Canada's Best
Mortgage Rates

The Bank of Canada's monetary policy directly influences mortgage rates across the country. Following rate cuts in late 2024 and early 2025, fixed mortgage rates have stabilized while variable rates have become increasingly competitive. Understanding these dynamics is crucial for choosing the right mortgage product.

Fixed vs. Variable: What's Right for You in 2026?

Fixed-rate mortgages provide payment certainty and protection against rising rates. They're ideal for:

• First-time homebuyers who value predictable payments
• Borrowers on tight budgets who can't absorb payment increases
• Those who believe rates will rise during their term

Variable-rate mortgages fluctuate with the prime rate but often offer lower initial rates. Consider variable if:

• You can handle potential payment fluctuations
• You plan to pay off your mortgage aggressively
• Economic indicators suggest rates will remain stable or decrease

Our rate comparison methodology ensures you see accurate, up-to-date rates from trusted Canadian lenders:

1. Daily Updates: Rates are refreshed multiple times daily from lender sources
2. Verification: Each rate is verified against official lender publications
3. Full Disclosure: We display the actual rate you'll qualify for, not teaser rates
4. All Lender Types: Banks, credit unions, monoline lenders, and alternative lenders

Unlike some comparison sites that only show rates from partner lenders, we include all major Canadian mortgage providers—even those we don't have referral relationships with.

Big 6 Banks

TD, RBC, BMO, Scotiabank, CIBC, and National Bank control over 80% of Canada's mortgage market. While their posted rates are typically higher, they offer extensive branch networks, bundled product discounts, and relationship pricing for existing customers.

Credit Unions

Member-owned financial cooperatives like Desjardins, Meridian, and Vancity often offer competitive rates with personalized service. Profits are returned to members, which can translate to better rates and lower fees.

Monoline Lenders

Companies like First National, MCAP, and RMG focus exclusively on mortgages. Without the overhead of branch networks, they often provide the lowest rates—but you'll need to work with a mortgage broker to access them.

Alternative Lenders

For self-employed borrowers, newcomers to Canada, or those with credit challenges, alternative lenders like Home Trust, Equitable Bank, and Bridgewater offer solutions when traditional lenders can't help.

The rate you'll actually receive depends on several personal and property factors:

Credit Score Impact

Down Payment Amount

Larger down payments generally result in better rates because they reduce lender risk:

• 5-9.99%: Requires CMHC insurance; rates are often competitive
• 10-19.99%: Still requires default insurance; modest rate improvement
• 20%+: No insurance required; may qualify for uninsured rates
• 35%+: Best conventional rates available from most lenders

Property Type & Location

Rental properties, cottages, and properties in remote areas may face rate premiums of 0.10% to 0.50% compared to owner-occupied primary residences in major urban centres.

Follow these strategies to secure the lowest possible rate:

1. Improve Your Credit Score

Even a 20-point improvement can unlock better rates. Pay down credit cards, avoid new credit applications, and dispute any errors on your credit report.

2. Work with a Mortgage Broker

Brokers have access to 40+ lenders, including monoline lenders with the lowest rates. Their services are typically free to borrowers—lenders pay their commission.

3. Compare, Compare, Compare

Don't accept the first rate offered. Use comparison tools (like this one) to understand the market, then negotiate with multiple lenders.

4. Consider the Full Cost

The lowest rate isn't always the best deal. Evaluate:

• Prepayment privileges (can you pay extra without penalties?)
• Penalty calculations (IRD vs. 3-month interest)
• Portability options (if you move before term end)
• Blend-and-extend options (for early renewals)

5. Lock In Your Rate

Most lenders offer 90-120 day rate holds. If rates are rising, lock in early. If rates are falling, wait closer to closing.