Canada's Lowest Mortgage Rates

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1.18%

5-Year Variable/Adjustable

2.09%

5-Year Fixed

O.A.C. Terms and Conditions Apply. Mortgage Rates are subject to change without notice

2.45%

Bank of Canada's Prime Rate

O.A.C. Terms and Conditions Apply. Mortgage Rates are subject to change without notice

Different rate types to fit your goal. It's more than a number.

The variable and adjustable interest rates are based on the Bank of Canada's Prime Rate. The bank reviews the prime lending rate eight times per calendar year, deciding to either increase, decrease, or change the Prime Rate. In the past, when the Prime Rate has changed, it has done so in small increments, typically 0.05%.

With a variable interest rate (VRM), your payment will stay the same, but the pace at which you pay down your mortgage will change. Also referred to as a Negative Amortized Variable Rate Mortgage.

Unlike the variable rate, an adjustable interest rate (ARM) reflects the changes in the Prime Rate set by the Bank of Canada. The mortgage rate will increase or decrease, and the lender will notice that your mortgage payment has been adjusted. It is important to note that the Bank of Canada makes these decisions eight times per calendar year. In the past, when there has been a rate increase/decrease, it has typically done so in 0.05% increments. The adjustable method is preferred because there is no change in your amortization, and you see its benefits first-hand.

The fixed interest rate is determined at the beginning of the term and cannot change. This means your payments will not change.

Mortgage Rates

Mortgage Rates

Below are charts showing the Bank of Canada’s Prime Interest Rate in (Blue) used by Canadian Banks for their Variable Rate Mortgage Products. The (Yellow), (Orange) and (Green) represent 1, 3, and 5-year Conventional Mortgage interest rates, which Canadian Banks use for their Fixed Rate Mortgage Products. It is important to note that these are the Banks Posted Rates and are not necessarily the rates you would receive but act as a starting point. Larger banks use these posted rates to calculate the penalty if you “break” or pre-pay your mortgage. The 5 Year Conventional Rate (Green) is used as the “Benchmark Rate” or commonly referred to as the qualifying rate, which is the rate used to calculate the approved mortgage amount.

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Here is the Bank of Canada’s Interest Rates since 1980. As you can see, there have been significant changes when looking back in the ’80s, and early ’90s, with the highest rate at 22.75%. In this era, rates where high, but the cost of homes was substantially lower. Within the last ten years, we have seen the reverse. Mortgage rates are at an all-time low while the price of homes has been on the constant rise. When comparing these two distinct times, the cost of borrowing is about the same. This is worth noting, as it’s not always about the rate!

Historical Mortgage Rates, 1980's - Present

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