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Best Mortgage Rates in Canada


We shop the most competitive brokers, lenders and banks in Canada to bring you today's lowest interest rates, free of charge! Our Canadian comparison charts list current rates, and are updated on a daily basis. To compare a certain category, click on the "See All" button for more details.

Rates Updated:  

Closed mortgage rates

          Closed mortgage rates Closed mortgage rates are the most popular, standard form in Canada. A closed mortgage simply means you pay off your principal on a pre-determined schedule. If you want to put a lump sum against your principal beyond your pre-payment options, you will incur a penalty.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year True North Mortgage
True North Mortgage
2.77% Get rate See all rates
2-Year True North Mortgage
True North Mortgage
2.49% Get rate See all rates
3-Year True North Mortgage
True North Mortgage
2.74% Get rate See all rates Safebridge
Safebridge
2.45%
Prime - 0.55
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4-Year True North Mortgage
True North Mortgage
2.77% Get rate See all rates
5-Year True North Mortgage
True North Mortgage
2.94% Get rate See all rates True North Mortgage
True North Mortgage
2.35%
Prime - 0.65
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6-Year Safebridge
Safebridge
3.69% Get rate See all rates
7-Year Safebridge
Safebridge
3.73% Get rate See all rates
8-Year Safebridge
Safebridge
4.42% Get rate See all rates
9-Year Safebridge
Safebridge
4.49% Get rate See all rates
10-Year True North Mortgage
True North Mortgage
4.34% Get rate See all rates

HELOC Rates

          HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate.
HELOC        HELOC Rates A HELOC rate is a variable interest rate on a line of credit that is secured by your home. As the equity in your home grows, you are able to borrow back up to 80% at the HELOC rate. True North Mortgage
True North Mortgage
3.50%
Prime + 0.50
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All-in-One        All-in-One HELOC An 'All-in-One' rate is one that combines a HELOC with your savings and deposit accounts. So, any deposits offset your debt in a daily interest calculation. Manulife One
Manulife One
3.50%
Prime + 0.50
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Cash back mortgage

          Cash back mortgage A cash back mortgage returns a lump sum, usually 3-7%, when your mortgage closes. If your principal is, for example, $300,000, a 5% cash back would return to you $15,000 when your mortgage closes.
5-Year Safebridge
Safebridge
3.85%
1% Cash Back
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6-Year TD Bank
TD Bank
5.96%
5% Cash Back
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7-Year PC Financial
PC Financial
5.69%
5% Cash Back
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10-Year PC Financial
PC Financial
6.09%
5% Cash Back
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Open mortgage rates

          Open mortgage rates Open mortgage rates allow you to pay off as much of your principal as you please whenever you wish, without penalty. Open mortgage rates are less popular than closed mortgage rates, but are often used for a short-term mortgage.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year Safebridge
Safebridge
4.99% Get rate See all rates
3-Year Safebridge
Safebridge
4.00%
Prime + 1.00
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5-Year Safebridge
Safebridge
3.75%
Prime + 0.75
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Bank Mortgage Rates

          Bank Mortgage Rates Bank mortgage rates are simply rates offered by the big Canadian banks. You should always compare these against the best available rates on the market.
Term Lowest Fixed
Mortgage Rates
Lowest Variable
Mortgage Rates
1-Year TD Bank
TD Bank
3.09% Get rate See all rates
2-Year TD Bank
TD Bank
2.79% Get rate See all rates
3-Year TD Bank
TD Bank
3.44% Get rate See all rates Laurentian
Laurentian
3.00%
Prime - 0.00
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4-Year Scotiabank
Scotiabank
2.94% Get rate See all rates
5-Year Bank of Montreal
Bank of Montreal
2.99% Get rate See all rates Scotiabank
Scotiabank
2.60%
Prime - 0.40
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10-Year Bank of Montreal
Bank of Montreal
4.69% Get rate See all rates

If you need any help comparison shopping, read our most frequently asked questions below:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual's particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?

'Closed' mortgages have lower rates when compared to their 'open' counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

'Open' mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can "set it and forget it" as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behaviour (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are RateHub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?

Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage ratehold?

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.

Source: All data percentages were taken from CAAMP "Annual State of the Residential Mortgage Market in Canada" 2010