IMPROVE YOUR FINANCES
 
You are here: Financial Tools > Real Estate & Mortgage > Compare mortgage rates in Canada

Compare mortgage rates in Canada

Compare mortgage rates in Canada

There are multiple banks in Canada and it's not always easy to see the differences when it comes to choosing a mortgage loan. Obviously, they are all trying to differentiate themselves in certain ways to look more appealing to consumers, but when it comes to mortgage loans, the most important characteristic, for most of us, remains the rate.

A home will likely be the biggest expense in our life, and even the smallest change in a rate can have a great impact on the total disbursement of our purchase. So it is crucial for us to have the best rate available.

We compiled the rates offered by the main Canadian banks in a few tables depending on their nature, whether it is a long or short term loan, fixed or variable rate, or a closed or opened loan.

You can start your mortgage shopping here by having a clear view of what rates banks offer you. After learning about the various loan types with the linked articles above, if needed, you can then pick your desirable category and find out which bank has the lowest rates.

The following mortgage rates are verified from the companies' official web sites on a periodical basis and we keep it up to date (last reviewed on March 27, 2017). Simply click on a table column title to reorder the list by this specific term.

We also display ongoing special rates. You can choose to compare standard mortgage rates only, or you can include these special rates in the table, with a distinct color background. Keep in mind that those specials may only be available under specific conditions that may, or may not, be applicable to you, so make sure to read the fine print on their respective web sites.

Choose a mortgage rate type:

Last reviewed on March 27, 2017

Fixed open mortgage rates

Fixed open mortgage rates are locked for the period of time chosen, they won't fluctuate along with the prime rate, and as an open loan, you can freely apply additional payments or even pay off the whole balance without any penalty. This is good for people expecting large income shortly (under a year) which will be applied on the balance, but are unwilling to take the risk of having the rate to increase.

Mobile users: you can scroll the table horizontally
  Company 6 months 1 year
Bank of MontrealBMO6.95%6.95%
Canadian Imperial Bank of CommerceCIBC6.95%6.35%
Desjardins GroupDesjardins6.5%6.3%
First National Financial LPFirst Nationaln/an/a
Home Trust CompanyHome Trustn/an/a
HSBC CanadaHSBC6.2%6.35%
Laurentian Bank of CanadaLBC6.7%6.3%
National Bank of CanadaNBC6.7%6.7%
Royal Bank of CanadaRBC7%7%
ScotiabankScotia6.45%6.5%
TangerineTangerinen/an/a
Toronto-Dominion BankTDn/a4%
 

Fixed closed mortgage rates

Fixed closed mortgage rates are locked for the period of time chosen, they won't fluctuate along with the prime rate, and as a closed loan, you won't be able to make any substantial additional payments, or pay off the balance, unless you pay a penalty. These rates are good for people on a fixed income with a tight budget.

Mobile users: you can scroll the table horizontally
  Company Convertible 6 months 1 year 2 years 3 years 4 years 5 years 7 years 10 years
Bank of MontrealBMO4.2%n/a3.09%3.19%3.59%4.09%4.84% Special
5.5%6.3% Special
Canadian Imperial Bank of CommerceCIBC3.14%n/a2.84%2.79%3.39% Special
4.09%4.79%5.85% Special
6.09%
Desjardins GroupDesjardinsn/a4.4%3.14%3.24%3.39%3.89%4.74% Special
5.3%6.1%
First National Financial LPFirst Nationaln/a3.1%2.64%2.64%2.64%2.84%2.89%3.44%3.84%
Home Trust CompanyHome Trustn/an/a3.14% Special
3.04% Special
3.65% Special
4.39% Special
4.64% Special
n/an/a
HSBC CanadaHSBCn/a4.45%3.14%3.14% Special
3.39%4.09%4.64% Special
5.44%6.04%
Laurentian Bank of CanadaLBC5.5%4.4%2.89%3.04%3.39%3.89%4.74% Special
5.3%6.1%
National Bank of CanadaNBCn/a4.4%3.14%3.04%3.39%3.89% Special
4.74% Special
5.3%6.1%
Royal Bank of CanadaRBC3.14%n/a3.14% Special
3.04% Special
3.65% Special
4.39% Special
4.64% Special
5.3% Special
6.1%
ScotiabankScotian/a4.55%3.29%3.09%3.39%3.89%4.64%5.29%5.79%
TangerineTangerinen/an/a3.19%3.24%3.49%3.69%3.79%4.44%4.69%
Toronto-Dominion BankTD3.14%n/a3.04%2.84%3.44% Special
3.89% Special
4.64%5.3%6.1%
 

Variable open mortgage rates or line of credit

Variable open mortgage rates and line of credit fluctuate along with the prime rate; they can decrease to your benefit or unfortunately increase. As an open loan, you can freely apply additional payments or even pay off the whole balance without any penalty. If you go for a line of credit, it is a revolving credit and you can borrow again the payments you've made, as long as it stays under your limit. You just have to make sure to pay the monthly interest. The line of credit is the most flexible mortgage loan you can have.

Mobile users: you can scroll the table horizontally
  Company Rate Type
Bank of MontrealBMO3.9%Variable open 3 years
Canadian Imperial Bank of CommerceCIBC4%Variable open 5 years
Desjardins GroupDesjardins3.7%Variable open 3 years
First National Financial LPFirst Nationaln/a
Home Trust CompanyHome Trustn/a
HSBC CanadaHSBC4.2%Variable open 3 years
Laurentian Bank of CanadaLBC3.2%Line of credit
National Bank of CanadaNBC3.7%Line of credit
Royal Bank of CanadaRBC4.27%Variable open 5 years
ScotiabankScotian/a
TangerineTangerine3.35%Line of credit
Toronto-Dominion BankTD3.85%Variable open 5 years
 

Variable closed mortgage rates

Variable closed mortgage rates fluctuate along with the prime rate; they can decrease to your benefit or unfortunately increase. As a closed loan, you won't be able to make any substantial additional payments, or pay off the balance, unless you pay a penalty. This is a riskier position since the rate is not guarantee, and the loan is locked for a specific period of time, but the rates normally starts at a lower level.

Mobile users: you can scroll the table horizontally
  Company 5 years
Bank of MontrealBMO2.85% Special
Canadian Imperial Bank of CommerceCIBC2.7%
Desjardins GroupDesjardins2.7%
First National Financial LPFirst National2.35%
Home Trust CompanyHome Trust2.35%
HSBC CanadaHSBC2.8% Special
Laurentian Bank of CanadaLBC2.35%
National Bank of CanadaNBC2.7%
Royal Bank of CanadaRBC2.72%
ScotiabankScotian/a
TangerineTangerine2.7%
Toronto-Dominion BankTD2.6%
 
English name Abbreviation French name Abbreviation
Royal Bank of Canada RBC Banque Royale du Canada RBC
National Bank of Canada NBC Banque Nationale du Canada BNC
Toronto-Dominion Bank TD Banque Toronto-Dominion TD
Bank of Montreal BMO Banque de Montréal BMO
Scotiabank Scotia Banque Scotia BNS
Canadian Imperial Bank of Commerce CIBC Banque Canadienne Impériale de Commerce CIBC
Laurentian Bank of Canada LBC Banque Laurentienne du Canada BLC
Desjardins Group Desjardins Caisses Populaires Desjardins Desjardins
Tangerine Tangerine Tangerine Tangerine
HSBC Canada HSBC HSBC Canada HSBC
Home Trust Company Home Trust Compagnie Home Trust Home Trust
First National Financial LP First National Financière First National SEC First National
 
 
Link to Our Site | Links | Privacy Statement | Disclaimer | Acknowledgements | Youtube | RSS
Visit Credit Finance + to learn online how to improve your personal finances! Welcome to visitors from Canada.
Copyright 2008-2017 creditfinanceplus.com. No reproduction of any part without permission.