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Fixed vs. Variable Mortgages in Canada: Which Should You Choose Right Now?

  Mortgages | Personal Finance | June 2026 Variable rates sit at 3.30% while fixed rates have climbed above 4%. The Bank of Canada is frozen between inflation and recession. Here's what that means for your mortgage decision today. By MoneySavings.ca Staff  |   June 26, 2026 📊 Today's Best Mortgage Rates — June 26, 2026 Type Term Lowest Rate (Broker) Big Bank Range Variable 5-Year ~3.30% ~3.50–4.00% Fixed (Insured) 5-Year ~4.04% ~4.50–5.20% Fixed (Conventional) 5-Year ~3.94% Higher Bank of Canada Policy Rate 2.25%  |  Prime Rate: 4.45% Sources: NerdWallet Canada, Ratehub.ca, WOWA.ca, bestrates.ca. Rates as of June 26, 2026. Broker rates require qualification; Big Bank rates are estimates. Your actual rate depends on your credit score, down payment, and mortgage type. If you're buying a home, renewing a mortgage, or simply trying to make sense of an unusually complex rate environment, you've arrived at the right question at a complicated moment. The Canadian...
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Ontario's Electricity Surcharge Sparks U.S. Backlash

Ontario's recent decision to impose a 25% surcharge on electricity exports to the United States has ignited tensions across the border. Premier Doug Ford announced the measure as a retaliatory response to U.S. tariffs on Canadian goods. The surcharge, effective immediately, impacts approximately 1.5 million homes and businesses in Michigan, Minnesota, and New York, potentially adding $100 to monthly electricity bills for affected consumers.

Ford defended the move, emphasizing its necessity to protect Ontario's interests amidst escalating trade disputes. He warned that further measures, including a complete halt to electricity exports, could follow if U.S. tariffs persist. While the surcharge is expected to generate significant daily revenue for Ontario, critics argue it could strain cross-border relations and disrupt energy markets.

U.S. governors have expressed concerns over the surcharge's impact on pricing and reliability, with some warning of potential reciprocal actions. As the trade standoff continues, the surcharge underscores the growing economic and political complexities in U.S.-Canada relations.

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