Dibz9-year fixed mortgage rates in Canada (2026): what the data shows
9-year fixed mortgage rates in Canada: why there's no official average, how long terms price against bond yields, penalties after year five and an example.
A 9-year fixed mortgage locks your rate for nine years, just short of a decade. It is one of the rarest mortgage terms in Canada and few lenders advertise it. There's no official 9-year rate: the Bank of Canada includes these loans in its "5 years and over" average, which was 4.05% for new insured mortgages and 4.49% for uninsured ones in July 2026, and longer terms like this one are usually priced above that.
This page explains what goes into a 9-year rate, what the Bank of Canada data does show about longer terms, and the trade-offs of a lock this long.
What a 9-year fixed mortgage is
Your rate and payment stay the same for nine years while the amortization (usually 25 years, or up to 30 in some cases) runs underneath. By the end, a large share of the original loan is repaid, so the balance facing a new rate at renewal is much smaller than after a 5-year term.
Who might look at a 9-year term
- Borrowers with a clear nine-year horizon, such as planning to downsize when the kids leave home or to retire with the mortgage nearly done.
- People who want long certainty but whose lender offers 9 years at a rate they prefer to the 10-year.
- Owners spacing out renewals across a home and a rental property.
Who it usually doesn't fit
- Anyone with a realistic chance of moving or refinancing in the first five years, when penalties can be steep.
- Borrowers focused on the cheaper rate; long terms usually cost more.
- People who like to shop around. With only a handful of lenders offering 9 years, comparison is limited.
How 9-year rates are built
Long fixed rates follow long bond yields. A 9-year mortgage is priced off Government of Canada yields of a similar length, plus a spread for credit risk, the lender's costs and the risk of a long commitment. We hold the 5-year yield (3.60% on October 2, 2026), not the 9- or 10-year yields, so we can't show the exact link.
What the Bank of Canada data does show is how longer fixed buckets have behaved compared with mid-length ones:
- Uninsured, fixed 5+ yrs
- Uninsured, fixed 3 to <5 yrs
- 5-year bond yield
New-loan averages are the Bank of Canada's monthly average rates on residential mortgages advanced (series V122667776–V122667786), published about two months behind. Bond series BD.CDN.5YR.DQ.YLD, last daily value of each month.
Source: Bank of Canada (free at bankofcanada.ca)
Show the numbers
| Uninsured, fixed 5+ yrs | Uninsured, fixed 3 to <5 yrs | 5-year bond yield | |
|---|---|---|---|
| Sep 2024 | 4.9% | 4.7% | 2.7% |
| Oct 2024 | 4.8% | 4.5% | 3% |
| Nov 2024 | 4.7% | 4.4% | 2.9% |
| Dec 2024 | 4.6% | 4.4% | 3% |
| Jan 2025 | 4.6% | 4.4% | 2.7% |
| Feb 2025 | 4.6% | 4.4% | 2.6% |
| Mar 2025 | 4.5% | 4.3% | 2.6% |
| Apr 2025 | 4.3% | 4.2% | 2.7% |
| May 2025 | 4.2% | 4.1% | 2.8% |
| Jun 2025 | 4.3% | 4.1% | 2.8% |
| Jul 2025 | 4.3% | 4.1% | 3% |
| Aug 2025 | 4.3% | 4.1% | 2.9% |
| Sep 2025 | 4.4% | 4.1% | 2.7% |
| Oct 2025 | 4.4% | 4.1% | 2.7% |
| Nov 2025 | 4.3% | 4% | 2.7% |
| Dec 2025 | 4.3% | 4% | 3% |
| Jan 2026 | 4.3% | 4% | 2.9% |
| Feb 2026 | 4.3% | 4% | 2.7% |
| Mar 2026 | 4.2% | 3.9% | 3.1% |
| Apr 2026 | 4.2% | 3.9% | 3.2% |
| May 2026 | 4.3% | 4% | 3.1% |
| Jun 2026 | 4.4% | 4% | 3% |
| Jul 2026 | 4.5% | 4.1% | 3.3% |
For uninsured borrowers, the 5-year-and-over bucket has averaged more than the 3-to-5-year bucket in every month from September 2024 to July 2026, by 0.41 points in July 2026 (4.49% vs 4.08%). That doesn't give a 9-year rate, but it's consistent with longer terms costing more.
Posted, discounted and insured pricing
The chartered banks' posted 5-year rate was 6.09% on September 30, 2026; the Bank of Canada doesn't track posted rates beyond five years. Actual rates are usually well below posted ones.
Insured mortgages (less than 20% down) generally get lower rates because the insurer carries the default risk: 4.05% insured vs 4.49% uninsured in the 5-year-and-over bucket in July 2026.
Penalties: two very different periods
Years one to five. Breaking a fixed mortgage typically costs the greater of three months' interest or the interest rate differential (IRD). With many years left, the IRD can be large if rates have fallen.
Years six to nine. Section 10 of the Interest Act caps the penalty at three months' interest for an individual borrower once five years have passed on a mortgage with a term longer than five years. For a 9-year term, that's the last four years.
Before signing, it helps to compare prepayment privileges (how much you can pay down each year without penalty), portability (whether you can move the mortgage to a new home) and whether the lender allows a blend-and-extend if you need more money mid-term.
Renewal and the stress test
You'll be qualified for a new mortgage at the greater of your rate plus 2 points or 5.25%. Nine years later, renewing with the same lender doesn't require requalifying; a straight switch to another lender generally doesn't either (since November 2024).
Worked example: $450,000 over 25 years
There's no 9-year average to use, so this example applies the July 2026 uninsured 5-year-and-over average (4.49%) to show the mechanics. An actual 9-year offer would likely be higher.
| Item | Amount |
|---|---|
| Monthly payment | $2,488 |
| Balance after 5 years | $395,018 |
| Balance after 9 years, at renewal | $341,344 |
| Interest paid over 9 years | $160,062 |
| Stress-test qualifying rate | 6.49% |
About $108,656 of principal would be repaid by renewal, roughly 24% of the original loan. Figures use semi-annual compounding.
Try our mortgage calculator to plug in a real 9-year quote.
Related reading
Compare the 8-year and 10-year fixed terms, or the standard 5-year fixed. Lender pages: RBC, CIBC, National Bank.
FAQ
Is there a 9-year fixed mortgage rate average in Canada?
No. The Bank of Canada averages all fixed terms of 5 years and over together (4.05% insured, 4.49% uninsured in July 2026). A 9-year rate is set by each lender that offers it and is usually higher.
Why is a 9-year mortgage so rare?
Most borrowers choose 5-year or shorter terms, and lenders that offer long terms more often list 7 or 10 years. Funding and hedging a nine-year commitment also costs lenders more.
What happens if I break a 9-year mortgage in year seven?
Because more than five years have passed, an individual borrower would generally pay no more than three months' interest under section 10 of the Interest Act.
How much of my mortgage is paid off after nine years?
It depends on rate and amortization. In our example, $450,000 at 4.49% over 25 years leaves about $341,344 after nine years, so roughly a quarter is repaid.
Rates shown are Bank of Canada averages, not offers. Talk to a licensed mortgage professional before choosing a term.
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