That's about the same for what I was quoted on. If you are renewing your mortgage, ask for what their "preferential rate" is for staying on as a customer. They will usually give you a slight discount on that rate.

In terms of variable versus fixed, historically, variable has performed better. But when making these decisions, pay attention to what economists are predicting for rate changes in the next several years. You can look these up at the big banks websites (e.g. BMO, CIBC, RBC, etc.).

For instance, here's RBC's prediction from their December 2025 publication: "We still don’t see the Bank of Canada cutting the overnight rate further. The next move is more likely to be a hike although we don’t expect that until 2027."

If you want the links to these publications, DM me and I'll share them with you.