Private Mortgage Lending, MICs & OSFI B-20 Rules in Canada (2026 Guide)

Compare fixed vs. variable mortgage rates in Canada for 2026 and find the right term strategy for your situation. With the Bank of Canada (BoC) policy rate at 2.25% and the prime rate at 4.45% as of early 2026, this guide breaks down payment stability, break penalties, Interest Rate Differential (IRD) calculations, and how new OSFI (Office of the Superintendent of Financial Institutions) and CMHC (Canada Mortgage and Housing Corporation) rules affect your decision. Whether you're buying your first home or renewing an existing mortgage, learn which term offers the best balance of safety and long-term savings.

Mortgage portability gives Canadian homeowners a powerful strategic option: transfer your existing mortgage rate, balance, and terms to a new property instead of breaking your mortgage and facing costly penalties. Governed by Federally Regulated Financial Institutions (FRFIs) and the Office of the Superintendent of Financial Institutions (OSFI) under the B-20 guideline, portability rules vary by lender type — with important distinctions for federally regulated banks versus provincially regulated lenders and credit unions. This guide covers eligibility requirements, portability timing windows (typically 30 to 90 days between sales), blended rate scenarios, and the key differences between porting and a straight-switch.

Should you lock in a fixed rate or ride the variable wave? This in-depth guide compares fixed vs. variable mortgage rates in Canada over 25 years, updated for 2026 market conditions. Explore historical rate trends, the latest Bank of Canada (BoC) prime rate, current stress test rules, CMHC (Canada Mortgage and Housing Corporation) insurance thresholds, and expert tips for first-time buyers — so you can make a confident, informed mortgage decision.