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
Everyrate
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ON
AB
BC
MB
NB
NL
NS
PE
QC
SKCanadian 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.
Typically 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.
Most homeowners overpay their mortgage—even when they negotiate the lowest rate. The interest rate is what your bank shows you. The cost of credit is what you actually pay—over time.
Before: Total Interest
$135,632
21 years to mortgage-free
After P.A.Y.O.F.F. Framework™
$49,278
7 years to mortgage-free
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