Mortgage Rates

Competitive Mortgage Rates

We compare mortgage rates from top lenders so you get the best rate available. Check out the current rate offerings for fixed and variable term mortgages.

If you see a lower advertised rate, ask us about it! With our large network of Canadian lenders, chances are we can offer that rate or lower.

mortgage rates

Latest Interest Rates for Purchases and Transfer Mortgages

Fixed interest rates remain the same and will not change over the term.

  • 3-Year Fixed 3.99%
  • 5-Year Fixed 3.99%

Variable interest rates can change, with the Prime Rate, during your term.

  • 5-Year VRM 4.45%
  • 5-Year ARM -0.75%
  • Target Rate 4.25%
  • Prime Rate 5.20%
  • Benchmark Rate 5.25%

RATE TYPES

Know the Difference

The Bank of Canada’s Prime Rate influences variable and adjustable interest rates. The Prime Rate is reviewed eight times per calendar year, at which point the bank may choose to lower, raise, or keep the pace the same.

More than a number

Variable Rate Mortgages (VRM) and Adjustable Rate Mortgages (ARM) are often used interchangeably. These rates are typically based on the Bank of Canada’s prime rate but how they are applied differ. 

Here is the difference:

Adjustable Mortgage Rate: 

An adjustable mortgage rate, also known as an (ARM), is a mortgage interest rate that can change over the term. The interest rate can increase or decrease based on changes in the prime rate, affecting your mortgage payment. This means your monthly mortgage payment can increase or decrease depending on the fluctuations in interest.

(ARM, changes impact the mortgage payment directly).

Variable Mortgage Rate: 

A variable mortgage rate, also known as a (VRM), is a mortgage interest rate that can change over the term based on changes in the prime rate, affecting your mortgage amortization. This means your mortgage amortization, the total length to which your mortgage is paid, can increase or decrease depending n the fluctuation in interest.

(VRM, changes impact the amortization).

These rates have many benefits over a Fixed Interest Rate, particularly the Adjustable Mortgage Rate.

A fixed-rate mortgage is where the interest rate remains the same throughout the term of the loan. Your mortgage payment will be fixed and will not change over the loan term.

Advantages

Disadvantages

CHARTERED BANKS

Interest rates posted for selected products by the major chartered banks

Published Weekly, rates in percentage. Source: Bank of Canada: Interest Rates Offered by Chartered Banks

Mortgage News

More Rate Cuts In The Near Future?
Interest Rates

More Rate Cuts In The Near Future?

The Bank of Canada (BoC) implemented its third consecutive interest rate cut on Wednesday, as it aims to strike a balance between controlling inflation

More Room For Rate Relief
Interest Rates

More Room For Rate Relief

People hoping for more interest rate cuts from the Bank of Canada have been getting some good news.