3-Year Fixed Mortgage Rates

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Mortgage Term:

Number of Years

Fixed or Variable

Mortgage Reason:
Home Price:
Down Payment:
%
Mortgage Amount:
Click to Open Additional Options
LenderRateMonthly Payment
MCAP
MCAP
1.54%
$1,909
nuborrow
nuborrow
1.55%
$1,911
First National
First National
1.84%
$1,977
Peoples Bank
Peoples Bank
1.84%
$1,977
Tangerine
Tangerine
1.89%
$1,988
Alterna Savings
Alterna Savings
1.89%
$1,988
HSBC
HSBC
1.89%
$1,988
Canada Life
Canada Life
1.90%
$1,990
Simplii Financial
Simplii Financial
1.94%
$1,999
motusbank
motusbank
1.99%
$2,011
Canadian Western
Canadian Western
1.99%
$2,011
CMLS
CMLS
1.99%
$2,011
TD
TD
2.14%
$2,046
Scotiabank
Scotiabank
2.24%
$2,069
BMO
BMO
2.24%
$2,069
ATB
ATB
2.24%
$2,069
Equitable
Equitable
2.24%
$2,069
First Ontario
First Ontario
2.24%
$2,069
RBC
RBC
2.44%
$2,117
Manulife
Manulife
2.49%
$2,129
DUCA
DUCA
2.49%
$2,129
National Bank
National Bank
3.45%
$2,365
National Bank
National Bank
3.45%
$2,365
Laurentian
Laurentian
3.45%
$2,365
CIBC
CIBC
3.49%
$2,375
Desjardins
Desjardins
3.49%
$2,375
Investors Group
Investors Group
3.65%
$2,416
ICICI
ICICI
3.94%
$2,492

Notes

  • Rates above apply to high-ratio insured mortgages only. You can select other mortgage rates by changing your mortgage reason or down payment.
  • Terms and conditions may apply. Promotional rates may apply only to customers with an established credit and employment history. For alternative mortgages, see Private Mortgages in Canada.

Historical 3-Year Fixed Mortgage Rates

From 1980 - Today

The chart above tracks the posted rate of the top banks in Canada: RBC, TD, BMO, Scotiabank, CIBC, and National Bank. This is the rate that they use to calculate their mortgage break penalty, or the fees you pay when you break your mortgage. It is also used as the Qualifying Rate for the mortgage stress test by the CMHC.

The discounted mortgage rates that are offered by lenders can often be lower than their posted rates, however. Many lenders offer promotional rates or cashback incentives for new clients, but these are usually temporary and apply only to prime borrowers.

Mortgages Rates Between Different Provinces

Mortgage rates in Canada can differ from province to province depending on the availability of lenders, local housing market and mortgage conditions, and provincial regulations. While the Big 5 Banks offer mortgages in every province, many smaller lenders including credit unions, B lenders, and private mortgage lenders often operate in a single province only. A lender offering the best rate in Ontario may not be available in Saskatchewan, for example. Similarly, a smaller number of lenders in a province could mean less competition, leading to higher rates in general.

ProvinceBest 3-Year Fixed Rate
Quebec
Quebec
Prince Edward Island
Prince Edward Island
Newfoundland & Labrador
Newfoundland & Labrador
The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.