The best mortgage rates in Canada come from Tangerine and Alterna Bank. Rates aren't the only thing to consider when looking for a mortgage, and the BMO Closed Variable Rate Mortgage is the best mortgage product available in 2026.
When shopping around for a mortgage, you should compare interest rates, terms, and fees from different lenders, and consider how each option fits your financial goals and repayment ability. Factors like loan type, flexibility, and customer service are other important considerations.
Canadian mortgage rates are closely linked to the prime rate, so keep an eye on rate announcements as you prepare to look at properties.
Best mortgage 2026 winner:BMO Closed Variable Rate Mortgage
Rate Type
Variable Closed
Rate Guarantee (days)
130
Posted Closed Rates
- 5 year: 4.7%
If you’re looking for BMO mortgage rates, one of their variable rate offers may have caught your attention. The rate is decent, there's a valuable cash back promotion available, and you can get pre-approved for your BMO mortgage online in just a few minutes.
Pros
- Get your mortgage at a reputable company
- One of the longest rate guarantees on the market
- Convenient online pre-approval
Cons
- Neither the best or worst on the market
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get a longer 130-day rate guarantee + Online pre-approval with a reputable big bank.
Special Features
See Issuer for Details
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
130
Bank Prime Rate
4.7%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
Our pick for the best mortgage of 2026 is the BMO Closed Variable Rate Mortgage. With a mortgage rate that’s exactly equal to the prime rate in Canada, a hefty rate guaranteed of 130 days, and easily accessible pre-approval, the BMO Closed Variable Rate Mortgage is a solid and reliable mortgage from a reputable big bank.
How we picked the best mortgages
To evaluate mortgages, we analyze over 25 data points to generate a trustworthy Genius Rating. We consider all aspects of a mortgage, including closed and variable rates, perks like pre-approval or rate guarantees, payment flexibility, customer satisfaction, and promotions, to assess its overall value. Then, the mortgage’s features are rated based on how they stack up against other available options.
Best Canadian mortgage rates
The table below compares the current rates of the most popular closed mortgage options.
These rates change often – be sure to check the individual bank sites for the most up-to-date rates.
These closed rates are current as of: October 30, 2025
The prime rate in Canada is: 4.45%
| Bank | 1-year fixed | 3-year fixed | 5-year fixed | 5-year variable | 10-year fixed |
|---|---|---|---|---|---|
| Alterna Bank | 5.29% | 4.29% | 4.39% | 4.4% | N/A |
| BMO | 6.09% | 6.05% | 6.09% | N/A | 6.8% |
| CIBC | 5.24% | 6.64% | 6.49% | 4.45% | 6.79% |
| Coast Capital Savings | 6.49% | 3.94% | 4.04% | 4.7% | 5.29% |
| Desjardins | 6.09% | 5.79% | 6.09% | 4.70% | 6.89% |
| Innovation Credit Union | 5.90% | 5.72% | 4.29% | 4.20% | 5.47% |
| Laurentian | 6.09% | 5.99% | 6.09% | 4.20% | 7.14% |
| Manulife | 7.14% | 5.24% | 5.19% | 4.70% | 6.69% |
| Meridian Credit Union | 6.09% | 4.24% | 4.44% | 4.14% | 6.99% |
| National Bank | 6.09% | 6.05% | 6.09% | 4.70% | 6.80% |
| RBC | 5.84% | 6.05% | 6.09% | 4.73% | 6.8% |
| Scotiabank | 6.09% | 6.05% | 6.09% | 4.9% | 6.8% |
| Tangerine | 5.99% | 4.44% | 4.49% | 4% | 5.9% |
| TD | 6.09% | 6.05% | 6.09% | 4.6% | 6.8% |
| Nesto | N/A | 3.90% | 3.89% | 3.45% | 6.14% |
Please note: Most of these banks currently have "special rates" available for less. The rates shown here are their posted ones since they're more widely available.
Some banks offer different rates based on the length of your amortization. We've listed the "25 years or under" options here.
Comparing Canadian mortgage rates
These differences in interest rates may seem small on paper, but if you factor in the difference over the life of your mortgage – usually around 25 years – it could mean huge savings if you went with Tangerine's 10-year fixed rate of 5.9% over Laurentian's 7.14%, for example.
With an $800,000 house, 20% ($160,000) downpayment, and 10-year fixed rate mortgage amortized over 25 years, this is how much this difference could save you:
| Bank | Monthly payment | Total interest (25 years) |
|---|---|---|
| Laurentian (7.14%) | $5,672.65 | $510,420.26 |
| Tangerine (5.9%) | $5,071.00 | $416,091.29 |
| Difference | $601.65 | $94,328.97 |
You can use our mortgage payment calculator to determine these numbers for your own mortgage.
How do mortgages work in Canada?
A mortgage is a loan used to purchase real estate, where the property itself serves as collateral for the loan. The borrower agrees to repay the loan, plus interest, over a set period, typically 15 to 30 years.
There are four main things you should know about mortgages in Canada:
What is mortgage amortization?
Amortization is the total length of time over which you'll pay your mortgage. It's typically 25 years, but can be as low as five years. It can sometimes be stretched as far as 35 years, but this isn't especially common.
Though it may seem like a good idea to lower your monthly mortgage payments by extending your amortization period, this could mean you're paying more in total interest. When you have a shorter amortization, more of your money goes toward your principal balance rather than just covering interest charges.
The faster the principal is paid off, the less interest you need to pay.
Consider this example of an $800,000 mortgage with a 7% interest rate:
| Amortization period | Interest paid |
|---|---|
| 10 years | $314,641 |
| 20 years | $688,573 |
| 25 years | $896,269 |
| 30 years | $1,116,071 |
It's a good idea to find a balance between a monthly payment you can afford and an amortization period that saves you as much money as possible.
What is the mortgage term?
The mortgage term is how long your loan agreement stays in effect. Terms typically range from six months to five years.
This term, combined with your interest rate, determines your monthly payments. The longer the term, the lower your monthly payments, but the more total interest you'll pay.
Your mortgage term is different from your amortization period. The mortgage term determines how long you're required to stick to the agreed-upon details (interest rate, etc.).
Once your mortgage term is up, you have options:
- Renew your mortgage with the same terms and conditions
- Renegotiate and/or refinance with new terms and conditions
- Change your amortization length
- Switch lenders
Difference between open and closed mortgages
A closed mortgage means you have to stick to the loan agreements throughout a set term. You'll make the set payments for the specified period of time. Alterations can only be made after your term is up.
Some lenders may allow a mortgage prepayment, but it won't be as flexible.
With a closed mortgage, lenders can depend on your payments for the term length, and, therefore, your rates are lower.
An open mortgage, on the other hand, allows you to pay off as much as you want, as long as it meets the minimum monthly payment specified in the loan agreement.
A convertible mortgage is another option to consider. This type of short-term closed mortgage allows you to switch to a longer-term plan at any time. It offers a flexible way to benefit from low interest rates without committing upfront.
Fixed vs. variable rate mortgages in Canada
It's also important to understand the differences between fixed and variable-rate mortgages.
A fixed-rate mortgage means you'll pay the same interest rate for the entire duration of your mortgage term. While this provides predictable payments, it typically comes with a slightly higher cost for that stability.
With a variable-rate mortgage, the interest rate changes depending on the prime rate. This unpredictability is offset by lower payments than a fixed-rate mortgage.
Best banks for mortgages in Canada
Let's take a quick look at some of the most popular mortgage product from top Canadian lenders:
Tangerine mortgage rates
If you're looking for the best mortgage rates, Tangerine is one of the top choices for Canadians. You can feel confident that you're getting a good deal with Tangerine, no matter the term length.
Yes, Tangerine is an online bank, but it's backed by Scotiabank. This means it has big-bank security and reliability, with online bank pricing.
Rate Type
Variable Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 5 year: 4.79%
You may be thinking about shopping around for a mortgage. Tangerine offers a small array of mortgages for Canadians, including the Tangerine variable rate mortgage.
Pros
- Low interest rates
- Flexible prepayment options
- Portable mortgage
Cons
- Only 1 type of variable mortgage available
- Variable rates are…variable
- No promotions or other incentives
- Tangerine is an online-only bank
Provinces
ALL
Eligibility
- Canadian resident or applied resident status
- Minimum credit score of 620 with no prior bankruptcies
- At least 3 months of full-time employment
Why You Want It
Get competitive mortgage rates + Flexible portability and prepayments.
Special Features
- Get a dedicated account manager once approved
- Can move to a new home penalty free
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
25%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
25%
Promotion Available
N/A
Promotion End Date
N/A
Rate Type
Fixed Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 6.54%
- 2 year: 5.64%
- 3 year: 4.69%
- 4 year: 4.74%
- 5 year: 4.79%
- 7 year: 5.6%
- 10 year: 6%
Tangerine mortgage rates have historically been very competitive, especially before and during the pandemic. While they tend to hover close to big bank rates nowadays, you can still find a good deal with this Scotiabank-owned online bank. On top of the rates, you also get a dedicated mortgage account manager, plus can port your mortgage with no penalty if you need it.
Pros
- Tangerine fixed mortgage rates are competitive
- Lock in your Tangerine mortgage rate for 120 days
- Prepayment options available
- Annual payment increases available
Cons
- No specialized fixed rate mortgages available
- Tangerine mortgages are with an online-only bank
Provinces
ALL
Eligibility
- Canadian resident or applied resident status
- Minimum credit score of 620 with no prior bankruptcies
- At least 3 months of full-time employment
Why You Want It
Get competitive mortgage rates + Flexible portability and prepayments.
Special Features
- Get a dedicated account manager once approved
- Can move to a new home penalty free
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
25%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
25%
Promotion Available
N/A
Promotion End Date
N/A
Scotiabank mortgage rates
Scotiabank mortgage rates aren't exceptional, but that's not the only factor to consider. A big bank like this one can offer stability, security, and peace of mind that smaller banks can't.
You can expect plenty of options and flexibility from Scotiabank. Its products include open and closed rate options for both variable and fixed rate mortgages. Plus, the Scotia Total Equity Plan (STEP) is highly rated.
Rate Type
Fixed Open
Rate Guarantee (days)
120
Posted Closed Rates
N/A
If you want to take advantage of current super-low mortgage rates, but don't necessarily want to sign up for the long term, an open fixed rate mortgage might be right for you. The Scotiabank open fixed mortgage offers both 6 month and 1 year terms, but you have the option to pay it off in full early, if you like, or to convert it to a longer term mortgage at any time.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get flexible prepayment options + Choose from 6 and 12 month terms.
Special Features
See Issuer for Details
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
N/A
% Of Prepayment Allowed
N/A
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
N/A
Promotion Available
N/A
Promotion End Date
N/A
Rate Type
Variable Open
Rate Guarantee (days)
120
Posted Closed Rates
- 3 year: 6.54%
- 5 year: 6.49%
If you're looking for a 5 year mortgage, but you also want the option of paying it off whenever you want, you might be interested in a Scotiabank open variable mortgage. Open variable mortgages generally have 5 year terms with flexible repayment options – offering you complete control over how and when you pay them off, but still at competitive mortgage rates...for a time.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Flexible prepay options + Get mortgage protection with 4 coverage types.
Special Features
See Issuer for Details
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
See Issuer for Details
Promotion Available
N/A
Promotion End Date
N/A
Rate Type
Fixed Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 3 year: 6.54%
- 5 year: 6.49%
If you’re looking to buy a house and would like to have some predictability in what your mortgage payments will be every month, then a fixed rate mortgage is probably for you. Scotiabank offers 7 closed fixed rate mortgages and a 6-month convertible mortgage. In short, you have some options with Scotiabank, although these aren’t that unusual and are available through other lenders as well.
Pros
- Range of terms
- Competitive interest rates
- Optional mortgage protection insurance
- Good mortgage calculator
Cons
- No special mortgage rates
- No real promotions or other incentives
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Choose from multiple term available + Get flexible payment options.
Special Features
See Issuer for Details
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
15%
Promotion Available
N/A
Promotion End Date
N/A
Rate Type
Variable Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 3 year: 6.54%
- 5 year: 6.49%
If you’re the gambling sort who doesn’t mind a little risk for the possibility of saving some money, a variable rate mortgage might be right up your alley. Scotiabank offers 2 closed variable rate mortgages, including 5 year and 3 year terms.
Pros
- A fair amount of flexibility
- An excellent mortgage calculator
Cons
- Higher than average posted rates
- No special rates available
- No real incentives to choose a Scotiabank mortgage
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Enjoy flexible payment options + Included mortgage insurance.
Special Features
See Issuer for Details
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
15%
Promotion Available
N/A
Promotion End Date
N/A
Bank Prime Rate
5.45%
Online Banking Access?
Debit Card Access?
ATMs Access?
The Scotia Total Equity Plan is a parcel of credit products you can access by leveraging the equity you have in your home. This sounds more complicated than it is, really – this is really just a slightly fancier home equity line of credit (HELOC), meaning you can get low-interest credit that is secured by your house.
Pros
- Borrow up to 80% of the equity of your home
- Once approved, you’re approved as long as you have your home
- Secured credit has lower interest rates
- Line of credit can be used for anything you want
Cons
- Loan and line of credit interest rates are not available on their website
- Scotia mortgage rates are higher than average
- Must have at least 20% equity in your home
- There is some risk in securing credit with your home
Provinces
See Issuer for Details
Eligibility
- At least 20% equity in your home
Why You Want It
Borrow up to 80% of your home's equity + Easy online loan management.
Special Features
- Do everything online with Scotiabank eHome
- Up to 3 mortgage solutions if split
Bank Prime Rate
5.45%
Online Banking Access?
Cheques Access?
Debit Card Access?
ATMs Access?
In-Branch Access?
Protection Available
- Scotia Mortgage Protection
- Overdraft protection
Split Mortgage Available?
RBC mortgage rates
RBC is one of the largest banks in Canada, which usually means there are many different mortgage options. Its mortgage rates are fairly standard for a big bank.
Something that sets RBC apart is their special mortgage payment calculator. Taking 60 seconds to fill out the information (so the site claims) can get you a solid estimate of how much you can afford for a mortgage.
Rate Type
Variable Open
Rate Guarantee (days)
120
Posted Closed Rates
- 5 year: 4.98%
With the rise in interest rates, variable rate mortgages have been declining in popularity in Canada. Consumers are looking for increased stability during this period of high inflation and cost of living.
Pros
- Online pre-approval
- Large presence means convenience and stability
Cons
- Higher rate
- Lack of term options
- Customer service
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Apply for pre-approval online + Get a mortgage with a reputable lender.
Special Features
See Issuer for Details
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
See Issuer for Details
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Variable Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 5 year: 6.09%
With mortgage rates hitting record highs, you may be wondering if a variable rate mortgage is right for you. If rates stay high, you could end up paying more...but if rates go down, you save money on payments. If you're willing to roll those dice, a variable rate mortgage might be right for you.
Pros
- You can save money compared to a fixed rate mortgage
- RBC offers a 120 day rate guarantee
- Flexible mortgage repayment options
Cons
- RBC rates are average at best
- Variable rate mortgages are slightly risky
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Lock in your rate for 120 days + Get flexible repayment options.
Special Features
See Issuer for Details
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
10%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
See Issuer for Details
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Bank Prime Rate
4.45%
Online Banking Access?
Debit Card Access?
ATMs Access?
The RBC Homeline Plan is a surprising product from RBC that combines a traditional mortgage with a home equity line of credit. With this loan, homeowners have access to a revolving credit line that increases as what you owe on your mortgage decreases. It's an interesting, popular hybrid product that offers significant flexibility.
Pros
- Interest-related Perks
- Apply once, borrow repeatedly
- Super convenient access to funds
Cons
- Maximum borrowing limit
- Puts your home at risk
Provinces
See Issuer for Details
Eligibility
- At least 20% equity in your home
Why You Want It
Take advantage of low interest rates + Flexible repayment options.
Special Features
See Issuer for Details
Bank Prime Rate
4.45%
Online Banking Access?
Cheques Access?
Debit Card Access?
ATMs Access?
In-Branch Access?
Protection Available
- HomeProtector Mortgage Insurance
Split Mortgage Available?
TD mortgage rates
TD mortgage rates are also pretty standard, and it often has cash back or other promotions available.
One thing to note about TD is that it's the only big bank with an in-house mortgage prime rate, versus using the typical prime rate, as most banks do. Right now this rate is 4.70%.
Rate Type
Variable Open
Rate Guarantee (days)
120
Posted Closed Rates
- 5 year: 6.79%
An open variable mortgage gives you complete control over how and when you pay off your mortgage, allowing prepayments or even full repayment at any time with no penalty fees. You'll pay for this flexibility, of course, in that you'll pay a higher mortgage rate, but for many, the flexibility is worth it.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Welcome bonus up to $4,000 in cash + Instant online pre-approval.
Special Features
See Issuer for Details
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
10,000%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Fixed Open
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 7.74%
- 2 year: 7.34%
- 3 year: 6.94%
- 4 year: 6.74%
- 5 year: 6.79%
- 6 year: 6.99%
- 7 year: 7.1%
- 10 year: 7.25%
If you're looking for ultimate flexibility with your mortgage, a TD open fixed rate mortgage allows you to make extra payments towards your principal at any time – without extra charge. To add to the flexibility, you can switch to a closed mortgage at any point during your term, again with no charge.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get flexible payment terms + Switch to a fixed rate at any time.
Special Features
See Issuer for Details
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
10,000%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Fixed Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 7.74%
- 2 year: 7.34%
- 3 year: 6.94%
- 4 year: 6.74%
- 5 year: 6.79%
- 6 year: 6.99%
- 7 year: 7.1%
- 10 year: 7.25%
Like the rest of Canada’s big banks, TD offers mortgages as one of its various financial products. With competitive rates and a variety of terms and mortgage solutions, TD should definitely be on your list when comparison shopping.
Pros
- TD mortgage rates are competitive
- Available TD mortgage insurance
- The TD mortgage calculator is great
- TD affordability calculator is worth a look
Cons
- Strict credit requirements
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
120-day rate guarantee + Convenient mortgage calculator.
Special Features
- High-Ratio mortgages available
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
100%%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Variable Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 5 year: 5.1%
A TD closed variable rate mortgage is an interesting option if you’re looking to stick with the big banks for your mortgage. Though their prime rate is currently higher than most other big banks (at 6.6% instead of 4.45%), TD variable rates are quite competitive.
Pros
- Competitive mortgage rates
- Flexible closed mortgage terms
- Backed by a big bank
Cons
- TD’s prime rate is higher than the standard
- Mortgage rates change often
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Competitive rates + Flexible payment terms + Trusted national bank.
Special Features
See Issuer for Details
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
15%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
10,000%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Bank Prime Rate
5.45%
Online Banking Access?
Debit Card Access?
See Issuer for Details
ATMs Access?
See Issuer for Details
While few opt for a home equity line of credit instead of getting a traditional mortgage when they have relatively little equity in their home, this option can be attractive to those who owe less on their home. With the ability to split your TD Home Equity FlexLine into a revolving portion and a term portion, you can take advantage of interest rates when they're low and flexible prepayment options at the same time. You could use the term portion to pay off your house, for example, and the revolving portion to pay down existing debt or do some renovating.
Pros
Cons
Provinces
ALL
Eligibility
- Good credit and adequate income
- At least 20% equity in your home
Why You Want It
Access low interest rates + Borrow up to 80% of your home’s value.
Special Features
See Issuer for Details
Bank Prime Rate
5.45%
Online Banking Access?
Cheques Access?
Debit Card Access?
See Issuer for Details
ATMs Access?
See Issuer for Details
In-Branch Access?
Protection Available
See Issuer for Details
Split Mortgage Available?
CIBC mortgage rates
CIBC offers several flexible mortgage options, while the mortgage rates themselves remain fairly standard.
Thanks to a $4,500 cash back offer, CIBC may still be one of the most appealing options if you'd rather stick with a big bank that offers branches you can visit in person.
Rate Type
Variable Open
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 5.74%
- 2 years: 5.74%
- 3 years: 6.64%
- 4 years: 6.19%
- 5 years: 6.49%
- 7 years: 6.3%
- 10 years: 6.79%
Open variable mortgages generally have limited terms – usually a single option of either 3 or 5 years – and a middling mortgage rate that isn't terrible, but also isn't great. These sorts of mortgages are pretty niche and only of interest to people who have a specific and somewhat complicated mortgage situation on their hands, in that they need a mortgage, but they also want to be able to pay it off in full any time they want, without paying any extra penalties.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Option to convert to a fixed mortgage + Make additional payments of any size.
Special Features
See Issuer for Details
Rate Type
Variable Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Fixed Open
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 5.74%
- 2 year: 5.74%
- 3 year: 6.64%
- 4 year: 6.19%
- 5 year: 6.49%
- 7 year: 6.3%
- 10 year: 6.79%
Open fixed rate mortgages are a niche product, designed for people who need a very short-term mortgage with predictable payments and the option to pay it off in full at any time. Perhaps your current mortgage needs to be renewed, but you're planning to sell your house in the next few months. Or maybe you have a sizable chunk of money coming in soon. Whatever the reason, if you need an open fixed rate mortgage, you're going to find that most lenders have pretty similar options available.
Pros
Cons
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Pay off as much as you want + Flexibility to change terms without fees.
Special Features
See Issuer for Details
Rate Type
Fixed Open
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
N/A
Max Payment Increase Allowed
N/A
Promotion Available
N/A
Promotion End Date
N/A
Rate Type
Fixed Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 5.74%
- 2 year: 5.74%
- 3 year: 6.64%
- 4 year: 6.19%
- 5 year: 6.49%
- 7 year: 6.3%
- 10 year: 6.79%
If you’re in the market for a new mortgage because you’re looking to buy your first home or just looking to refinance your existing mortgage, a CIBC fixed rate mortgage might be a good choice for you. Not only are they one of Canada’s tried-and-true big banks, they also have a variety of mortgage terms available, some very competitive special rates, and a few extra features to boot.
Pros
- 120 day rate guarantee
- Option for a low interest line of credit with your mortgage
- Promo for up to $3,500 cash back
Cons
- Higher than average posted rates
- Cash back promo depends on the size of your mortgage
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Unlock special mortgage rates + Add on a low interest line of credit.
Special Features
- High-Ratio mortgages available
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
10%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
Rate Type
Variable Closed
Rate Guarantee (days)
120
Posted Closed Rates
- 1 year: 5.74%
- 2 years: 5.74%
- 3 years: 6.64%
- 4 years: 6.19%
- 5 years: 6.49%
- 7 years: 6.3%
- 10 years: 6.79%
CIBC variable rate mortgages are a solid option for people who don't mind balancing a bit of risk with some potential savings. Variable rate mortgages fluctuate with the prime interest rate, so while you can save money if interest rates stay low, you are risking a higher payment if the prime rate goes up.
Pros
- Competitive posted mortgage rates
- Excellent special rates, when they’re available
- Bundle in a low interest line of credit
Cons
- $3,500 cash back offer isn’t as good as it sounds
- Not the lowest rates available
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Prepay up to 20% annually with no penalty + Excellent special rates.
Special Features
See Issuer for Details
Rate Type
Variable Closed
Pre-approval
Rate Guarantee (days)
120
Bank Prime Rate
4.45%
# Of Prepayments Allowed Per Year
1
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
1
Max Payment Increase Allowed
100%
Promotion Available
N/A
Promotion End Date
See Issuer for Details
How mortgage brokers can help
Using a mortgage broker can be a huge help for homebuyers. They'll present just the right products and rates to fit your budget and needs, so you don't have to sort through endless irrelevant details.
Aside from the mortgage brokers you'll find at your bank and within your local community, you can even find them online – you can do all your searching from the comfort of your own home.
# Of Lenders
30+
New Mortgage
Refinance
Switch Lenders
You want the best mortgage in Canada – and Homewise makes it easy to find. Easily compare over 30 lenders with a simple 5 minute application (and no credit check required).
Pros
- Get $250 GeniusCash when you fund your mortgage
- Easy online application process
- Faster responses than traditional banks and lenders
- Get the best mortgage for you from over 30 different lenders
- Works for new mortgages, refinancing, or switching lenders
- Top of the line support with a human touch
Cons
- Application process requires a LOT of personal information
- No face to face support available
- A credit check is required when you apply for a mortgage
Provinces
AB, ON, BC, PE, MB, SK, NB, YT, NL, NU, NT, NS
Eligibility
- Canadian citizen or resident of Canada
Why You Want It
$250 GeniusCash + Get the best mortgage rate with your personal advisor + Easily close online.Special Features
- Personal advisor will help you get approved
- Can help people who are self-employed or have bad credit find mortgages
- Works with the Habitat for Humanity charitable organization
# Of Lenders
30+
Pre-approval
Instant Quotes
New Mortgage
Refinance
Switch Lenders
Personal Support
Online Support
Phone Support
Text Support
Fees?
0
$250 GeniusCash + Get the best mortgage rate with your personal advisor + Easily close online.Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
FAQ
Where can I get the best Canadian mortgage rate?
A general rule of thumb is that most non-traditional lenders (AKA online banks) will have lower rates. Right now, Tangerine has some of the best mortgage rates in Canada in almost every category they offer.
What's the best mortgage rates in Canada for 5 years fixed?
If you're eyeing a 5-year fixed closed mortgage rate, you'll want to look at Tangerine – which also has some of the best rates for most term lengths. A mortgage broker can be very helpful for finding the best rates, too.
Can you explain the difference between the amortization period and the term?
The amortization period is the length of time you have to pay off your mortgage, usually 25 years. A mortgage term is the time you're committed to current rates and related agreements, usually between 6 months to 5 years.
What are the different types of mortgages?
There are two main types of mortgages: fixed rate and variable rate. An open mortgage means your terms are more flexible, closed means there are more prepayment restrictions. Variable-rate mortgages have interest rates that change alongside the prime rate, but fixed rates are locked in.
Is there a difference between a variable and fixed rate mortgage?
A variable-rate mortgage features an interest rate that changes along with the prime rate in Canada. A fixed rate mortgage, on the other hand, will stay the same throughout your contract, so your payments are always predictable.
What's the difference between an open and closed mortgage?
An open mortgage typically has higher interest rates but allows for flexibility regarding prepayments, etc. A closed mortgage has lower rates but few – if any – opportunities for prepayments or changes to other terms or conditions.
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