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A Complete Suite of Financial Tools
Everything you need to analyze properties, understand costs, and make informed real estate investments.
How HomeWise Works
From first estimate to final decision in three simple steps — no account, no sign-up, no sales calls.
Enter your numbers
Add your home price, down payment, and rate — or pull a live rate from a major Canadian bank in one click.
See the full picture
Get your real monthly payment with CMHC premiums, property tax, and a complete amortization breakdown.
Plan with confidence
Compare scenarios, check what you qualify for under the stress test, and ask Aria anything before you commit.
Fixed vs Variable Mortgage Rates in Canada: How to Choose
A plain-English breakdown of fixed vs variable mortgage rates in Canada — how each works, the real cost of breaking each one, and a simple framework for choosing in 2026.
The Canadian Mortgage Stress Test Explained (2026)
What the Canadian mortgage stress test is, the qualifying rate for 2026, how it shrinks your maximum mortgage, and practical ways to pass it. Updated for OSFI's current rules.
Mortgage Pre-Approval in Canada: A Step-by-Step Guide
How mortgage pre-approval works in Canada — what documents you need, how long it lasts, how it differs from pre-qualification, and how to protect your credit while you shop.
Canada's Free Mortgage Calculator & Real Estate Advisor
HomeWise is a free Canadian mortgage calculator built for serious homebuyers across all 10 provinces. Whether you're shopping in Toronto, Vancouver, Calgary, or a smaller market, our tools pull live mortgage rates directly from the Bank of Canada and all eight major Canadian banks — including RBC, TD, BMO, CIBC, and Scotiabank — so you always see accurate, up-to-date numbers before you walk into a lender's office.
Our Canadian mortgage payment calculator handles everything in one place: principal and interest, CMHC insurance premiums for high-ratio mortgages, regional property tax rates for 40+ Canadian cities, and home insurance estimates. Unlike basic calculators, HomeWise applies Canada's actual semi-annual compounding rules so your estimated payment matches what your bank will quote.
Not sure how much home you can afford in Canada? Our GDS/TDS affordability calculator applies OSFI's current stress test guidelines — qualifying you at your contract rate plus 2% — and tells you your maximum home price before you fall in love with a listing that's out of reach. First-time buyers can use it to understand how their down payment size affects their CMHC premium and monthly payment.
Ask Aria, our AI mortgage advisor, any question in plain language — from "what's the difference between fixed and variable?" to "should I break my mortgage to renew early?" Aria is trained on May 2026 Canadian mortgage rules, current bank rates, and CMHC guidelines, giving you broker-quality answers at no cost, any time of day.
Frequently Asked Questions
The Canadian mortgage questions we hear most often.
What is the current Bank of Canada overnight rate?
As of May 2026, the Bank of Canada overnight target rate is 2.25%, which sets the Canadian prime rate at 4.45% across all major banks.
What mortgage rates are Canadian banks offering in 2026?
In May 2026, major Canadian banks are offering 5-year fixed rates ranging from 3.99% (RBC insured) to 4.44% (BMO). Variable rates range from 3.45% (RBC insured) to 3.90% (BMO). Use HomeWise to compare all rates.
How much can I afford for a mortgage in Canada?
Canadian mortgage affordability is governed by OSFI's stress test and the GDS/TDS ratios (max 39%/44%). Your qualifying rate is your contract rate plus 2%, or 5.25%, whichever is higher. Use the HomeWise affordability calculator for a personalized estimate.
Do I need CMHC insurance in Canada?
CMHC mortgage insurance is required in Canada when your down payment is less than 20% of the home's purchase price (high-ratio mortgage). Premiums range from 0.60% to 4.00% of the insured mortgage amount depending on your down payment percentage.