Closed-term, fixed-rate mortgage

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Things to keep in mind.

Closed-term fixed-rate mortgages have additional restrictions that you should consider:

Property purchase price must be less than $1 million

You must plan to live in the home

If you sell the home within the five-year term and repay the mortgage in full, you will pay a prepayment fee

You can't transfer this mortgage to another financial institution during the five-year term

You can’t combine this mortgage with an existing mortgage to blend interest rates or extend the term

You can’t extend your original amortization (i.e., number of years over which your mortgage repayment is calculated) or increase the outstanding mortgage balance

You may not borrow against the equity in your home during the five-year term

Key features.

Peace of mind and predictable budgeting.

With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month.

Options to prepay

Get some repayment flexibility, with options to prepay up to 20% of your original balance once per mortgage year and increase payments by up to 20% once per mortgage year.

More to love about this mortgage.

Choice of payment frequency

Make payments weekly, bi-weekly, monthly, semi-monthly, accelerated weekly or accelerated bi-weekly. Paying more frequently will save you interest and shorten the time it takes to pay off your mortgage.

Bring this mortgage with you if you move

When you buy a new home, you can transfer this mortgage to your new property and keep the same terms and conditions, including the interest rate.

Ability to assign the mortgage to another party

Transfer your mortgage with the original rates and terms to someone else. If you’re selling your home, this can give you a market advantage if current rates are higher than when you first took on your mortgage.

Buy your first home with less.

With CMHC mortgage loan insurance, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1 million. You’ll also get a reasonable interest rate, even with your smaller down payment.

After December 15, 2024, purchases up to $1.5 million will also be eligible for this benefit.

Eligibility.

Rates (APR)^† as of 2024-12-05
5-year closed-term fixed-rate residential mortgage	4.09%^§

You are at least 19 years old.

You live in British Columbia and have a BC address.

The home you’re looking to purchase or build is in British Columbia.

You pass the stress test.

The stress test is a formula set by the Federal Government to ensure you’ll be able to afford your mortgage. To pass the stress test, you'll need to qualify at the greater of the contractual mortgage rate plus 2%, or the OSFI Minimum Qualifying Rate (5.25%, as of December 15, 2022).

Take the next step.

Interested in a new mortgage or refinancing? Browse our mortgage specialists to connect with someone in your area.

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For general mortgage inquiries or help with renewing your mortgage, book a time that works for you and we’ll give you a call back.

Book a phone appointment

Closed-term fixed-rate mortgage

Same rate guaranteed for 5 years.

Things to keep in mind.

Key features.

Peace of mind and predictable budgeting.

Options to prepay

More to love about this mortgage.

Current rates.

Buy your first home with less.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.

Closed-term fixed-rate mortgage

Same rate guaranteed for 5 years.

Things to keep in mind.

Key features.

Peace of mind and predictable budgeting.

Options to prepay

More to love about this mortgage.

Current rates.

Buy your first home with less.

Eligibility.

Take the next step.

Find a specialist near you

Talk through your questions

Explore other mortgage types.

Fixed-term fixed-rate mortgage

Fixed-term Homeprime (variable) mortgage

Tools to help you get on track.

Estimate mortgage payments.

Budget for a mortgage.

Break down the costs of buying a home.

Your mortgage application checklist.