Best Mortgage Rates in Canada

The advertised "posted" rate is rarely the rate you'll pay. Most Canadian borrowers can negotiate a meaningful discount, especially with a strong credit score and stable income. Always compare several lenders — including the big banks, credit unions, and mortgage brokers — before committing.

Insured (high-ratio) mortgages, where you put less than 20% down and pay CMHC premiums, often carry lower rates than conventional mortgages because the lender's risk is covered. Counterintuitively, a smaller down payment can sometimes mean a cheaper rate.

Decide between fixed and variable based on your comfort with risk. Fixed rates lock your payment for the full term; variable rates track the Bank of Canada prime rate and move with it. When the gap between them is small, many buyers prefer the certainty of fixed.

Once you've found a competitive rate, use our mortgage calculator to model the payment and the stress test calculator to confirm you'll qualify.