Big 6 Canadian Banks Mortgage Rates

This Page's Content Was Last Updated: January 31, 2023
WOWA Trusted and Transparent
Fixed Mortgage Rates
TermAverage
1-Year7.37%
2-Year6.85%
3-Year6.03%
4-Year5.87%
5-Year5.47%
7-Year6.51%
10-Year7.20%
Variable Mortgage Rates
TermAverage
3-Year7.75%
5-Year6.95%

Canada’s Big 6 Banks

The majority of Canadians have a mortgage with one of the Big 6 Banks: RBC, TD, Scotiabank, BMO, CIBC, and National Bank. These banks are financial institutions that offer much more than just mortgages in Canada. They offer a wide variety of bank accounts, loans, investments, credit cards, and other services. Along with their strong physical presence with branches across Canada, it’s no wonder that most Canadians look towards these banks when they first start researching mortgage rates.

This page takes a look at today’s fixed and variable mortgage rates at each of these Big 6 Banks for term lengths of 1 to 10 years. It also provides an average mortgage rate for each term length, giving a snapshot that makes it easy for you to compare whether another mortgage rate is better than the big banks. There's also graphs that show how the 6 bank rates have changed over the past few years. These historical mortgage rates give us a look at how major bank rates have moved recently, and can give some insight on where Canadian mortgage rates are headed.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
Mortgage Term:
Fixed
Variable

Mortgages at Canada’s Big 6 Banks

Close to three quarters of all mortgages are from one of Canada’s Big 6 Banks. According to the Fall 2022 CMHC Residential Mortgage Industry Report, 72.5% of outstanding mortgages were held at one of the Big 6 banks in the first two quarters of 2022. However, of new mortgages that were lent out during this time, only 62.1% were from the Big 6 banks. While non-bank mortgage lenders have been increasing in popularity, the banks still play an important role in the mortgage marketplace. Let’s take a look at mortgage rates and products from each of Canada’s Big 6 banks.

Comparing Mortgages at Canada’s Big 6 Banks

Longest Rate HoldHighest Annual Prepayment LimitLongest Term Length

130 Days: BMO

120 Days: RBC, TD, Scotiabank, CIBC

90 Days: National Bank

20%: BMO* & CIBC*

15%: TD, Scotiabank

10%: RBC, National Bank

*On select mortgages

25 Years: RBC

10 Years: TD, Scotiabank, BMO, CIBC, National Bank

RBC Mortgage Rates

3-Year Fixed
RBC
5.55%
Big 6 Average
6.03%
5-Year Fixed
RBC
5.14%
Big 6 Average
5.47%
5-Year Variable
RBC
6.89%
Big 6 Average
6.95%

RBC Mortgage Summary

RBC logo

Rate Hold: 120 days

Term Lengths: 6 months to 25 years

Annual Prepayment Limit: 10%

Increase Your Payments: By up to 100% over the term

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly
  • Accelerated weekly

Royal Bank of Canada (RBC) competes with TD for the title of the largest bank in Canada. RBC offers fixed rate and variable mortgages. You can also add-on an home equity line of credit (HELOC) to your RBC mortgage, or apply for a cashback mortgage. Mortgage terms offered by RBC range from 6 months to 25 years. Amortizations of over 25 years are also available. In fact, 25% of RBC's residential mortgages have an amortization period of longer than 35 years based on RBC’s 2022 Annual Report.

Most mortgages with RBC are uninsured. As an uninsured mortgage, this means that the mortgage isn't limited to a maximum 25-year amortization period, and it can be used to purchase a home over $1 million. As of October 31, 2022, 78% of RBC mortgages were uninsured. RBC offers special rates for high ratio mortgages, which are insured mortgages with a down payment of less than 20%.

TD Mortgage Rates

3-Year Fixed
TD
5.71%
Big 6 Average
6.03%
5-Year Fixed
TD
5.15%
Big 6 Average
5.47%
5-Year Variable
TD
6.95%
Big 6 Average
6.95%

TD Mortgage Summary

TD logo

Rate Hold: 120 days

Term Lengths: 6 months to 10 years

Annual Prepayment Limit: 15%

Increase Your Payments: By up to 100% over the term

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly
  • Accelerated weekly

TD Canada Trust (TD) offers a variety of fixed or variable, open or closed mortgages, with terms ranging from 6 months to 10 years. TD offers a prepayment limit of 15% of your original principal balance every year.

According to TD's 2022 Annual Report, 75% of TD residential mortgages were uninsured. TD's average loan-to-value (LTV) for uninsured mortgages was 67% in Canada, while 25.5% of mortgages had an amortization of longer than 35 years. Even though TD only offers a maximum amortization of 30 years, a significant number of TD mortgages have an amortization greater than this due to variable rate mortgages hitting their trigger rate. This has caused mortgage payments to no longer cover the entire interest payment, which results in a longer amortization.

Scotiabank Mortgage Rates

3-Year Fixed
Scotiabank
5.70%
Big 6 Average
6.03%
5-Year Fixed
Scotiabank
4.99%
Big 6 Average
5.47%
5-Year Variable
Scotiabank
6.67%
Big 6 Average
6.95%

Scotiabank Mortgage Summary

Scotiabank logo

Rate Hold: 120 days

Term Lengths: 6 months to 10 years

Annual Prepayment Limit: 15%

Increase Your Payments: By up to 15% each year

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Weekly

The Bank of Nova Scotia (Scotiabank) is the third largest bank in Canada. While Scotiabank doesn’t offer accelerated bi-weekly or accelerated weekly payment options, they do offer some unique mortgage products. Scotiabank's Long and Short Mortgage combines a fixed rate mortgage with a variable rate mortgage. This lets you benefit with potentially lower rates on the portion of your mortgage with a variable rate, while still locking-in a fixed rate for the remaining portion of your mortgage. Scotiabank also has special mortgage programs for temporary residents and new permanent residents.

Scotiabank offers mortgages with terms from 6 months to 10 years, with an annual prepayment limit of 15%. Your regular mortgage payments can also be increased by up to 15% each year.

BMO Mortgage Rates

3-Year Fixed
BMO
5.70%
Big 6 Average
6.03%
5-Year Fixed
BMO
4.99%
Big 6 Average
5.47%
5-Year Variable
BMO
6.67%
Big 6 Average
6.95%

BMO Mortgage Summary

BMO logo

Rate Hold: 130 days

Term Lengths: 6 months to 10 years

Annual Prepayment Limit: 20%*

Increase Your Payments: By up to 20% each year

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly
  • Accelerated weekly

*10% for BMO Smart Fixed Mortgages

The Bank of Montreal (BMO) offers the longest rate hold out of the Big 6 banks: 130 days instead of the usual 120 days. BMO also has a slightly higher annual mortgage prepayment limit of 20% of the original mortgage principal each year. Lower limits apply to BMO’s Smart Fixed Mortgages. You can also combine your mortgage with a line of credit, called the BMO Homeowner ReadiLine. This is a readvanceable mortgage where your line of credit limit will increase as your mortgage principal is paid off.

CIBC Mortgage Rates

3-Year Fixed
CIBC
5.70%
Big 6 Average
6.03%
5-Year Fixed
CIBC
4.99%
Big 6 Average
5.47%
5-Year Variable
CIBC
6.67%
Big 6 Average
6.95%

CIBC Mortgage Summary

CIBC logo

Rate Hold: Up to 120 days

Term Lengths: 6 months to 10 years

Annual Prepayment Limit: 10% to 20%*

Increase Your Payments: By up to 100% over your term

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly
  • Accelerated weekly

*20% for variable and converitble mortgages

The Canadian Imperial Bank of Commerce (CIBC) offers fixed, variable, convertible, and cash back mortgages. Their fixed-rate closed mortgages have a lower annual prepayment limit of 10%, while CIBC’s variable and convertible mortgages have a higher prepayment limit of 20%. A unique mortgage that CIBC offers is the Wealth Builder Mortgage. With it, you'll receive ongoing cash back payments that you can use towards investing and your retirement savings.

National Bank Mortgage Rates

3-Year Fixed
National Bank
5.70%
Big 6 Average
6.03%
5-Year Fixed
National Bank
4.99%
Big 6 Average
5.47%
5-Year Variable
National Bank
6.67%
Big 6 Average
6.95%

National Bank Mortgage Summary

National Bank logo

Rate Hold: 90 days

Term Lengths: 6 months to 10 years

Annual Prepayment Limit: 10%

Increase Your Payments: By up to 100% over your term

Payment Options:

  • Monthly
  • Semi-monthly
  • Bi-weekly
  • Weekly

National Bank of Canada is the smallest of the Big 6 banks. National Bank has a stronger focus on Quebec, where its headquarters are located, compared to the other Big 6 banks. In 2022, 76% of National Bank's revenue in personal and commercial banking came from the Province of Quebec. However, National Bank's mortgages are available across the country.

National Bank's Made-to-Measure mortgage combines both a fixed and variable mortgage rate if you want your mortgage to be split into multiple portions. National Bank also offers variable-rate loans with a maximum interest rate, called a capped-rate, that lets you benefit from changes in National Bank's prime rate while still being protected from significant increases.