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: October 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 showed continued strength in September 2025, even as activity eased slightly after months of steady gains. The Canadian Real Estate Association (CREA) reported that national home sales declined 1.7% from August, marking the first monthly drop since spring. Still, transactions were 5.2% higher than in September 2024, making it the most active September in four years. The slowdown reflected softer sales in major centres — particularly Vancouver, Calgary, Edmonton, Ottawa, and Montreal — which offset modest gains in the Greater Toronto Area and Winnipeg. On the supply side, new listings fell slightly by 0.8%, while the sales-to-new-listings ratio edged down to 50.7%, sitting comfortably within the 45–65% range that indicates equilibrium. The number of homes for sale stood at 199,772, up 7.5% year over year, aligning closely with long-term seasonal norms. Months of inventory stayed unchanged at 4.4, the lowest since January and below the long-term average of five months, a sign of steady buyer activity. CREA Chair Valérie Paquin noted that there are now more active buyers than at nearly any time in the past four years, though sales remain slightly below historical averages, suggesting potential for further recovery as confidence improves. Prices held firm following the early-year correction. The MLS® Home Price Index edged down 0.1% month over month and 3.4% year over year, showing that the sharp declines from earlier in 2025 have largely levelled out. Meanwhile, the national average home price rose 0.7% annually to $676,154, underscoring a period of stability rather than volatility. 

  Read more: Canadian home sales hit a four-year September high

• CPI update: In August, Canada’s Consumer Price Index (CPI) rose 1.9% year-over-year, reversing July’s slowdown to 1.7%. The main factor was a smaller drop in gasoline prices, which fell 12.7% compared to a 16.1% decline the month before. Stripping out gas, inflation would have reached 2.4%, slightly below the 2.5% level that had persisted for three months prior. Food prices continued to climb, with overall costs rising 3.5% versus 3.4% in July. Meat prices saw the sharpest increase, jumping 7.2% from 4.7% the previous month. Fresh fruit prices, however, declined 1.1% due to cheaper cherries and grapes, while restaurant food inflation held steady at 3.3%. Shelter costs moderated somewhat, rising 2.6% compared to 3% in July. Rent inflation eased to 4.5% from 5.1%, and mortgage interest costs rose 4.2%. Economists had expected inflation to reach 2%, but the softer outcome, paired with weakening labour market data, paved the way for a quarter-point cut at the Bank of Canada’s September 17 decision. Core inflation measures offered further support: the CPI Median held steady at 3.1%, while the CPI Trim edged down to 3% from 3.1%.

Housing market outlook for 2025

The Canadian Real Estate Association (CREA) has released revised forecasts showing that Canada’s housing market recovery remains intact but is unfolding more gradually than anticipated. After strong momentum in late 2024, early 2025 brought tariff-related challenges that temporarily slowed sales in key provinces like Ontario and British Columbia. Since March, activity has been steadily improving, pointing to a delayed rather than derailed recovery. CREA now expects 473,093 homes to be sold in 2025, representing a modest 1.1% decrease from last year. The average home price is forecast to decline 1.4% to $676,705, as price drops in B.C. and Ontario offset gains of 4%-8% across most other regions. Looking ahead, CREA projects a more robust 2026, with home sales expected to rise 7.7% to 509,479 — the strongest since 2021 — and prices to increase 3.2% to $698,622. While CREA cautions that uncertainty remains elevated, it notes that market confidence and buyer participation are steadily strengthening.

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.