Compare the best Big 5 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 mortgage market update: January 2026

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 finished 2025 with activity tapering off as the year came to a close. According to the Canadian Real Estate Association (CREA), 26,077 homes were sold nationally in December, representing a 2.7% decline from November and a 4.5% drop compared to December 2024. This late-year cooling capped a broadly flat performance in 2025, with 470,314 homes sold over the year, down 1.9% from 2024, as lingering economic uncertainty continued to temper buyer confidence despite lower borrowing costs and expanded housing policy support. Supply levels rose modestly heading into year-end. Active listings totalled 133,495 properties in December, up 7.4% year over year, while both sales and new listings slowed during the holiday period. As a result, the national sales-to-new-listings ratio (SNLR) edged down slightly to 52.3%, from 52.7% in November, keeping the market firmly within CREA’s 45%–65% balanced range. These conditions limited price pressure, with the national average home price coming in at $673,335, down 0.1% annually, while the MLS® Home Price Index declined 0.3% month over month and 4.0% year over year. CREA noted that the modest price pullback likely reflected seasonal seller behaviour rather than a fundamental weakening in market demand.

• CPI update: The Consumer Price Index (CPI) rose 2.4% year over year in December, up from 2.2% in November. The increase reflects the removal of last year’s GST/HST tax relief from the year-over-year comparison, which lifted annual price growth for several categories that had been temporarily exempt in December 2024. Energy prices helped offset part of the increase. Gasoline prices fell 13.8% year over year, a larger decline than the month before. Food prices continued to contribute significantly to inflation. Prices for food purchased from stores increased 5.0% year over year, despite being flat month to month, reflecting the cumulative impact of earlier price increases. Restaurant prices rose sharply, up 8.5% annually, becoming the largest contributor to faster inflation in December. Price growth also accelerated for alcoholic beverages, snack foods, toys, and children’s clothing — categories directly affected by the expiry of the GST/HST exemption. Shelter inflation showed signs of moderation, rising just 0.1% month over month. Mortgage interest costs increased 1.7% year over year, extending a multi-year deceleration as earlier Bank of Canada rate cuts and holds continue to ease borrowing costs. Rent inflation remained elevated at 4.7%, underscoring persistent pressure in Canada’s rental market. Encouragingly, core inflation continued to move lower. The CPI Median eased to 2.5%, while the CPI Trim declined to 2.7%, suggesting underlying price pressures are cooling. With core inflation improving and shelter-related pressures gradually easing, the data support expectations that the Bank of Canada will remain on hold in the near term, barring a material shift in economic conditions.

Housing market outlook for 2026

Canada’s housing market is expected to show renewed strength in 2026, as improving affordability and pent-up demand help lift activity, according to the Canadian Real Estate Association (CREA). After a year marked by uneven momentum, home sales had still recovered by 12% by August 2025, providing a stronger starting point for this year. CREA expects lower interest rates and a backlog of sidelined buyers to support a continued pickup in market activity. Nationally, home sales are forecast to increase by 5.1% in 2026, reaching approximately 494,500 transactions. The strongest growth is expected in British Columbia and Ontario, where sales are projected to rise by about 8%, largely due to improved supply conditions. In contrast, provinces that experienced more stable demand throughout 2025 are expected to see slower, more incremental gains. Home prices are also expected to move modestly higher. CREA forecasts the national average home price will rise 2.8% in 2026 to $698,881, with price growth remaining restrained in higher-priced markets such as Ontario and B.C., as well as in Alberta and Nova Scotia, where demand has softened. Meanwhile, Saskatchewan, Quebec, and Newfoundland and Labrador are expected to continue seeing price increases, though slower population growth is likely to temper gains. Looking ahead, CREA expects the recovery to continue into 2027, with sales rising another 3.5% and the national average price increasing 2.3% to $714,991, keeping prices close to the $700,000 level for a seventh consecutive year.

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.