Best Mortgage Rates in Canada
Show moreWe collect mortgage rates three times a day on business days from more than fifty federal and provincial lenders’ websites, as well as major brokerages across Canada. We filter them by province, classify each rate as insured, insurable, uninsurable, or rental and sort all non-sponsored rates from lowest to highest, independent of whether the lenders work with us or not, to provide users with the most accurate and up-to-date information.
Show moreAdvertising & Compensation Disclosure: Financial institutions and brokerages may compensate us through ads, clicks, or leads. Except for sponsored listings, all rates are sorted independently of any relationship with us.
Lowest Mortgage Rates in Canada
Personalize your rates: tell us about your purchase and the rates below update as you type.
Compare All Canada Mortgage Rates
LendersSelected Lenders | 3-Year Fixed Insured Rates |
|---|---|
Northern Credit Union Create a free account to see moreCreate a free account | 4.29% Payment: $2,709.29/mo |
Butler Mortgage Check More Rates 4.8/5(1704 reviews) ON Lic. #12118 | 4.39% Payment: $2,736.87/mo |
Frank Mortgage Check More Rates 4.8/5(122 reviews) ON Lic. #13204 | 4.39% Payment: $2,736.87/mo |
Pathwise Credit Union Check More Rates | |
Kindred Credit Union Create a free account to see moreCreate a free account | 4.44% Payment: $2,750.71/mo |
DUCA Create a free account to see moreCreate a free account | 4.49% Payment: $2,764.59/mo |
nesto Check More Rates 4.5/5(1777 reviews) ON Lic. #13044 | 4.54% Payment: $2,778.49/mo |
Innovation Credit Union Create a free account to see moreCreate a free account | 4.54% Payment: $2,778.49/mo |
Alterna Savings Create a free account to see moreCreate a free account | 4.59% Payment: $2,792.44/mo |
Kawartha Financial Services Create a free account to see moreCreate a free account | 4.59% Payment: $2,792.44/mo |
Libro Credit Union Create a free account to see moreCreate a free account | 4.59% Payment: $2,792.44/mo |
Shinhan Bank Create a free account to see moreCreate a free account | -- |
IG Wealth Management Create a free account to see moreCreate a free account | 4.79% Payment: $2,848.54/mo |
Caisse Alliance Create a free account to see moreCreate a free account | 4.84% Payment: $2,862.65/mo |
CMLS | 4.84% Payment: $2,862.65/mo |
BMO | 4.94% Payment: $2,890.97/mo |
Tangerine Create a free account to see moreCreate a free account | 4.94% Payment: $2,890.97/mo |
Equitable Create a free account to see moreCreate a free account | 4.94% Payment: $2,890.97/mo |
National Bank | 5.04% Payment: $2,919.42/mo |
CIBC Check More Rates | 5.09% Payment: $2,933.69/mo |
RBC Check More Rates | 5.09% Payment: $2,933.69/mo |
Simplii Financial Create a free account to see moreCreate a free account | 5.09% Payment: $2,933.69/mo |
TD Check More Rates | 5.24% Payment: $2,976.71/mo |
Manulife Create a free account to see moreCreate a free account | 5.39% Payment: $3,020.02/mo |
First National | 5.49% Payment: $3,049.05/mo |
Bridgewater Bank Create a free account to see moreCreate a free account | -- |
Community Trust Create a free account to see moreCreate a free account | 5.55% Payment: $3,066.53/mo |
Laurentian Create a free account to see moreCreate a free account | 6.09% Payment: $3,225.83/mo |
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What are today’s lowest mortgage rates in Canada?
As of November 2, 2026,
- The lowest 1-year fixed insured mortgage rate is 4.79%, which is 70 bps higher than 30 days ago and 70 bps higher than 7 days ago.
- The lowest 2-year fixed insured mortgage rate is 4.54%, which is 45 bps higher than 30 days ago and 45 bps higher than 7 days ago.
- The lowest 3-year fixed insured mortgage rate is 4.29%, which is 20 bps higher than 30 days ago and 20 bps higher than 7 days ago.
- The lowest 4-year fixed insured mortgage rate is 4.39%, which is 30 bps higher than 30 days ago and 20 bps higher than 7 days ago.
- The lowest 5-year fixed insured mortgage rate is 4.39%, which is 20 bps higher than 30 days ago and 15 bps higher than 7 days ago.
- The lowest 5-year variable insured mortgage rate is 3.50%, which is 25 bps higher than 30 days ago and 25 bps higher than 7 days ago.
What are the lowest conventional mortgage rates in Canada, currently?
As of November 2, 2026,
- The lowest 1-year fixed conventional mortgage rate is 4.89%, which is 70 bps higher than 30 days ago and 70 bps higher than 7 days ago.
- The lowest 2-year fixed conventional mortgage rate is 4.54%, which is 45 bps higher than 30 days ago and 45 bps higher than 7 days ago.
- The lowest 3-year fixed conventional mortgage rate is 4.39%, which is 25 bps higher than 30 days ago and 25 bps higher than 7 days ago.
- The lowest 4-year fixed conventional mortgage rate is 4.69%, which is 50 bps higher than 30 days ago and 50 bps higher than 7 days ago.
- The lowest 5-year fixed conventional mortgage rate is 4.44%, which is 20 bps higher than 30 days ago and 20 bps higher than 7 days ago.
- The lowest 5-year variable conventional mortgage rate is 3.65%, which is 35 bps higher than 30 days ago and 25 bps higher than 7 days ago.
Disclosure: We collect mortgage rates from most lenders and several major brokerages across Canada. The “best rate” is determined based on the rates we are able to gather; therefore, it is possible that we may miss certain brokerages or monoline lenders that could offer slightly better rates than those shown in this table. Additionally, financial institutions and brokerages may compensate us through ads, clicks, or leads, but this does not influence our ranking system.
Lowest Mortgage Rates in Canada
Compare today’s lowest rates across Canada and see how they have been moving lately.
Fixed vs. Variable: What the Difference Looks Like
See how two mortgage options can affect your monthly payment, using the lowest 5-year rates in Canada.
Payments are estimates based on a $500,000 mortgage amortized over 25 years. Variable mortgage rates change with the lender's prime rate, but payments work differently: a fixed-payment variable-rate mortgage keeps payments unchanged while adjusting the proportion going toward interest and principal. With an adjustable-rate mortgage (ARM), monthly payments rise or fall as prime rates change. Actual payments and terms vary by lender.
About Mortgages and Rates in Canada
The content below, excluding mortgage rates, was last updated on: September 23rd, 2026
What is a mortgage in Canada?
Term vs. Amortization
A mortgage can have several terms within one payoff timeline.
- 0–55-year mortgage termRate agreement for these years↓ Renew
- 5–105-year mortgage termRate agreement for these years↓ Renew
- 10–155-year mortgage termRate agreement for these years↓ Renew
- 15–205-year mortgage termRate agreement for these years↓ Renew
- 20–255-year mortgage termRate agreement for these years
- Term
- How long your current rate agreement lasts.
- Amortization
- How long you are scheduled to take to repay the mortgage.
- Renewal
- When your term ends and you select another rate or term.
A mortgage is a loan secured by a property, typically used to buy a home. You repay it through regular payments of principal and interest over an amortization period, most commonly 25 years in Canada. Thirty-year amortizations are also available for qualifying uninsured mortgages and insured mortgages for first-time buyers or buyers of newly built homes.
Your mortgage term is different from your amortization. It determines how long your current mortgage rate and conditions apply, typically ranging from one to five years, though shorter and longer terms are available. When your term ends, you can renew, refinance, or switch lenders.
The rates shown on this page are for prime residential mortgages, generally available to borrowers with strong credit and verified income. Your actual rate depends on factors such as your credit profile, down payment, mortgage type, and market conditions, which are explained in the sections below.
What Determines Your Mortgage Rate?
Your rate reflects market conditions and your mortgage details.
- Bank of Canada → Prime rateA major influence on many variable mortgages.
- Bond yields → Lender pricingA major influence on many fixed mortgages.
- Credit score
- Down payment / LTV
- Insurance status
- Term
- Amortization
- Property type
- Province
- Purpose
Your final rate depends on both the market and your borrowing circumstances.
Minimum Down Payment in Canada
See how minimum down payments work at different home prices.
- 5%First $500,0005% on the first $500,000
- 10%$500,000 to under $1.5M10% on the portion above $500,000
- 20%$1.5 million or more20% minimum of the full price
- First $500,0005% of this portion
- $25,000
- Remaining $400,00010% of this portion
- $40,000
- Minimum down payment
- $65,000
With less than 20% down, mortgage default insurance is generally required.
Mortgage Rates by Province and City
Mortgage rates aren't the same everywhere in Canada. Because many lenders and brokers are licensed and compete province by province, the lowest available rate can vary with where you're buying, and even the same lender may quote differently in different markets. Choose your province or city to see the best rates in your area within the tables above or in the links below:
Ontario mortgage rates · British Columbia mortgage rates · Alberta mortgage rates · Quebec mortgage rates · Manitoba mortgage rates · Nova Scotia mortgage rates · Saskatchewan mortgage rates · New Brunswick mortgage rates · Newfoundland and Labrador mortgage rates
Cities: Toronto · Calgary · Vancouver · Montreal · Ottawa
Mortgage Rates by Term
The term, the length of your rate contract, is one of the biggest factors in the rate you're offered. Lenders price each term differently, so a 3-year fixed rate may differ from a 5-year fixed, and a variable rate follows a different driver. Compare all mortgage rates for each term:
1-year fixed mortgage rate · 2-year fixed rate · 3-year fixed rate · 5-year fixed rate · 5-year variable rate · 3-year variable rate
What Affects Your Mortgage Rate in Canada?
The key factors that affect the mortgage rate a borrower gets in Canada are — economic factors, type of borrower, mortgage type, whether the rate is fixed or variable, mortgage term length, amortization period and property location. The factors and their effects on mortgage rates are explained below.
Mortgage Market Today
A quick view of the key rates and market signals that affect mortgage pricing across Canada. Arrows compare each rate with 30 days ago.
When the Bank of Canada changes its policy rate, prime rates and many variable mortgages can be affected.
Government bond yields are one of the main signals that lenders watch when pricing fixed mortgage rates.
Economic Factors
Prime Rate
Each bank has its own prime rate, which is based on the Bank of Canada overnight rate and is used to determine variable mortgage rates. As of November 2, 2026, the prime rate in Canada is 4.70%.
Current Prime Rate for Variable Mortgages
| Bank | Today’s Prime Rate |
|---|---|
| RBC | 4.70% |
| TD | 4.85%* |
| Scotiabank | 4.70% |
| BMO | 4.70% |
| CIBC | 4.70% |
| National Bank | 4.70% |
*TD sets variable mortgage rates using its TD Mortgage Prime Rate, which is 0.15% higher than its prime rate.
Type of Borrower
Mortgage rates in Canada can vary significantly depending on borrowers' creditworthiness. Prime borrowers with high credit scores, a strong credit history and stable income benefit from the lowest mortgage rates. Alt-A borrowers, such as self-employed borrowers with unstable income, bad credit borrowers, and private mortgage borrowers, face higher rates. The graphic below shows how lenders categorize borrowers and the rates they are offered.
From Prime to Private: Understanding Borrower Categories
Different lenders serve different types of borrowers, often at different price points.
- Credit profile
- 700+
- Typical borrower
- Stable documented income
- Typical pricing
- Lowest rates
- Often available from
- Banks and credit unions
- Credit profile
- About 550–700
- Typical borrower
- Some credit or income challenges
- Typical pricing
- Higher rates
- Often available from
- Alternative lenders
- Credit profile
- Case by case
- Typical borrower
- Property equity may matter more
- Typical pricing
- Highest rates
- Often available from
- Private lenders
Mortgage Type
Mortgage Types and Their Typical Rates
Different mortgage categories can come with different rate ranges and qualification rules.
- InsuredLowestLowestTypical rates
- Less than 20% down
- Insurance required
- InsurableLowerLowerTypical rates
- 20% or more down
- Must meet insurer rules
- UninsurableRegularRegularTypical rates
- Refinance or longer amortization
- Different lender rules
- RentalHigherHigherTypical rates
- Investment property
- Usually higher pricing
Insured Mortgages
With a down payment of less than 20%, mortgage default insurance is required for eligible home purchases under $1.5 million. Insurance protects the lender and results in lower mortgage rates, but borrowers must pay an insurance premium. Eligibility also depends on credit scores, debt service ratios, and amortization limits.
Insurable Mortgages
Mortgages with a down payment of 20% or more can still qualify for default insurance (see insurable vs. uninsurable mortgages), which the lender may purchase at its own expense. Generally, insurable mortgages must have a property value below $1 million, an amortization of 25 years or less, and meet other insurer requirements. Rates may also vary depending on the loan-to-value ratio (LTV).
Uninsurable Mortgages and Refinancing
Uninsurable mortgages do not meet standard mortgage insurance requirements, such as property value, amortization, or borrower eligibility limits. Mortgage refinances are also uninsurable, except if you are refinancing to add a secondary suite. Uninsurable mortgages have higher rates because the lender bears more risk.
Rental/Investment Property Mortgages
Rental and investment property mortgages generally require a down payment of at least 20%, and non-owner-occupied properties have higher interest rates than mortgages for owner-occupied homes. Requirements and pricing vary by lender and property type.
Fixed vs. Variable Rate
Fixed vs. Variable Mortgage
One option offers more stability, while the other can move up or down over time.
Your rate stays the same throughout the term.
- Bond-yield influenced
- Steady rate over the term
Your rate can rise or fall when prime changes.
- Prime-rate influenced
- Rate movement over time
Fixed mortgages emphasize certainty. Variable mortgages change with market conditions.
A fixed-rate mortgage keeps the same interest rate throughout its term, providing more predictable payments. A variable-rate mortgage changes with the lender's prime rate, which affects your payments or how quickly you repay your principal. Compare the two in our fixed vs. variable mortgage guide.
Some variable-rate mortgages have fixed payments, meaning the amount going toward principal and interest changes as rates move. Adjustable-rate mortgages have payments that rise or fall with the interest rate.
Mortgage Term Length
Mortgage terms generally range from six months to ten years. The term you choose affects how long you keep your current rate and when you'll need to renew. Shorter terms allow you to renew sooner, while longer terms provide rate certainty for more time.
Short-term: 6 months to 2 years
Renew sooner, with greater exposure to future rate changes.
Medium-term: 3 to 5 years
Balances rate certainty with a shorter commitment.
Long-term: Over 5 years
Provides rate certainty for longer.
Today’s Lowest Fixed Rates by Term
A rate curve helps you compare short-, medium- and long-term mortgage options across Canada.
The curve shows how mortgage pricing can vary by term length at a single point in time. The green point is the lowest rate across terms.
Most Popular Mortgage Terms in Canada
Based on Share of New Mortgage Lending in July 2026
Share of Mortgage Funds Advanced (%)
Source: Statistics Canada: Funds advanced, outstanding balances, and interest rates for new and existing lending, Bank of Canada. Insured and uninsured residential mortgage funds advanced by chartered banks.
The main factor when deciding between a long or short mortgage term is if you think rates will go up or down. Short-term fixed-rate mortgages are ideal for those who believe interest rates will decrease. They allow for more frequent mortgage renewals and renegotiations, potentially leading to savings if rates drop or your financial situation improves, qualifying you for a better rate.
Long-term fixed-rate mortgages suit those expecting interest rates to rise . They provide stability and protection from rate increases, letting you lock in your rate for longer.
What happens at the end of a mortgage term?
At the End of Your Term, You Can...
Most borrowers will renew, switch lenders, or refinance.
- Choose a new rate and term
- Usually the simplest option
- Still worth comparing offers
- Keep the mortgage similar
- Often done to find a better rate
- May require qualification
- May change amortization or balance
- May let you access equity
- Usually involves re-qualifying
Switching lenders at renewal may require requalification, although eligible uninsured switches between federally regulated lenders are exempt from the mortgage stress test if the loan amount and remaining amortization are not increased. Refinancing generally requires a new qualification and may involve additional costs.
Amortization Period
A longer amortization lowers your monthly mortgage payments but increases the total interest paid over the life of the loan. Longer amortizations can also affect mortgage insurance eligibility and the rates available to you.
25-Year vs. 30-Year Amortization
A longer amortization can lower the payment, but often increases the total interest cost.
A 30-year amortization can lower the monthly payment by about $250, but can also add about $72,000 in total interest. Estimates assume the rate stays the same for the whole amortization.
Location and Type of Property
The mortgage rates you are offered can vary based on where the property is located in Canada and on how competitive the market is. Some of the laws, regulations and licenses relating to mortgages are provincial. Thus some lenders are active in some provinces and not in all of them. Even the same lender may offer different rates in different provinces. Further, lenders may offer better rates and may be more willing to negotiate for homebuyers in major cities because housing markets in major cities are more liquid, and lenders' loss in the event of default would be lower.
Some lenders may offer different rates for different types of properties, such as detached homes and condos. Condo mortgage rates can be a bit higher than for single-family homes, as their prices have been more volatile, and thus they are perceived as slightly riskier.
CMHC Mortgage Default Insurance
If your down payment is less than 20%, mortgage default insurance is generally required. The premium is based on your mortgage's loan-to-value ratio (LTV), with higher LTVs typically resulting in higher premiums.
Mortgage Default Insurance Premiums
Down payment, loan-to-value and premium bands are closely connected.
- 20% down80% LTV2.40%
- 15% down85% LTV2.80%
- 10% down90% LTV3.10%
- 5% down95% LTV4.00%
In general, smaller down payments mean higher LTVs and higher insurance premiums. The premium is a percentage of the mortgage amount.
Cost of CMHC Insurance Premiums
| Loan-to-Value | CMHC Insurance Premium |
|---|---|
| Up to and including 65% | 0.60% |
| 65.01% - 75% | 1.70% |
| 75.01% - 80% | 2.40% |
| 80.01% - 85% | 2.80% |
| 85.01% - 90% | 3.10% |
| 90.01% - 95% | 4.00% (4.50% for non-traditional down payment) |
Source: CMHC Mortgage Loan Insurance Costs.
Mortgage Brokers
How Mortgage Brokers Work
How a Mortgage Broker Shops the Market
A broker can compare options from multiple lenders on your behalf.
- Bank A
- Monoline lender
- Credit union
- Bank B
Prime mortgages are often compensated by the lender. Private mortgages can involve borrower-paid fees.
Mortgage brokers can help you compare offers from multiple lenders, but not every broker works with every lender. Some brokers may also reduce their commissions to offer a lower mortgage rate. Always ask about fees and compare the full mortgage terms, not just the advertised rate.
How to Choose a Mortgage Broker?
Look for a licensed broker with experience, strong reviews, and access to multiple lenders. Check their registration with your provincial regulator and ask how they are compensated.
How to Get a Better Mortgage Rate
A few smart steps can improve your chances of finding a more competitive rate.
- 1Build strong creditA stronger credit profile can help you qualify for better pricing.
- 2Compare more lendersShopping beyond one bank can improve your options.
- 3Know your mortgage typeInsured, insurable, uninsurable and rental mortgages can price differently.
- 4Compare penalties tooA lower rate is not always the better deal if penalties are high.
- 5Compare fixed and variableChoose the mortgage that fits your comfort with risk and change.
- 6Consider a brokerA mortgage broker is especially helpful when your situation is less straightforward.
Small improvements across several factors can add up to better mortgage options.
Mortgage Rates Canada: Common Questions
Navigating mortgages can be challenging. Here are some common questions and answers.
Which Lender Has the Best Mortgage Rates in Canada?
There is no lender which consistently offers the best mortgage rates in Canada. However, you will often find that smaller lenders or monoline lenders that work through mortgage brokers advertise lower rates to attract borrowers. Also, some brokers such as Butler Mortgage use part of their compensation to reduce the rate they offer. This means that the lowest mortgage rates you will see are frequently offered by a mortgage broker. Currently, the best mortgage rate in Canada for a 5-year fixed rate mortgage is offered by Affinity Credit Union, at 4.24%. The lowest rates are for insured mortgages.
How Do I Get a Better Mortgage Rate?
To improve your chances of getting a better mortgage rate, maintain strong credit, compare multiple lenders and consider working with a mortgage broker. Your down payment, insurance eligibility and mortgage features can also affect pricing. Remember to compare penalties and fees, not just the interest rate.
How Often Do Mortgage Rates Change?
Mortgage rates can change at any time. Fixed rates are influenced mainly by government bond yields and lender pricing, while variable rates generally follow changes in prime rates, which move with the Bank of Canada's policy rate. WOWA collects mortgage rates three times daily on business days to help keep comparisons current.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA® does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.