Compare Canada's Best Mortgage Rates
Find the lowest mortgage rates from Canada's top lenders. Get multiple quotes, compare terms, and save thousands on your next home.
Current Mortgage Rates
Updated today. Rates are for insured mortgages in most provinces.
| Term | Fixed Rate | Variable Rate | Top Lender | Action |
|---|---|---|---|---|
| 6 months | 4.84% | 5.45% | RBC | |
| 1 year | 4.79% | 5.45% | TD | |
| 2 year | 4.69% | 5.45% | Scotiabank | |
| 3 year | 4.59% | 5.20% | BMO | |
| 4 year | 4.54% | 5.15% | CIBC | |
| 5 year | 4.49% | 5.00% | National Bank |
Rates subject to qualification and may vary based on location and down payment.
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Frequently Asked Questions
What is the difference between fixed and variable rates?
Fixed rates remain the same throughout your mortgage term, while variable rates fluctuate with the prime rate, potentially saving you money but with monthly payment uncertainty.
What down payment do I need?
Canada allows down payments as low as 5% for properties under $500,000. Higher down payments (20%+) avoid mortgage insurance costs.
How long does mortgage approval take?
Most mortgages are approved within 3-7 business days, though some lenders can provide approval in 24 hours.
Can I break my mortgage early?
Yes, but you may face a penalty. Penalties vary based on your contract terms and whether rates have changed.