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 saw a slower start to 2026, with national home sales declining 5.8% month over month in January, according to the Canadian Real Estate Association (CREA). On a non-seasonally adjusted basis, sales were 16.2% lower than in January 2025. The drop in activity was largely centred in Ontario’s Greater Golden Horseshoe and parts of Southwestern Ontario, where a significant winter storm disrupted showings and delayed transactions. At the same time, new listings rose 7.3% from December, with roughly two-thirds of local markets reporting gains. As listings outpaced sales, the national sales-to-new listings ratio (SNLR) declined to 45%, down from 51.3% at the end of 2025. While still within the balanced range, January’s reading indicates conditions are gradually tilting toward buyers. Supply levels continued to improve. By the end of January, 140,680 properties were listed on Canadian MLS® Systems, up 4.5% year over year, though still 11.4% below the long-term average for this time of year. The months of inventory measure increased to 4.9 months, nearing the historical average of five months and remaining consistent with balanced conditions. Home prices edged lower in response to softer demand and expanding inventory. The National Composite MLS® Home Price Index (HPI) fell 0.9% month over month and was down 4.9% compared to January 2025. The national average sale price came in at $652,941, a 2.6% annual decline. Conditions remain broadly balanced at the national level, but rising inventory and slower sales point to a more cautious tone heading into the spring market.

• CPI update: Inflation in Canada eased slightly at the start of 2026, with the Consumer Price Index (CPI) rising 2.3% year over year in January, down from 2.4% in December, according to Statistics Canada. The pullback in headline inflation was driven primarily by gasoline. Prices at the pump fell 16.7% compared to a year earlier, a steeper decline than December’s 13.8% drop. However, when gasoline is excluded, CPI rose 3.0% year over year, unchanged from December, indicating that underlying price pressures remain elevated. Because last year’s temporary GST/HST break lowered prices in January 2025, several categories now appear elevated year over year. Restaurant meals rose 12.3% annually and were among the largest contributors to inflation. Alcoholic beverages, toys, and children’s clothing also saw notable increases. Shelter inflation continued to decelerate meaningfully, increasing 1.7% annually — the first reading below 2% in nearly five years. Rent growth eased to 4.3%, and mortgage interest costs rose 1.2%, extending their downward trend from earlier peaks. Core inflation measures reinforced the cooling trend, as CPI-median slowed to 2.5% and CPI-trim to 2.4%. Taken together, the January report points to inflation that is gradually stabilizing near target.

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.

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.