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Check out today's best mortgage rates in Canada by type and term.
| Insured ? | 80% LTV ? The rates in this column apply to mortgage amounts between 65.01% and 80% of the property value. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | 65% LTV ? The rates in this column apply to mortgage amounts that are 65% of the property value or less. The home must be owner-occupied and have an amortization of 25 years or less. You must have purchased it for less than $1 million. These rates are not available on refinances. Refinances require "Uninsured" rates. | Uninsured ? | Bank Rate ? | ||
|---|---|---|---|---|---|---|
Insured 4.64% | 80% LTV 4.19% | 65% LTV 4.19% | Uninsured 4.99% | 4.99% | ||
Insured 3.99% | 80% LTV 3.89% | 65% LTV 3.89% | Uninsured 4.44% | 4.53% | ||
Insured 3.69% | 80% LTV 3.79% | 65% LTV 3.79% | Uninsured 3.9% | 4.39% | ||
Insured 3.84% | 80% LTV 3.99% | 65% LTV 3.99% | Uninsured 4.39% | 4.44% | ||
Insured 3.69% | 80% LTV 3.55% | 65% LTV 3.55% | Uninsured 3.69% | 4.19% | ||
Insured 4.19% | 80% LTV 4.24% | 65% LTV 4.24% | Uninsured 4.89% | 5% | ||
Insured 5.04% | 80% LTV 4.34% | 65% LTV 4.34% | Uninsured 5.24% | 6.09% | ||
Insured 3.9% | 80% LTV 3.95% | 65% LTV 3.9% | Uninsured 3.9% | 5.95% | ||
Insured 3.45% | 80% LTV 3.45% | 65% LTV 3.45% | Uninsured 3.5% | 4.24% | ||
Insured N/A | 80% LTV N/A | 65% LTV N/A | Uninsured N/A | N/A | ||
Insured 5.45% | 80% LTV 5.45% | 65% LTV 5.45% | Uninsured 5.5% | N/A |
There are three main drivers behind mortgage rates in Yukon and Canada at large:
The Bank of Canada influences mortgage rates through its policy rate. The Bank’s objective is to keep inflation in the target range of 1% to 3% and preserve the value of the Canadian dollar. It achieves this by setting the target overnight rate, also known as the policy rate.
As of today, the policy rate is 2.25%. The central bank uses the target rate to influence how the banks set their own rates and acts as a barometer for the rate at which banks borrow and lend among themselves.
The higher the inflation, particularly if it’s above 3%, the higher the likelihood of a rate hike. Though inflation does not directly affect mortgage rates, the Bank tends to raise rates to cool down economic activity and force homebuyers to retreat from the market. It’s worth noting that government bond yields, which influence fixed rates, are affected by inflation as well, in addition to factors like oil prices, geopolitical tensions and broader economic conditions (which currently remain uncertain).
Banks, credit unions, monoline lenders and other financial institutions compete to attract borrowers across Yukon and beyond. Due to Yukon’s smaller and more remote market, the number of active lenders is more limited than in larger provinces, making it especially worthwhile to shop around. Comparing multiple lenders can often result in a better mortgage rate.
While mortgage rates are set by the lending institutions, which in turn are influenced by the Bank of Canada's target rate, there are other factors that can affect your Yukon mortgage rate.
1. Down payment
If you want to score a low mortgage rate in Yukon, one of the most important factors is the size of your down payment. Across Canada, there are minimum down payment rules depending on the price of the home:
No matter the price of your home, a down payment of at least 20% is an important threshold. Not only are you more likely to qualify for cheap mortgage rates for a Yukon home, but you won’t have to buy mortgage default insurance. It’s also important to note that mortgage insurance isn’t available for homes that cost more than $1 million, so a minimum 20% down payment becomes mandatory at that price point.
2. Debt service ratios
Lenders use two types of ratios to calculate the amount of debt you have relative to your income. These figures will typically also factor into any online Yukon mortgage affordability calculator you use to help you set your budget as you shop for your new home. Here’s a guide to each type of debt service ratio.
3. Credit score
Having a high credit score is a great way to communicate to banks that you’re a safe bet when they lend you money. Some lenders do offer specialized mortgages in Yukon for borrowers with bad credit, but they typically adjust their rates upward with these products to reflect the greater risk. The higher your credit score, the better your mortgage rate is going to be. Credit scores can range from 300 to 900, with higher scores indicating a longer and more positive credit history.
If you need to purchase mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC), which is required if your down payment is below 20% of the home’s price, a minimum credit score of 600 is necessary to qualify. If your credit score is too low for a traditional lender like a big bank or credit union, you may have to look at mortgage rates from private Yukon lenders.
4. Employment and income
Yukon mortgage agents and lenders will want to know how much income you earn from all sources to understand how you will repay your mortgage loan. You will be asked for proof of income from your job as well as any income from investments or rental properties. Banks typically see a full-time, salaried job that you’ve worked at for several years as the safest type of employment income, compared to seasonal, part-time or temporary work.
If you’re self-employed, you’ll need to provide more documentation of your income and business. Typically this includes tax returns for the previous three years, proof that you are current on all HST or GST payments, articles of incorporation, proof of principal ownership in the business, GST or business license, your business’s credit score, and other business financial records.
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How do these mortgage types differ? Conventional (low-ratio) mortgage requires a down payment of 20% or more, with no mandatory insurance, while a high-ratio mortgage requires a down payment of below 20%, plus mandatory insurance.
Which mortgage type offers cheaper rates? As of August 2026, the average conventional 5-year fixed rate is 4.38%. That’s 5 bps above the average high-ratio 5-year fixed rate, which stands at 4.33%.
| Date | Average Conventional Rate | Average High Ratio Rate |
|---|---|---|
| 09/25 | 4.53% | 4.44% |
| 10/25 | 4.49% | 4.36% |
| 11/25 | 4.38% | 4.33% |
| 12/25 | 4.48% | 4.35% |
| 01/26 | 4.59% | 4.53% |
| 02/26 | 4.55% | 4.53% |
| 03/26 | 4.34% | 4.32% |
| 04/26 | 4.32% | 4.28% |
| 05/26 | 4.36% | 4.21% |
| 06/26 | 4.38% | 4.19% |
| 07/26 | 4.37% | 4.13% |
| 08/26 | 4.39% | 4.08% |
Last Updated: September 1, 2026
How do these mortgage rates differ? A fixed rate mortgage is a rate fixed over a period of time. Interest rates and the mortgage payments remain the same (and consistent) over that mortgage term. A variable rate mortgage is different. While the mortgage payment remains constant, the interest rate payments fluctuate with the prime interest rate.
Which rate is cheaper? As of August 2026, the 5-year fixed rate is 4.65%. That’s 21 bps above the 5-year variable rate, which stands at 4.44%.
| Month | Fixed | Variable |
|---|---|---|
| 09/25 | 4.62% | 4.69% |
| 10/25 | 4.64% | 4.55% |
| 11/25 | 4.65% | 4.44% |
| 12/25 | 4.67% | 4.44% |
| 01/26 | 4.73% | 4.47% |
| 02/26 | 4.67% | 4.44% |
| 03/26 | 4.44% | 4.40% |
| 04/26 | 4.40% | 4.06% |
| 05/26 | 4.34% | 3.90% |
| 06/26 | 4.34% | 3.85% |
| 07/26 | 4.27% | 3.83% |
| 08/26 | 4.26% | 3.81% |
Last Updated: September 1, 2026
Closing costs are the one-time fees buyers pay upon purchasing property in Yukon. Generally, closing costs include:
When it comes to land transfer tax, Yukon has three flat fees:
The amortization period on your mortgage is the total number of years you expect it will take to pay off the entire loan. Most new mortgages come with amortizations of 25 years, although periods can range from one year to 30 years.
A mortgage term represents the length of time your lender will provide a given interest rate. When the term ends, you need to renegotiate your mortgage. You can do this with your current lender or you can try a new financial institution. Most lenders offer terms ranging from six months to 10 years. The most sought-after mortgage rates on our site are for 5-year fixed mortgages.
The difference between open and closed mortgages is simple whether you are in Yukon or anywhere else in Canada: With an open mortgage, you can pay off, refinance or renegotiate your mortgage agreement before its term ends without paying a penalty. If you have a closed mortgage, you must wait until the end of your term to renegotiate or freely make payments against the principal.
The rates on closed mortgages in the Yukon are generally lower than the rates on open mortgages in the Yukon. You’ll also usually have the ability to make limited annual payments against your mortgage principal without penalty. They are generally between 10% and 20% of the principle. People who expect to be able to make larger payments — say from bonuses at work or inheritances — may prefer open mortgages. The interest rate may be higher, but the ability to make large payments against the principal can pay off in the bigger picture.
Getting a low interest rate on your mortgage will save you money in both the short and long term.
There are also other facets of a mortgage you need to pay attention to. For example, most mortgages allow you to make lump-sum payments on your mortgage principal without penalty. An open mortgage lets you pay off the entire amount whenever you like. Closed mortgages only allow limited pre-payments but generally come with lower interest rates. So, consider your cash flow over the long term when choosing a mortgage. If you expect a windfall down the road, you may be better off paying a bit more in monthly interest on an open mortgage for the ability to make a large lump sum payment.
You should also consider whether you want a “portable” mortgage when you buy your home. Portability allows you to transfer the balance of your mortgage, its term and interest rate to the purchase of a new home if you decide to move before your mortgage term ends. This means you avoid penalties for breaking a mortgage early, which can be very costly.
But remember, not all mortgages are portable, especially variable rate mortgages. If you think you might want to sell your home before the end of your mortgage term—maybe you have a growing family — think twice before signing up for that low-interest variable rate plan.
LowestRates.ca can compare rates from top banks and brokers to bring you competitive house mortgage rates for your Yukon home. After answering a few questions, you’ll be provided with today’s mortgage rates. There’s no obligation for you, the consumer. If you want, you can choose to speak with our broker partners to lock in your best rate. Our partners can also work with you to see if you qualify for even more savings.
Yes, it’s safe to get a mortgage on LowestRates.ca — and Canadians are increasingly turning to sites like ours to do just that. Reputable Canadian financial institutions now offer the ability to start the mortgage process online. When using LowestRates.ca, you can be assured that your credit score won’t be affected and your information is secure. The only time we share your information is when you indicate that you want to speak with one of our broker partners, and even then, we only share your information with that entity. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research. LowestRates.ca is totally free for you and you’re under no obligation to speak with a broker or secure a mortgage.
The better informed you are, the more likely you'll negotiate a better deal for yourself.
Taras Trofimov
About the Author
Taras is the Content Manager for LowestRates.ca. He has produced thought leadership content for organizations like Constellation Software, Facebook and Yellow Pages as well as outlets like The Globe and Mail, Autoblog and MSN Autos.
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