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.

March 18, 2026, Bank of Canada announcement update

On March 18, 2026, the Bank of Canada held its overnight rate at 2.25% for a third straight announcement, keeping its benchmark rate unchanged as it watches how geopolitical tensions and rising energy prices could affect inflation and growth. The decision suggests the Bank is staying cautious for now, rather than moving quickly in either direction.

For mortgage borrowers, that means variable rates remain stable in the near term, since lenders’ prime rates are not changing. Variable mortgage pricing also continues to sit at relatively low levels, with the best available rates still around 3.35%, the lowest seen since the summer of 2022.

Fixed rates are moving in the opposite direction. Because they are influenced by bond yields rather than the Bank of Canada directly, they have come under upward pressure as markets dial back expectations for more rate cuts in Canada and the U.S. That has already led lenders to raise fixed-rate pricing, with the best insured five-year fixed rate now higher than it was in February.

Looking ahead, the outlook is less certain than it was earlier this year. The Bank is holding steady for now, but if higher energy prices start feeding into inflation, the possibility of rate hikes later in 2026 is back on the table. For now, borrowers are getting stability on the variable side, but fixed-rate shoppers may be facing a narrowing window.

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.