Compare the best Big 5 Bank mortgage rates

Q: Which bank has the lowest mortgage rate?

While lenders certainly compete on their mortgage products, particular banks don’t tend to have higher or lower ranks as a rule. In Canada, rates are more likely to vary from person to person, rather than bank to bank. To get the best mortgage rate, as well as the mortgage with the right features for you, it’s important to compare mortgages from multiple providers.

Q: How do I get a mortgage with one of the big banks?

There are two ways to apply for a mortgage with one of the big banks. You can either go directly to a particular bank, or you can apply through a mortgage broker . Using a mortgage broker gives you the added benefit of being able to compare mortgage rates and products between different lenders, as well as the chance to speak to an independent mortgage expert.

Q: Can you negotiate a mortgage rate?

Yes, you can negotiate a mortgage rate. The rate you’re offered is not always the best rate you can get, especially in the case of a mortgage renewal offer from your current lender. If you’re uncomfortable with negotiating your own mortgage rate, it’s a good idea to speak to a mortgage broker, who can negotiate on your behalf.

Tell us what you’re looking for and we’ll find the best rates for you in less than 2 minutes.

Provider	5 Year variable	5 Year fixed	3 Year fixed
Best market rate	3.50% Prime -1.20	4.19%	4.39%
Bank of Montreal	4.24% Prime -0.46 inquire	5.24% inquire	5.09% inquire
TD Bank	4.30% Prime -0.40	5.24%	5.24%
Scotiabank	4.45% Prime -0.25	5.39%	5.29%
CIBC	4.39% Prime -0.31 inquire	5.17% inquire	5.39% inquire
RBC Royal Bank	4.50% Prime -0.20 inquire	5.54% inquire	5.20% inquire

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FAQS

Big 5 Banks: Frequently asked questions

Why do banks offer different mortgage rates?

Not all banks offer the same mortgage rates. In fact, some banks can offer very different rates for what is otherwise the same product. For example, the advertised rate for a 5-year fixed-term mortgage could be 0.5% higher from TD Bank than from BMO (or vice versa).

Why is this the case? Well, it’s because each bank has different lending criteria and is comfortable with different amounts of risk. Other factors like desired market share, competition and marketing policy will also change a bank’s pricing strategy. This is why you need to shop around and compare rates from multiple banks whenever you get a new mortgage, renew your mortgage or refinance.

Which bank has the lowest mortgage rate?

How do I get a mortgage with one of the big banks?

Can you negotiate a mortgage rate?

Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.

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Comparing bank mortgage rates

Jamie David, Director of Marketing & Mortgages

June 6, 2022

Getting a mortgage is a major financial commitment and can make big changes to your lifestyle. So, taking the time to choose the right mortgage is really important. For most Canadians, the Big 5 Banks are what they will think of first when they consider taking the mortgage plunge, but the big banks are not your only choice.

Below are some essential details about getting a mortgage from one of the Big 5 Banks, or from any other kind of lender.

Posted rates vs. best rates

When comparing bank mortgage rates, it’s important to know that these rates represent the banks' posted mortgage rates. The posted rate is simply the rate that the bank is advertising in public. However, banks are often able to offer even lower rates in order to secure a borrower's business. You may be able to access these discounted rates through negotiation, or by reaching out to a representative mortgage broker. Some banks offer rates several percentage points below what is posted, so it's worth taking the time to see if you can get a better offer.

Bank rates vs. broker rates

As you may have noticed, bank mortgage rates are almost always higher than those of mortgage brokers. That is because mortgage brokers have access to rates from multiple banks and credit unions, as well as insurance and trust companies. That means they can shop around for you. Brokers also receive discounts from lenders based on the high volume of their business that they can pass along to you.

As a result, it’s unlikely that a bank will post a lower rate than a mortgage broker. However, if you present the lowest market rate to your bank as part of the negotiation process, they may offer to match it. That said, we don’t recommend pitting the banks and brokers against each other to compete for your business. What we do recommend is comparing broker mortgage rates and bank mortgage rates alongside each other, and deciding which offer is best for you.

Comparing mortgage rates with Ratehub.ca

Whether you're considering using a bank or broker, a variable or fixed mortgage rate, or a one to a ten-year term, we can help. Our tools find the best mortgage rates for every category and type of lender, personalized to you. Our goal at Ratehub.ca is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly and providing them with the best online application and offline customer service to close their mortgage all in one place.

Author bio

Jamie David

Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.

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