Canada Life Mortgage Rates & Reviews

This Page's Content Was Last Updated: January 9, 2023
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Canada Life Background

Canada Life

The Canada Life Assurance Company is an insurance and financial services corporation founded in 1874, and is headquartered in Winnipeg, Manitoba. The company is a subsidiary of Great-West Lifeco (TSE:GWO), which is one of the largest life insurance and financial service companies in Canada. The company came about as a result of the amalgamation of The Great-West Assurance Company, London Life Insurance Company, and Canada Life Assurance Company. Canada Life offers insurance, investments, mortgages, and retirement services. Canada Life has over 10,500 employees that service over 13 million customers.

No New Applications Accepted ⚠️

Canada Life is currently not accepting any new mortgage applications. This change happened on November 25, 2022. While you can no longer get a new purchase mortgage or switch/transfer your existing mortgage to Canada Life, existing Canada Life mortgage borrowers can still renew their mortgage with Canada Life.

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

Canada Life Fixed Mortgage Rates

A fixed rate mortgage from Canada Life will give you the same Canada Life mortgage rate throughout your entire mortgage term. This will help you feel more comfortable, especially if you are getting a large mortgage amount or are a first time home buyer. Out of all mortgage terms, the most popular term that Canada Life offers is the 5 year fixed rate mortgage. This mortgage gives you 5 years with the same mortgage rate, which allows you to not need to think about renewing your mortgage for some time.

TermCanada Life RateCanada's Lowest Rate

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

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

Canada Life Variable Mortgage Rates

A variable rate mortgage from Canada Life is less common than getting a fixed rate mortgage, as your mortgage rate will change with the prime rate. Even though this is the case, your monthly mortgage payments will still remain the same throughout your mortgage term. However, if interest rates rise, more of your monthly mortgage payment will go towards interest payments, while if interest rates fall, more of the mortgage payment will go towards your principal mortgage balance.

TermCanada Life RateCanada's Lowest Rate

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

Canada Life Lock & Roll Mortgage

This mortgage option provides the benefit of a variable rate mortgage, where you are able to get a lower Canada Life mortgage rate if interest rates fall, however it also provides some security. Instead of having the mortgage rate change alongside the prime rate, a Lock & Roll mortgage is locked in every 6 months. This can be a great option as well if you believe that mortgage rates may not fall right away, as you have some security in the same mortgage rate for 6 months. This option is offered in a 5 year mortgage term, while also giving you flexible payment frequencies to choose from.

Canada Life Prime Rate

The Canada Life prime rate is used as the basis for many of Canada Life's lending products, including mortgages, lines of credit, and HELOCs. The prime rate is then combined with a spread, which gives you the final interest rate on a lending product.

Canada Life

Current Canada Life Prime Rate: 7.20%

Last Changed: July 12th, 2023

Canada Life History

canada life infographic

Canada Life Mortgage Break Penalty

If you break your mortgage before the term on it is ended, you will most likely owe a mortgage break penalty. This penalty is usually thousands of dollars, and the amount of it will depend on your mortgage rate, the posted mortgage rates, the time remaining on your term, and the amount of mortgage you have. To calculate your mortgage break penalty for a Canada Life mortgage, the calculator below can help.

Canada Life Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home and purchasing a new home, in which a mortgage transfer will apply. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.


What is the remaining balance on your mortgage?

What is the term-length and type of your current mortgage?

What is your current mortgage interest rate?


If applicable, what was the rate discount you received when you signed your current mortgage agreement?

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Who is your current mortgage lender?

What is Canada Life's current interest rate for a 3-year fixed rate mortgage?

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential
Your estimated mortgage break penalty is...

How is my mortgage penalty calculated?

Remaining Mortgage Balance
Current Mortgage Interest Rate
3-Months Interest
Total Penalty

Contacting Canada Life

You are able to get a Canada Life mortgage by working with a Canada Life advisor or representative, as well as through a mortgage broker. To speak with an advisor nearby, you are able to search through the Canada Life find an advisor page of the website. Here, you are able to search by location, and by name.

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.