mortgage rates Canada
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5-Year Fixed Mortgage Rate from TD Canada Trust
Pros
- Stable monthly payments for five years
- Protection against interest rate fluctuations
- Potentially lower interest rates compared to variable options
- Ability to pay down principal without penalties in some cases
Cons
- Higher initial rates compared to variable mortgages
- Less flexibility if interest rates drop significantly
- Potential penalties for early repayment in some cases
With the prime rate hovering around 7.20%, now is an excellent time to compare mortgage rates in Canada. By examining various options, you can secure a more favorable rate and potentially save thousands over the life of your loan.
Key Features
- Current prime rate: 7.20%
- Welcome bonus: Check current offer for specific incentives
- Fees: $Varies based on lender and mortgage type
- Standard mortgage rates available for fixed and variable terms
- Flexible payment options: Monthly, bi-weekly, or weekly
Pros & Cons
- Pros:
- Potential to secure lower rates by comparing multiple lenders
- Available bonuses can reduce overall costs
- Flexible repayment options to fit different budgets
- Access to competitive variable rates
- Cons:
- Fees can vary significantly between lenders
- Market fluctuations may lead to increased rates
- Requires good credit score for the best rates
- Some offers may come with strict eligibility requirements
How It Compares
| Product | Prime Rate | Welcome Bonus | Fees |
|---|---|---|---|
| Mortgage Rates Canada | 7.20% | Check current offer | $Varies |
| Canadian Bank A | 7.10% | Up to $1,000 cashback | $100-$500 |
| Canadian Bank B | 7.25% | No welcome bonus | $250 |
Who It's For
This mortgage product is ideal for first-time homebuyers, seasoned property investors, and anyone looking to refinance. Residents in provinces like British Columbia and Ontario may find more competitive offers due to higher property values.
How to Apply
Applying for a mortgage in Canada is straightforward. Follow these steps:
- Research and compare mortgage rates from various lenders.
- Gather necessary documents, such as proof of income and credit history.
- Submit your application online or in person with your chosen lender.
- Review and sign your mortgage agreement once approved.
FAQ
Can newcomers get it?
Yes, newcomers to Canada can qualify for mortgages, though they may need to provide additional documentation.
What credit score do I need?
Typically, a credit score of 620 or higher is recommended to secure favorable mortgage rates.
Are there penalties for early repayment?
Some lenders may charge penalties for early repayment, so it's essential to read the terms carefully.
Can I switch mortgage providers?
Yes, you can switch mortgage providers, but be aware of any penalties or fees associated with breaking your current mortgage.
What is the maximum mortgage amount I can get?
The maximum mortgage amount depends on your income, credit score, and the property value, typically up to 4-5 times your annual income.
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.