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: December 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 remained steady in November, with national home sales dipping just 0.6% month over month, according to the Canadian Real Estate Association (CREA). The small decline follows several months of stable activity and points to a market that is pausing rather than weakening further. Supply conditions helped keep the market balanced despite softer demand. New listings declined 1.6% from October, preventing any significant shift in market dynamics. As a result, the national sales-to-new-listings ratio edged up slightly to 52.7%, from 52.2% the previous month. Ratios in the low-50% range are generally associated with balanced conditions. Inventory levels remained stable as well. National months of inventory held at 4.4 months, unchanged from the range seen between July and October and close to the long-term average of five months. Price trends, however, showed modest downward pressure. The MLS® Home Price Index slipped 0.4% month over month, suggesting that some sellers adjusted expectations to secure deals before the end of the year. On an annual basis, the non-seasonally adjusted HPI was down 3.7% compared to November 2024, while the national average sale price fell 2% year over year to $682,219. 

Read more: Canadian home sales hold steady in November

• CPI update: Statistics Canada reported that the Consumer Price Index increased 2.2% year over year in November, unchanged from October. Lower inflation pressures were driven by a moderation in shelter and service costs. Shelter inflation eased further overall, with the shelter index rising 2.3% year over year, down from 2.5% in October. Rent inflation slowed again, rising 4.7% year over year compared to 5.2% the previous month. While mortgage interest costs edged 3.2% higher on a year-over-year basis in November, they remain well below the peak of 30% recorded in late 2023. Gasoline prices remained lower than a year ago and continued to offset some inflation, though the year-over-year decline narrowed to 7.8% from 9.4%, limiting its overall impact. Food prices continued to move higher and remain the most persistent source of pressure for households. Prices for food purchased from stores rose 4.7% year over year in November, accelerating from 3.4% in October and marking the fastest pace since December 2023. Grocery prices also climbed 1.9% month over month, the largest increase since January 2023. Core inflation measures softened slightly as CPI-Median and CPI-Trim declined to 2.8%, indicating that underlying price pressures are gradually cooling. With both measures firmly within the Bank of Canada’s control range, the November report supports expectations that policymakers will maintain their rate hold.

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.