Buyers hoping that mortgage costs would suddenly become cheaper have not seen much movement lately. The Bank of Canada's latest weekly figures, published August 19, show the major banks' posted five-year conventional mortgage rate remained at 6.09%, while the posted three-year rate remained at 6.05%. The Bank of Canada's policy rate also remains at 2.25%.
For buyers, this creates an important question: how long should you wait for lower rates? Waiting can make sense if today's mortgage payment is uncomfortable. But waiting simply because you expect dramatically cheaper financing soon is a different strategy—and there is no guarantee that rates and home prices will move in your favour at the same time.
There is another side to the equation. Home sales have now increased nationally for four consecutive months, while listings have been declining. If mortgage rates eventually fall and even more buyers return, some of the savings from a lower rate could be offset by stronger competition or higher prices for desirable homes.
For sellers, stable rates can actually be helpful because buyers have more certainty about what they can afford. The market does not necessarily need a major rate cut to improve. It may simply need buyers to become comfortable making decisions under the financing conditions that already exist.
So should you buy now or wait? A better question is: can you comfortably afford the home you want at today's payment? If the answer is yes and you plan to stay for several years, waiting solely for a lower mortgage rate may not necessarily produce a better deal. If today's payment stretches the budget, waiting remains the safer choice.
Source: Bank of Canada, Posted Interest Rates Offered by Chartered Banks, August 19, 2026.