According to Ratehub information, the average 5-year mortgage rate for fixed interest varies depending on the province and lenders presented on the market there. For instance, a five-year fixed mortgage interest rate amounts to:
4,6% in Ontario;
4,8% in Manitoba;
4,68% in Alberta;
4,96% Quebec;
5,16% Newfoundland;
4,8% Saskatchewan.
The average fixed rate for a 5-year mortgage in Canada makes approximately 4,83%, but as you know, average figures give only general information about the market situation. In your province, the lenders might be able to offer such loans under 4,6%, and you would save quite a good amount of money with a lower interest rate on your loan amount.