best mortgage rates Canada 2026
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TD Bank 5-Year Fixed Closed Mortgage
Pros
- Predictable monthly payments
- Lock in a competitive interest rate
- Potential for lower overall interest costs
- Flexibility for prepayment options
Cons
- Penalties for early repayment
- Less flexibility compared to open mortgages
- Potentially higher rates compared to variable options
As we approach 2026, it's an opportune moment to compare mortgage rates in Canada, especially with the prime rate hovering around 7.20%. With various lenders offering competitive rates and welcome bonuses, now is the time to ensure you secure the best deal for your financial future.
Key Features
- Current average mortgage rates: 3.75% - 4.25% for fixed terms.
- Welcome bonus: Check current offers up to $2,000 for new clients.
- Varied fee structures depending on lender, typically around $1,000 - $2,500.
- Standard mortgage terms: 15 to 30 years.
- Prepayment options: Typically allow up to 20% annually without penalties.
Pros & Cons
- Pros:
- Competitive rates across multiple lenders.
- Potential for sizable welcome bonuses.
- Flexible repayment options.
- Variety of term lengths to choose from.
- Possibility of refinancing at no cost with some lenders.
- Cons:
- Variable rates may increase over time.
- Fees can vary significantly between lenders.
- Approval may require a strong credit score.
- Limited options for self-employed individuals.
How It Compares
| Product | Average Rate | Welcome Bonus | Fees |
|---|---|---|---|
| Best Mortgage Rates Canada 2026 | 3.75% - 4.25% | Up to $2,000 | $1,000 - $2,500 |
| Mortgage Product A | 3.80% - 4.30% | Up to $1,500 | $1,200 - $2,000 |
| Mortgage Product B | 3.90% - 4.40% | Up to $1,000 | $1,000 - $1,800 |
Who It's For
This mortgage product is ideal for first-time homebuyers, seasoned investors, and those looking to refinance their existing loans. Residents in provinces like BC and ON may find particularly lucrative offers, given the competitive market in these regions.
How to Apply
Applying for a mortgage is straightforward. Follow these steps:
- Gather your financial documents (income proof, credit report).
- Research and compare offers from different lenders.
- Submit your application with the chosen lender.
- Receive your pre-approval and finalize your mortgage terms.
FAQ
Can newcomers get it?
Yes, many lenders offer mortgage options for newcomers to Canada, though you may need to provide a larger down payment.
What credit score do I need?
A minimum credit score of 620 is often required, though higher scores can lead to better rates.
Are there penalties for early repayment?
Most lenders allow up to 20% prepayment annually without penalties; however, check specific terms.
How long does approval take?
Approval can take from a few days to a couple of weeks, depending on the lender and your financial situation.
Can I transfer my mortgage to another lender?
Yes, many mortgages can be transferred, but you should check with your current lender for specific terms and fees.
Not financial advice. Rates and offers change. Read provider terms.
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Compare & Apply →Our Methodology
BGR evaluates Canadian mortgage products using a 6-factor model based on CMHC and FCAC guidelines, updated quarterly.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.