Compare today's lowest mortgage rates from 43+ lenders across all 10 Canadian provinces. Insured, Insurable & Uninsurable rates updated daily from verified broker sources.
Best Rate in Canada
2.99%
From
Joe Purewal
Select your province to see localized rates
Canadian mortgage rates are influenced by the Bank of Canada's overnight lending rate, Government of Canada bond yields, and individual lender competition. Fixed rates typically follow 5-year bond yields, while variable rates track the Bank of Canada's policy rate.
Lowest rates available. Require less than 20% down payment and CMHC default insurance. Purchase price must be under $1.5M.
Mid-range rates. Home value under $1M with 20%+ down payment and amortization of 25 years or less. Lender can back-insure the mortgage.
The rate is the starting point—not the finish line. Restrictions, penalties, and compounding structures can turn a low rate into an expensive mortgage. Here’s the difference a full cost-of-credit analysis makes:
Lowest Rate — No Strategy
$135,632
Total interest paid over 21 years
Best Rate + Cost-of-Credit Plan
$49,278
Total interest paid — mortgage-free in 7 years
Same borrower. Same home. $86,354 difference.
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MBTypically highest rates. Applies to refinances, properties over $1M, or amortizations exceeding 25 years. Lender bears full default risk.
Since 2020, the Bank of Canada has adjusted its overnight rate multiple times in response to inflation and economic conditions. As of 2026, the trend has been toward rate stabilization, with fixed rates becoming increasingly competitive as bond yields normalize. Comparing rates from banks, credit unions, and monoline lenders can save Canadian homeowners tens of thousands of dollars over their mortgage term.
