2-Year fixed broker floor: 4.42% · 2-Year variable broker floor: 3.60% · Stress test qualifying rate: 6.42%. Compare by credit tier and province.
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A 2-year fixed term provides a short lock-in with slightly lower renewal frequency than 1-year. Borrowers anticipating rate changes within 2 years but wanting more stability than a 1-year commitment often consider this option.
Typical borrower profile: 2-year fixed borrowers often include those in transition (considering relocation, planning a refinance, or expecting income changes) who want rate certainty without a long commitment.
Rate context: 2-year fixed rates currently sit approximately +0.30% versus the 5-year fixed broker floor. The 2-year rate premium reflects the market's pricing of the shorter term relative to the benchmark 5-year.
Tradeoff vs 5-year fixed: A 2-year term means two or three renewals in a typical 10-year window versus two 5-year renewals. Each renewal provides flexibility — and rate uncertainty. If rates are expected to fall, the 2-year term captures the benefit faster.
| Credit tier | Fixed broker floor | Fixed bank avg | Variable broker floor | Variable bank avg |
|---|---|---|---|---|
| Excellent (750+) | 4.42% | 4.77% | 3.60% | 4.00% |
| Good (680–749) | 4.67% | 5.02% | 3.85% | 4.25% |
| Fair (620–679) | 5.17% | 5.52% | 4.35% | 4.75% |
| Poor (below 620) | 5.92% | 6.27% | 5.10% | 5.50% |
Select fixed or variable to see detailed rate pages for every credit tier, intent, and province.
Mortgage rates are set nationally by lenders — the benchmark rate is the same across provinces for the same credit profile. However, provincial rules affect closing costs (land transfer tax), FTHB rebate eligibility, and the regulatory bodies that govern mortgage brokers. Select a province to see the full scenario-specific page.
The 2-Year fixed mortgage broker floor is approximately 4.42% and the bank average is approximately 4.77%, based on Bank of Canada benchmark data. These are reference rates — actual lender offers vary by credit profile and insured status.
The 2-Year variable mortgage broker floor is approximately 3.60% (prime minus 0.85%) and the bank average is approximately 4.00% (prime minus 0.45%), with prime at 4.45%.
The stress test qualifying rate for a 2-Year fixed mortgage at 4.42% is 6.42% (contract rate + 2%, minimum 5.25%). This qualifying rate determines your maximum mortgage amount.
A 2-year term means two or three renewals in a typical 10-year window versus two 5-year renewals. Each renewal provides flexibility — and rate uncertainty. If rates are expected to fall, the 2-year term captures the benefit faster.