Skip to main content
Ratehub logo
Ratehub logo

Compare the best Big 5 Bank mortgage rates

Get a personalized rate in under 2 mins

Big 5 Bank Mortgage Rates

Rates updated:

  • No Results
Provider5 Year variable5 Year fixed3 Year fixed

Prime -1.15%



Prime -0.56%







Prime -0.30%




Prime -0.05%




Prime -0.41%







Prime -0.50%






How it works

  • Compare the best rates

    Answer a few quick questions and see the lowest rates you can qualify for.

  • Apply online

    Apply for your mortgage instantly and easily using our secure online application.

  • Connect with our mortgage advisors

    Questions or comments? Book a call and one of our mortgage advisors will walk you through all the details

Not sure where to start? Check out our tools to get started

Big 5 Banks: Frequently asked questions

Why do banks offer different mortgage rates?

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.

help me find my rate

Want to learn more? Check out our comprehensive education centre

Comparing bank mortgage rates

Jamie David

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.

Housing market: March update

The February 2023 national housing numbers released by the Canadian Real Estate Association (CREA) on March 15 indicate a gradual recovery in the market. Even though home sales in February were down -40% year-over-year, they have actually increased by 2.3% from the previous month. This is an indication of two things: seasonality is returning to the Canadian housing market after several years of pandemic-induced abnormality, and motivated buyers are finally turning out in force.

In addition to improved home sales, February also saw a 1.7% month-over-month increase in the average national home price, although it’s still down -18.9% year-over-year. However, it should be noted that the great majority of that price recovery is concentrated in just two markets: Toronto and Vancouver, which are the priciest housing markets in the country. 

The coming months will help us get a clearer understanding of how prospective buyers are handling this higher interest environment in the wake of a historic eight successive rate hikes by the Bank of Canada between March 2, 2022 and January 25, 2023 that took the target for the overnight rate from 0.25% to 4.5%.


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

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 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 home buying guides. read full bio