rate.
Free, no bureau pull to begin. We shop 100+ lenders and hold your rate while you shop for the home.