Uninsured Mortgage Rates in Canada
No uninsured pricing is on this week's sheet — we publish what lenders send us and nothing else, and this shelf fills in the moment it appears on a sheet we can verify. Refinances and equity take-outs, purchases at $1.5M and above, 30-year amortizations, rental and investment properties — anything the insurers will not cover.
Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates are subject to change without notice. Posted rates may be high ratio and/or quick close, which differs from conventional rates. The mortgage rates are provided as guidance only, and the accuracy of these rates is not guaranteed. The rate provided by any financial institution listed, or any approval or decline you receive, will be based solely on your personal situation. You are strongly encouraged to speak with a licensed mortgage professional for the most accurate information and determine your eligibility.
Who qualifies for uninsured mortgage rates
Refinances and equity take-outs, purchases at $1.5M and above, 30-year amortizations, rental and investment properties — anything the insurers will not cover.
Why the uninsured shelf is priced the way it is
The lender keeps the whole risk on its own balance sheet, and prices it: uninsured (conventional) rates sit highest on every sheet, typically 20 to 40 basis points above insured.
Insured vs insurable vs uninsured
Under 20% down
You put less than 20% down and default insurance is on the file. The lender carries no loss exposure, so these are the lowest rates on the board — but the premium is added to your mortgage.
20%+ down, up to $1.5M property value, 25-year amortization
You put 20% or more down and the file fits portfolio-insurance rules, so the lender can back-end bulk insure it at its own cost — on property values up to $1.5M. Priced between insured and uninsured, and tiered by loan-to-value.
Refinances, $1.5M+, 30-year amortization, rentals
The lender keeps the full risk: refinances, properties above $1.5M, amortizations past 25 years, and rentals. Rates sit highest here, typically 20 to 40 basis points above insured.
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Uninsured mortgage questions
What is an uninsured or conventional mortgage rate?
The rate on a file that cannot carry default insurance — a refinance, a purchase at $1.5M or more, a 30-year amortization, or a rental. The lender funds it off its own balance sheet, so it is the most expensive of the three shelves.
Why is my refinance rate higher than the advertised rate?
Advertised rates are almost always insured rates. A refinance cannot be insured in Canada, whatever your equity, so it prices on the uninsured shelf.
Do uninsured mortgages have a stress test?
Yes. OSFI Guideline B-20 applies the qualifying rate — the greater of your contract rate plus 2% and 5.25% — to every federally regulated lender's uninsured files.
Sources and how to read this board
Rates are collected from lender rate sheets and checked by the RateShop rate desk; the board's own as-of date is printed on it. The rules the shelves follow are set by OSFI Guideline B-20 (the qualifying rate and stress test), the Department of Finance mortgage insurance rules ($1.5M price cap, 25-year amortization on insured files) and the three insurers — CMHC, Sagen and Canada Guaranty. Variable rates move with the Bank of Canada policy rate, through prime.
The math is free. Acting on it is the point.
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
