Find Canada's Best Mortgage Rates
5-year Fixed Rate
3.94%
High Ratio Mortgage
5-year Variable Rate
4.10%
Most Banks Current Prime Rate 4.95%
Get daily updated Canada mortgage lending rates from top lenders in your province.
Speak with licensed mortgage brokers to secure the best mortgage rates and lowest mortgage rates in Canada on your terms.
Not Just the Best Mortgage Rate
With over 20 years of experience in the mortgage industry, we’ve been dedicated to helping Canadians save on their mortgage borrowing costs. We’ve seen it all and know what it takes to secure the best deals for you!
Your financial situation is unique—it’s your shelter, your home. That’s why we work tirelessly, negotiating with dozens of lenders across Canada to find you the best mortgage rates tailored to your specific needs.
Our team of experienced mortgage brokers is specially trained to identify opportunities within your income, credit, and assets. We build a strong case to present to our network of trusted lenders, ensuring you get the most competitive home loan rates in Canada.
Whether you’re looking for mortgage brokering services, broker mortgage loans, or simply the best mortgage rates in Canada, we’re here to guide you every step of the way. Let us help you make the most of your mortgage journey!
A Mortgage Solution, for Every Situation
Banks, Credit unions and branchless mortgage lenders compete with your bank's business.
Canadian Mortgage Lenders look for consistent volume business from RateShop brokers . As a Volume Brokerage, we get priority access to Rate Promotions, faster underwriting & approvals, lender exceptions and dedicated personnel are assigned to us to get you a better deal!
The Only Difference - You Save Thousands!
Mortgage Calculator
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Access to Canada's Mortgage Lenders
When you work with RateShop Mortgage, you can access lower mortgage rates than what your bank offers, all while enjoying the same great features like a home equity line of credit or flexible options such as pre-payment privileges.
Our well-connected network of lenders allows us to monitor Canada mortgage lending rates regularly. But we go above and beyond—scouring the internet and collaborating with our lenders to secure better-than-average industry rates. This means deeper discounts and more savings for you.
At RateShop, Canadians gain unfiltered access to the best mortgage rates and home loan rates in Canada. With connections to over 65 mortgage lenders across all provinces, we ensure you get the most competitive mortgage brokering services and broker mortgage loans tailored to your needs.
Whether you’re working with a mortgage broker, exploring mortgage brokerage options, or seeking the expertise of mortgage brokers, RateShop is here to help you find the perfect solution for your home financing goals.
Our Mortgage Brokers
RateShop Mortgage Brokers specialize in providing tailored mortgage solutions that help clients find the best mortgage rates. With a deep understanding of Canada's unique real estate market trends, we leverage Canada mortgage rates expertise to offer the lowest mortgage rates for various property types and financial situations. Whether you are purchasing, refinancing, renewing, or looking for a home equity line of credit, we work with you to compare mortgage rates and secure the most advantageous mortgage deals. Our in-depth knowledge of local lending programs and incentives ensures that we maximize financial benefits for our clients.
By accessing a wide network of lenders, RateShop mortgage brokers are able to save on mortgage costs by finding deals that are often better than those offered by major banks like TD, RBC, BMO, CIBC, and others. We secure mortgage rates that match your unique financial needs by comparing mortgage rates from over 65 lenders, including banks, credit unions, and monoline lenders. This allows us to provide our clients with low mortgage rates and best mortgage deals, helping them save thousands over the life of their mortgage.
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Finding the Right Mortgage
Don't lock in just because your neighbour did! Mortgage terms vary from 6 months all the way up to 10 years and you can choose based on your family financial needs. Are you selling soon? Or maybe you want to invest in 2 years. Maybe you want some flexibility, the choice is yours but make it an educated one when you talk to our commission-free mortgage advisors to help you decide on what offers the best mortgage rate and highest savings.
| Fixed Rates | Mortgage Expert Insights |
|---|---|
| 1 Year Fixed Rate |
Great solution for a short-term mortgage needs, renewals can be competitive but rates can go up at maturity without notice. Perfect for new builds to sell after a year or refinance for equity. |
| 2 Years Fixed Rate |
More flexible, a longer duration to support a family need for a couple of years or planning an exit from an existing mortgage without penalties. |
| 3 Years Variable Rate |
3 Year terms can sometimes deliver the best savings, but are typically suggested in a low rate environment, consider a variable too since upon maturity you may get stuck with a higher renewal. |
| 4 Years Fixed Rate |
Banks use this to gain your business, but if you are saving atleast 20-30bps, definitely consider a 4 year term mortgage, compare your savings on a 5 year mortgage term. |
| 5 Years Fixed Rate |
On average, households will upgrade or alter their mortgage about every 5 years, avoiding penalties upon maturity and best rate savings. |
| 5 Years Variable Rate |
Usually recommended in lower rate environments, beat the bank on mortgage penalties and optimize your savings compared to a fixed mortgage offer for the same term. |
Where is the Mortgage Market heading?
History can teach us a lot, check out Canada's mortgage rates history over the past 48 years. Bank of Canada tracks conventional mortgage rates for 3 year and 5 year terms. We can help with understanding the pros & cons to a fixed mortgage rate vs. a variable mortgage rate.
Explore Our Mortgage Options
With recent mortgage rate increases, Canadians are increasingly focused on finding flexible mortgage options that align with their financial goals.
At RateShop, we work closely with our clients to uncover mortgage savings by exploring a variety of offers from multiple lenders. While securing the best mortgage rates in Canada is important, it’s not the only factor in achieving long-term financial stability.
Our experienced mortgage brokers take the time to assess your unique needs, qualifications, and long-term financial goals. Whether you’re looking for home loan rates in Canada, broker mortgage loans, or the best mortgage deals in Canada, we’ll guide you toward the right solution.
By leveraging our expertise in mortgage brokering and access to Canada low mortgage rates, we ensure you get a mortgage that works for you—today and in the future. Let us help you navigate the complexities of mortgage rates and Canada to find the perfect fit for your financial journey!
Learn how to create a monthly income by investing in mortgages
Learn how to create a monthly income by investing in mortgages
Canada's Mortgage Market
Canada’s mortgage market reflects the country’s diverse economic landscape, with housing demand and mortgage rates often influenced by regional trends, market conditions, and government policies. From bustling urban centers like Toronto and Vancouver to smaller cities and rural areas, Canada’s real estate market offers opportunities for both first-time homebuyers and seasoned investors. With a variety of mortgage products available, borrowers can find tailored solutions that align with their financial goals and lifestyle needs.
At RateShop, we simplify the process of finding the best mortgage rates across Canada. Our technology-driven platform allows borrowers to compare rates, access mortgage tools like affordability calculators, and navigate the approval process with ease. By focusing on delivering competitive mortgage rates and personalized support, we empower Canadians to achieve homeownership while maximizing their financial well-being.
Canada's Residential & Commercial Real Estate Landscape
Canada’s real estate market has experienced substantial growth in recent years, driven by population growth, strong economic fundamentals, and an increasing demand for housing across the country. Urban centers like Toronto, Vancouver, and Montreal continue to dominate in terms of activity and property values, while smaller cities and rural areas are gaining attention for their affordability and lifestyle appeal. This diversity offers opportunities for homeowners and investors alike to benefit from long-term value appreciation.
The future outlook for Canada’s property market remains promising. Population growth, driven by immigration, is expected to sustain housing demand, while ongoing infrastructure projects and urban developments provide new opportunities for investment. Furthermore, low mortgage rates, innovative government housing programs, and a focus on sustainable and energy-efficient properties are anticipated to drive continued activity in the market. Whether you're a first-time homebuyer or a seasoned investor, Canada's real estate market presents ample opportunities for growth and financial security.
Property Use in Canada
RateShop connects borrowers with the best mortgage rates for a wide variety of properties across Canada. From single-family homes and condominiums in bustling urban centers like Toronto and Vancouver to rural properties such as farms and cottages in smaller towns, our brokers provide tailored mortgage solutions to fit every property type. Whether you're using a mortgage rate finder to finance a home in Montreal or exploring options for a vacation property in the countryside, RateShop collaborates with Canada’s top lenders to secure low mortgage rates and maximize your mortgage savings.
Best Mortgage Banks, Lenders in Canada
At RateShop.ca, we work with Canada's leading mortgage banks, credit unions, and private lenders to provide clients with the best mortgage deals. Institutions like ATB Financial, Servus Credit Union, and major banks such as TD and RBC offer a range of mortgage products, from insured to uninsured options. Our brokers compare offers across these lenders, using mortgage rate comparison tools to secure the lowest mortgage rates and terms tailored to each client's financial situation.
Our approach is transparent and customer-focused, helping clients understand their mortgage options while securing the best mortgage rates in Canada. Whether you're a first-time homebuyer or looking to refinance, we help you find mortgage rates that align with your goals.
Mortgage Programs Offered Near You
Canadians can access a variety of mortgage programs, including insured, insurable, and uninsured options. Programs from institutions like CMHC provide insured mortgages for buyers with down payments below 20%, while private lenders and major banks offer uninsured mortgages for those with larger down payments. These options allow borrowers to compare mortgage rates and find terms that work for them, whether seeking a 25 or 30-year amortization.
Purchase, Refinance & Renewal Closing Costs
When comparing mortgage costs, it's essential to evaluate fees associated with purchases, refinancing, or renewals. Closing costs can include legal fees, appraisal fees, and mortgage insurance premiums for first-time homebuyers. By working with RateShop brokers, you can compare mortgage rates and find mortgage rates that minimize these costs.
For refinancing, we help clients navigate potential prepayment penalties and secure best mortgage rates by comparing offers from multiple lenders. Similarly, when renewing, we ensure our clients have access to low mortgage rates and flexible terms that align with their financial goals.
Home Buyer Incentives in Canada
Canada offers a range of incentives and credits for first-time homebuyers to make purchasing a property more affordable.
If you’re buying your first home in Canada, you may qualify for rebates on the land transfer tax, which can significantly reduce your closing costs.
Land Transfer Tax Rebate
Learn more about this rebate here: http://www.cra-arc.gc.ca/hbp/
Home Buyers' Amount
Since 2022, eligible first-time homebuyers in Canada can claim up to $10,000 for the purchase of a qualifying home. This credit can help offset initial purchasing costs.
GST/HST New Housing Rebate
If you purchase a newly built home or significantly renovate an existing one, you could qualify for GST/HST rebates in Canada. Buyers can claim up to $25,000 of sales tax paid on a qualifying property.
Details: https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/gst189.html
Local Down Payment Assistance Programs
Be sure to check if your province, territory, or municipality offers Homeownership or Down Payment Assistance Programs. These initiatives may provide lump-sum contributions or forgivable loans to support your purchase of a home in Canada.
Take advantage of these programs to make your journey to homeownership in Canada smoother and more affordable!
The Role of Mortgage Rates in Canada’s Housing Demand
Mortgage rates significantly impact the affordability of homes, influencing buyer demand across Canada's diverse real estate markets. Lower rates encourage first-time buyers to enter the market, while higher rates can reduce affordability. RateShop Mortgage Brokers provide expert guidance in securing the best rates, helping buyers navigate these fluctuations to make informed decisions about their first home purchase.
Regional Housing Variations and Rate Sensitivity
Canada’s housing market varies widely, with cities like Toronto and Vancouver experiencing higher price points compared to smaller markets. Mortgage rate changes can have a disproportionate impact on affordability in these regions. RateShop’s technology-driven platform helps customers compare rates and lenders tailored to their local real estate landscape, ensuring affordability regardless of location.
Mortgage Rates and New Home Construction
Fluctuations in mortgage rates influence the pace of new home construction in Canada. Lower rates often boost development, while higher rates can slow it down. RateShop supports buyers in accessing rebates and incentives for new builds, ensuring they maximize affordability while investing in modern, energy-efficient homes.
The Impact on Real Estate Investment Opportunities
Rising or falling mortgage rates can influence the profitability of real estate investments, including rental properties and vacation homes. RateShop’s brokers offer personalized strategies for leveraging competitive rates, empowering clients to build wealth through strategic property investments across Canada.
Affordability Challenges for First-Time Buyers
High mortgage rates can pose challenges for first-time buyers, making it harder to save for down payments and manage monthly payments. RateShop specializes in finding tailored solutions, including access to government incentives, land transfer tax rebates, and low-rate mortgages, to help first-time buyers achieve homeownership.
Economic Factors Driving Mortgage Rate Trends
Canada’s mortgage rates are influenced by key economic indicators such as inflation, employment, and GDP growth. RateShop’s expert brokers stay updated on these trends, offering insights to help buyers make well-timed decisions that align with market conditions.
Mortgage Rate Impacts on Urban vs. Rural Markets
Urban centers often feel the effects of rate changes more acutely due to higher property values. Conversely, rural markets can offer greater affordability but may require unique financing solutions. RateShop connects clients with specialized lenders to secure the best deals for both urban and rural properties.
Long-Term Wealth Creation Through Real Estate
Low mortgage rates enable buyers to lock in affordable payments, allowing for long-term wealth accumulation through real estate appreciation. RateShop ensures buyers access optimal financing options, helping them capitalize on Canada’s growing real estate market to build a strong financial future.
The Future of Canada’s Real Estate Market and RateShop’s Role
As Canada’s housing market evolves, mortgage rates will remain a key driver of affordability and accessibility. RateShop Mortgage Brokers leverage cutting-edge technology and personalized service to guide clients through these changes, ensuring they secure the best rates and opportunities to thrive in the Canadian real estate landscape.
Frequently Asked Questions about Mortgages
What is the difference between fixed and variable mortgage rates?
A fixed mortgage rate remains constant for the duration of the term, offering predictability in payments. A variable rate fluctuates based on changes in the lender's prime rate, which can result in savings or increased costs depending on market conditions.
How much down payment is required to buy a home in Canada?
The minimum down payment is 5% for homes valued at $500,000 or less. For homes priced above $500,000, the minimum is 5% on the first $500,000 and 10% on the remaining balance. For homes priced over $1 million, a 20% down payment is mandatory.
What is the mortgage stress test, and how does it affect borrowers?
The mortgage stress test ensures borrowers can afford payments if rates rise. Lenders assess affordability using the greater of the Bank of Canada’s qualifying rate or the contractual mortgage rate plus 2%. This helps maintain financial stability and prevents overborrowing.
Can I get a mortgage with bad credit in Canada?
Yes, but options may be limited, and rates may be higher. Alternative lenders and private mortgages can provide solutions for those with poor credit. RateShop brokers specialize in connecting borrowers with lenders offering competitive options tailored to their credit situation.
What is mortgage pre-approval, and why is it important?
A mortgage pre-approval determines the maximum amount you can borrow and locks in an interest rate for up to 120 days. It provides clarity on affordability and strengthens your position when making an offer on a home.
Are there incentives for first-time homebuyers in Canada?
Yes, programs like the First-Time Home Buyer Incentive, the Home Buyers' Plan (HBP), and land transfer tax rebates are available. These initiatives reduce upfront costs and make homeownership more accessible for first-time buyers.
What are closing costs, and how much should I budget?
Closing costs include legal fees, land transfer taxes, title insurance, and other expenses, typically amounting to 1.5%–4% of the home’s purchase price. Budgeting for these costs ensures a smooth transaction without unexpected financial strain.
Can I pay off my mortgage early in Canada?
Yes, many lenders allow prepayments, but penalties may apply depending on the mortgage terms. Open mortgages offer flexibility for full repayment, while closed mortgages have restrictions. RateShop brokers can help find the best mortgage type for your repayment goals.
Everything You Need to Know About Mortgages, Refinancing, and Finding the Best Rates
Portable or Transferable Mortgages
A portable mortgage allows you to transfer your existing mortgage from your current home to a new property while retaining the same terms and interest rates for Canada. This can save you from penalties and help you secure the best mortgage rates in Canada without reapplying.
Standard vs. Collateral Mortgages
Understanding the difference between a standard mortgage and a collateral mortgage is crucial. A standard mortgage uses the purchased property as collateral, while a collateral mortgage includes additional properties, offering flexibility to access more funds. However, collateral mortgages may have higher penalties and are harder to transfer to new lenders.
Steps in a Mortgage Closing
Pre-Qualification: Assess your financial situation to determine how much you can borrow.
Approval: Receive a mortgage offer outlining the terms, including Canada mortgage lending rates.
Conditions & Appraisals: Complete lender conditions and property appraisals.
Solicitor Instructions: Your solicitor receives instructions from the lender.
Signing: Review and sign the mortgage agreement and other legal documents.
Funding: The loan is funded, and the property purchase is complete.
Qualification Criteria
To qualify for a mortgage in Canada, lenders evaluate your income, credit score, and ability to pass the stress test.
Income
Lenders assess your gross debt service (GDS) and total debt service (TDS) ratios, which should not exceed 39% and 44%, respectively. Stable income from salaried jobs is preferred, but self-employed individuals can still qualify with the help of a mortgage broker.
Credit
Your credit score, provided by Equifax or TransUnion, reflects your financial reliability. A higher score can secure you the best mortgage loan rates in Canada.
Stress Test
The mortgage stress test ensures you can afford payments if interest rates for Canada rise. You must qualify at a rate 2% higher than your contract rate or the Bank of Canada’s benchmark rate.
Pitfalls of a Bad Mortgage
Avoid these common pitfalls:
Hidden Fees: Always read the fine print.
High Interest Rates: Compare mortgage rates and Canada to find the best deal.
Prepayment Penalties: Understand the costs of breaking your mortgage early.
Hefty Penalties
Breaking your mortgage early can result in significant penalties, including:
Prepayment Penalties: Charged for paying off your mortgage early.
Discharge Fees: Fees to release your mortgage from the property.
Refinance Restrictions
Refinancing in Canada comes with restrictions:
Maximum LTV: You can borrow up to 80% of your home’s appraised value.
Credit Score: A minimum score of 620 is required.
Income Verification: Lenders will reassess your income.
Appraisal Costs: You’ll need to pay for a property appraisal.
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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