❓Question:
What are the actual mortgage rates in Canada? Should you always trust the rates advertised by the Big 6 banks on their websites?
💡Answer: Absolutely not.
At WOWA Data Labs, we collect over 100 real mortgage rates daily through sources like our surveys—directly reported by actual borrowers. And the reality often looks very different from what's advertised.
📊 Case in point:
For four consecutive weeks, TD advertised a“Special Rate” 5-year fixed mortgage rate of 4.64%.
However, data from 48 borrowers who received mortgage offers from TD during that period—nearly half of which were finalized— reported an average rate of just 4.23%. That’s over 40 basis points lower, translating to $2,000 in annual interest savings on a $500,000 mortgage compared to TD's website rate.
📉 The takeaway:
The gap between what’s advertised and what’s actually offered at the branch can be substantial. If you have good credit and income, don’t assume the posted rate is the best you can do. Negotiate confidently with big lenders.
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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.