Other mortgage terms
Updated June 25, 2026.
Most Canadians sign a 5-year fixed, a 3-year fixed, or a variable. The terms below — 1, 2, 4, 7, and 10 year fixed — are less common but occasionally the right pick. Each links to its full ranking.
Rates shown are updated daily and are not an offer of credit. Actual rates require lender approval and may differ. Discounted rates are the bank's own published special-offer rates; a mortgage broker can often secure a lower rate than what's shown. See our methodology.
| Term | Best discounted rate | Lender | |
|---|---|---|---|
| 1-Year Fixed | 4.74% |  CIBC | See all → |
| 2-Year Fixed | 4.29% | CIBC | See all → |
| 4-Year Fixed | 4.14% |  Coast Capital Savings | See all → |
| 7-Year Fixed | 4.84% | Coast Capital Savings | See all → |
| 10-Year Fixed | 5.04% | Coast Capital Savings | See all → |
1-Year Fixed
A short fixed term for borrowers in transition or those expecting cuts within 12 months. Often more expensive than longer fixed terms unless the yield curve is inverted.
2-Year Fixed
Rare in Canada — most lenders quote 1, 3, or 5. Worth a look only when pricing puts it below the 3-year and your timeline is genuinely 24 months.
4-Year Fixed
Less liquid bond market behind it, so lenders interpolate from 3- and 5-year. Rarely the cheapest option, but occasionally lands below both adjacent terms.
7-Year Fixed
Carries a premium over 5-year for two extra years of certainty. Worth it only if the premium is small and you genuinely cannot tolerate a renewal in five years.
10-Year Fixed
Federal law caps the prepayment penalty at three months' interest after year 5, so functionally a 10-year is a 5-year with worse pricing. Almost never the math winner.
Common questions
Which mortgage terms are 'less common' in Canada?
1, 2, 4, 7, and 10-year fixed. The popular three are 5-year fixed, 3-year fixed, and variable — that's roughly 90% of new originations.
When is a 1-year fixed worth a look?
When you're in a transitional life situation (selling, divorcing, relocating within the year) or you have specific evidence rates will be materially lower in 12 months and want to renew into them.
Why is the 10-year fixed almost never the math winner?
Section 10 of the federal Interest Act caps the prepayment penalty at three months' interest for fixed terms longer than 5 years, but only after year 5. So functionally a 10-year fixed is a 5-year with the option to keep going at the same rate — but you pay a premium of 30-100bps over a 5-year fixed for that option, which usually outweighs the value.