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Big 5 Bank Mortgage Rates
Rates updated:
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Provider | 5 Year variable | 5 Year fixed | 3 Year fixed |
---|---|---|---|
Best market rate | 3.95% Prime -1.00% | 4.04% | 3.69% |
4.53% Prime -0.42% | 4.51% | 4.29% | |
4.69% Prime -0.26% | 4.34% | 4.49% | |
4.45% Prime -0.50% | 4.19% | 4.39% | |
4.35% Prime -0.60% | 4.74% | 4.69% | |
4.55% Prime -0.40% | 4.69% | 4.54% |
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Big 5 Banks: Frequently asked questions
Why do different banks offer different mortgage rates?
Banks have unique lending criteria and risk tolerances, which can lead to varied pricing — even for similar mortgage products.  For example, the advertised rate for a 5-year fixed-term mortgage could be 0.50% higher from TD Bank than from BMO (or vice versa).
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?
As of January 3, 2024, the lowest rates currently available are:
- 5-year variable rate: RBC Royal Bank and CIBC are offering the lowest rate at 4.65% (Prime - 0.80%).
- 5-year fixed rate: RBC Royal Bank and CIBC have the lowest rate at 4.59%.
- 3-year fixed rate: Scotiabank offers the lowest rate at 4.64%.
These differences highlight why it’s important to compare rates across lenders. Factors such as your financial profile and the specific features of each mortgage product will also play a role in determining the best rate for you.Â
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.
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.
Do banks offer better mortgage rates to existing customers?
Banks might provide better mortgage rates or special offers like loyalty discounts, reduced fees, or exclusive promotional rates for those renewing or refinancing their mortgages with the same bank.
However, these rates are not always the lowest available in the market. It's important to compare rates from other lenders, as switching to a different bank may still result in a better deal, even after factoring in any loyalty benefits.Â
Let us help you determine which rate best suits your individual needs by answering a few short questions about your home and financial history.
Want to learn more? Check out our comprehensive education centre
Comparing bank mortgage rates

Jamie David, Sr. Director of Marketing and Mortgages
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 mortgage market update: August 2025
Anyone shopping for a mortgage rate in Canada right now should be aware of the economic factors below.
- Real estate update: Canada’s housing market gained further traction in July 2025 as buyers returned after a hesitant first half of the year. The Canadian Real Estate Association (CREA) reported 45,973 sales nationwide, marking a 6.6% increase from July 2024 and a 3.8% gain over June. Prices, however, have not mirrored the rise in sales. The national average home price in July was $672,784, up only 0.6% year over year and 1.3% month over month. CREA’s MLS Home Price Index — a more accurate measure of typical values — was unchanged from June and 3.4% lower than last year. Supply conditions remain balanced but are showing signs of tightening. New listings totalled 88,616 in July, virtually flat from the previous month. With sales steadily increasing, the sales-to-new-listings ratio rose to 52%, up from 50.1% in June and 47.7% in May. This remains in balanced territory but suggests growing competition. Looking ahead, September traditionally brings a wave of new listings, but with demand already strengthening, competition could heat up more rapidly than usual.
Read more: Canadian home sales tick 6.6% higher in July
- CPI update: Inflation in Canada slowed in July, with the Consumer Price Index (CPI) rising 1.7% year over year, down from 1.9% in June, according to Statistics Canada. The softer reading was largely due to lower energy costs, as gasoline prices fell 16.1% compared to a year earlier. StatCan noted that without the removal of the federal carbon tax in April, inflation would have registered at 2.5%. Grocery inflation picked back up after easing in June. Food purchased in stores rose 3.4% annually, compared to 2.8% the previous month. Shelter costs also edged higher. Rent prices rose 5.1% in July, pushing the shelter index higher by 3% — the first increase since February 2024. Mortgage interest costs continued to moderate, rising 4.8% annually, down from 5.6% in June and well below the 30.9% peak recorded last August. The Bank of Canada’s core inflation measures, however, remain elevated. CPI-Median and CPI-Trim both stayed in the 3% range. With underlying price growth still sticky, policymakers face a tough decision. Markets are now pricing in a 38% chance of a quarter-point cut at the BoC’s September 17 meeting; however, the decision will depend on the August CPI data.
Read more: Canadian CPI falls to 1.7% in July
Housing market outlook for 2025
CREA updated its national housing forecast for 2025, reflecting a slightly slower recovery than previously anticipated. CREA now expects 469,503 homes to be sold this year, a 3% decline from 2024. The downward trend is mainly due to weaker-than-expected activity in British Columbia, Alberta, and Ontario, where buyers remained cautious amid tariff-related uncertainty. Meanwhile, smaller gains are still expected across most other provinces. The national average home price is projected to decline 1.7% to $677,368. While prices are expected to rise between 4% and 8% in most regions, declines in B.C. and Ontario (both high-priced markets) continue to exert downward pressure on the national average. Looking ahead to 2026, CREA expects a 6.3% increase in sales, reaching 499,081 transactions. This would bring activity closer to pre-tariff expectations, although it would still mark the fourth consecutive year in which national sales fall short of the 500,000 mark. The average home price is expected to climb 3% to $697,929, sustaining the market’s six-year-long trend of $700,000 range.
Canadian mortgage reform update
On September 16, 2024, the federal government announced sweeping changes to mortgage qualification rules for first-time home buyers, as well as those purchasing newly-constructed homes.
As of December 15, 2024:
- 30-year amortizations will be available for all first-time home buyers, regardless of whether they have an insured mortgage. These extended amortizations are also available for any purchase of new construction.
- The maximum purchase price for an insured mortgage (where less than 20% down is paid) will be increased to $1.5 million, from the current $1 million.
These are some of the most impactful mortgage reforms announced since 2012, and are anticipated to increase first-time home buyers’ affordability and access to the housing market.
Learn more about these new mortgage rule changes on the Ratehub.ca blog
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