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Big 5 Bank Mortgage Rates

Rates updated:

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Provider5 Year variable5 Year fixed3 Year fixed

5.95%

Prime -1.25%

4.84%

4.99%

6.67%

Prime -0.53%

5.16%

5.41%

6.60%

Prime -0.60%

5.14%

5.86%

6.70%

Prime -0.50%

5.19%

5.29%

6.59%

Prime -0.61%

5.14%

5.85%

6.70%

Prime -0.50%

5.14%

6.99%

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Comparing bank mortgage rates

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.

Canadian housing market update: February 2024

The housing market in Canada has been markedly volatile in the last couple of months, and the beginning of 2024 has shown itself to be no exception thus far. Bond yields are once again on the rise after coming down briefly in December and January, pushing lenders to raise their fixed-rate mortgage products. Variable mortgage rates remain high in the wake of the Bank of Canada’s historically steep rate-hiking cycle that saw a total of 10 rate hikes between March 2022 and July 2023 that brought the Overnight Lending Rate to 5%. If you’re looking to get a mortgage in Canada, here’s what you should be aware of:

Real estate update: On February 14, 2024, the Canadian Real Estate Association (CREA) came out with the January numbers for the Canadian housing market. The latest figures reveal that the housing market in Canada seems to be recovering in the new year after a rather lacklustre second half of 2024. 

Some 25,540 residential properties changed hands across Canada in January, representing an monthly increase of 3.7% and an even more significant annual increase of 22%. New listings rose just slightly by 1.5%, insufficient to keep pace with demand and adding new pressure to the market. In consequence, the average home price in Canada rose by 7.6% annually, coming in at $659,395.

Rising sales and low supply combined to help push market conditions towards the “seller-friendly” end of the balanced market spectrum, as the sales-to-new-listings ratio (SNLR) rose to 58.8% in January. CREA defines a ratio between 40 - 60% to reflect a balanced housing market, with above and below that threshold indicating sellers’ and buyers’ market conditions, respectively.

Read more: Canadian realtors hopeful sales growth will continue


2024 Housing market forecast

With expectations of rate cuts growing and pent-up home buyer demand apparent, CREA has revised its forecasts for 2024 and 2025 upwards. 

CREA now expects that a total of 489,661 homes will change hands across Canada in 2024, up by 10.4% from 2023. Sales growth is projected to be most robust in markets where housing demand has been consistently strong, like Alberta. However, sales growth is also anticipated in markets that have hitherto been languishing due to historically low demand, such as Ontario, British Columbia and Nova Scotia. The average home price in Canada will rise by 2.3% to come in at $694,173 in 2024, with the most notable increases in Alberta, Quebec, New Brunswick, Nova Scotia and Newfoundland and Labrador. Home prices in Ontario and British Columbia, on the other hand, are predicted to remain relatively unchanged. 

Housing market activity will gather further momentum in 2025, with sales forecast to hit 525,498 residential properties (an increase of 7.3%) and the average national home price expected to reach $722,063 (an increase of 4%).

 

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 bulk 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 10-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. 

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 bulk 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 10-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. 

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio