CanWise Financial Mortgage Rates & Reviews

This Page's Content Was Last Updated: January 3, 2023
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CanWise Background

vancity capital img

CanWise is a CMHC-approved mortgage lender that is owned by, an online financial comparison website. Ratehub's mortgage brokerage, formerly known as CanWise Financial, was rebranded to Ratehub Inc. in April 2022 and currently operates as This means that borrowers looking to get a mortgage through their mortgage rate comparison service will be dealing with Ratehub as a brokerage, while a possible mortgage lender for them could be CanWise.

Borrowers cannot apply for a mortgage directly with CanWise. Instead, borrowers will need to get in touch with a mortgage agent. Besides CanWise, Ratehub also owns MoneySense, a digital personal finance magazine. In 2022, Ratehub was acquired by Novacap, a private equity firm.

Even though CanWise is a mortgage lender, they still work with other lenders as part of Ratehub's rate comparison service, with 16 banks, credit unions, and trust companies on hand. CanWise has funded over $11 billion in mortgages, and was named Mortgage Brokerage of the Year from 2018 to 2021 by the Canadian Mortgage Awards. Headquartered in Toronto, Ontario, CanWise currently operates in 6 provinces and 2 territories.

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

CanWise Fixed Mortgage Rates

CanWise offers limited fixed mortgage options. If you're looking to get a 2-year fixed or 3-year fixed mortgage with CanWise, then the mortgage must be a high-ratio mortgage. CanWise calls this their “Limited” mortgage. This means that the mortgage must be CMHC-insured, or insured by a private mortgage default insurance, such as Sagen or Genworth. That adds extra costs as you will need to pay for this insurance, and it also means that there are restrictions to the mortgage's maximum amortization and the purchase price of the home. CanWise was approved to lend out CMHC-insured mortgages in late 2020.

If you're willing to make a down payment of 20% or more, the only fixed mortgage term that CanWise offers for a conventional mortgage is a 5-year fixed rate mortgage. CanWise calls this their "Everyday" mortgage.

TermRateHub/Canwise 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.

CanWise Limited vs. Everyday Mortgage

Limited MortgageEveryday Mortgage
Mortgage RateFixed/VariableFixed/Variable
Term Options2, 3 and 5 Years5 Years
Maximum Amortization25 Years30 Years
Maximum Purchase Price$1 MillionNo Limit

CanWise Variable Mortgage Rates

CanWise’s variable mortgage rate is based on their prime rate. As of July 12th, 2023, CanWise’s prime rate is 7.2%.

CanWise only offers variable mortgages with a 5-year term. Both uninsured and insured mortgages are available with a variable rate.

TermRateHub/Canwise 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.

canwise logo

CanWise Prime Rate

CanWise’s Prime rate is currently 7.2%

CanWise’s Prime rate was changed to 7.2% from 6.95% on July 12th, 2023

About CanWise Mortgages

Prepaying Your CanWise Mortgage

CanWise lets you make an annual lump-sum prepayment of up to 20% of the original mortgage principal without prepayment penalties. You can also increase your regular mortgage payment by up to 20%. By making mortgage prepayments, you can save money in mortgage interest charges and pay off your mortgage much sooner than your original amortization schedule.

Locking-In a CanWise Mortgage Rate

For those applying for a CanWise mortgage, you can lock-in a rate for up to 120 days. This rate hold period is the length of time that your rate is guaranteed for by CanWise. Even if current mortgage rates rise, having a rate hold means that your mortgage rate will not increase from the time that you apply to the time that your mortgage is approved and closes.

CanWise Referral Program

Current or past CanWise customers can participate in CanWise's referral program. For each person that you refer to CanWise, you'll get $100 cash. To qualify, the person you refer must close their mortgage with CanWise. You must also have closed your mortgage with CanWise.

CanWise Mortgage Pre-Approvals

Even though CanWise doesn’t offer mortgage pre-approvals for their fixed or variable mortgages, they can connect you with other lenders that do through their brokerage,

Mortgage Offerings

CanWise offers mortgages for those looking to purchase a home. Mortgage renewals and refinancing is also available. Other mortgage types offered include:

Other CanWise Mortgage Features

A CanWise mortgage is portable. Having mortgage portability means that if you sell your home and buy another home, you can “port” your existing CanWise mortgage to the new home without having to pay mortgage penalties for paying off your old mortgage early. CanWise is also a standard charge mortgage, rather than a collateral charge mortgage. Being a standard charge mortgage makes it easier to switch lenders or refinance your mortgage.

Besides mortgages, CanWise also offers bridge financing for those who need to bridge the gap between completing a sale and beginning their next mortgage.

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

CanWise Financial Reviews

CanWise prides itself in having excellent reviews. In fact, CanWise claims to be the "highest-rated and most reviewed mortgage company in Canada", based on their 6,700 5-star Google and Facebook reviews. On the Better Business Bureau (BBB), CanWise is not accredited, but has a current A+ rating., which operates CanWise, has a 4.9 star rating from 3,331 Google reviews.

Other financial reviewers have given CanWise top marks in terms of having low rates and a wide range of mortgage options. WealthAwesome gives CanWise a 9/10 rating. Comparewise has also given CanWise a 9/10 rating. Employees have rated CanWise 4.4/5 on Glassdoor.

Where Are CanWise Mortgages Available?

CanWise currently operates in these six provinces and two territories:

  • Alberta
  • British Columbia
  • Manitoba
  • Ontario
  • Quebec
  • Saskatchewan
  • Northwest Territories
  • Yukon

CanWise Partners

Low CanWise mortgage rates are due to CanWise negotiating for the best rate from various banks. CanWise is currently partnered with the following lenders:

  • Alterna
  • Desjardins
  • DUCA
  • Equitable Bank
  • First National
  • ICICI Bank
  • Manulife
  • MCAP
  • RFA
  • Scotiabank
  • TD
  • Verico

CanWise Contact Information






Main Office:

20 Queen St West
Suite 1100
Toronto ON M5H 3R3

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.