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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 | 5.95% Prime -1.25% | 4.79% | 4.84% |
6.67% Prime -0.53% | 5.09% | 5.36% | |
6.60% Prime -0.60% | 5.14% | 5.51% | |
6.65% Prime -0.55% | 5.14% | 5.19% | |
6.59% Prime -0.61% | 5.14% | 5.65% | |
6.60% Prime -0.60% | 5.04% | 5.64% |
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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 0.50% 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?
While lenders certainly compete on their mortgage products, particular banks don’t tend to have higher or lower rates 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.
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.
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 rateWant 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 housing market update: March 2024
The housing market in Canada has been markedly volatile over the last year, and the initial months of 2024 have shown themselves to be no exception thus far. Bond yields are elevated but stable after a rising and falling with surprising speed over the last couple of weeks. 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 March 18, 2024, the Canadian Real Estate Association (CREA) came out with the February numbers for the Canadian housing market. The latest figures reveal that the housing market in Canada is undergoing a major recovery, building on January’s momentum.
Some 35,523 residential properties changed hands across Canada in February, representing a major annual increase of 19.7%, and far outstripping January’s impressive total of 25,540. New listings positively soared by a whopping 24.2%, but that wasn’t enough to keep the average home price in Canada from hitting $685,809 (a 3.6% annual increase).
Despite the huge jump in sales, the flood of new supply helped to ease buying conditions slightly, with February’s sales-to-new-listings ratio (SNLR) of 55.6% having dipped from the previous month’s 58.8%. 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: February Canadian home sales surge on rate cut optimism
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