Compare Mortgages in Canada

Compare the top mortgages providers in Canada — see cover, features and typical rates side by side.

Live offers

21 live offers compared from 11 providers, from 4.59% initial. Updated daily.

Desjardins 5-Year Fixed Mortgage CA Desjardins

4.59% initial

  • Initial Rate: 4.59% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: Desjardins — Quebec-based cooperative; often best rate; strong Quebec + ON presence

RBC 5-Year Fixed Mortgage CA RBC

4.64% initial

  • Initial Rate: 4.64% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: RBC — Canada's largest bank; RBC MyHome app; 10% prepayment annually

TD 5-Year Fixed Mortgage CA TD

4.69% initial

  • Initial Rate: 4.69% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: TD — Canada's 2nd largest bank; TD Mortgage Payment Pause option; US cross-border service

Scotiabank 5-Year Fixed Mortgage CA Scotiabank

4.74% initial

  • Initial Rate: 4.74% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: Scotiabank — Scotia Total Equity Plan (STEP) home equity line; 15% annual prepayment

BMO 5-Year Fixed Mortgage CA BMO

4.79% initial

  • Initial Rate: 4.79% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: BMO — Smart Fixed Mortgage (lower rate, less flexibility); 20% lump sum annual prepayment

CIBC 5-Year Fixed Mortgage CA CIBC

4.84% initial

  • Initial Rate: 4.84% fixed
  • Loan-to-Value: 80% LTV
  • Initial Period: 5 years
  • Key Feature: CIBC — CIBC Smart Account bundling; 20% prepayment; first-time buyer incentives

RBC Fixed 5-Year Mortgage CA RBC

5.54% initial

  • Initial Rate: 5.54% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: 5-year fixed
  • Key Feature: Best 5-yr rate

TD 5-Year Fixed Mortgage CA TD

5.54% initial

  • Initial Rate: 5.54% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: 5-year fixed
  • Key Feature: TD fixed rate

CIBC 5-Year Fixed Mortgage CA CIBC

5.54% initial

  • Initial Rate: 5.54% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: 5-year fixed
  • Key Feature: CIBC fixed rate

Merix Financial Mortgage CA Merix Financial

6.79% initial

  • Initial Rate: 6.79% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Broker-only lender

CMLS Financial Mortgage CA CMLS Financial

6.89% initial

  • Initial Rate: 6.89% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Non-bank lender

Meridian CU Mortgage CA Meridian Credit Union

6.95% initial

  • Initial Rate: 6.95% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Ontario CU

ATB Financial Mortgage CA ATB Financial

7% initial

  • Initial Rate: 7.00% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Alberta bank

BMO Mortgage Variable CA BMO

7.10% initial

  • Initial Rate: 7.10% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: BMO banking

Desjardins Variable Mortgage CA Desjardins

7.10% initial

  • Initial Rate: 7.10% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Quebec CU

National Bank All-In-One Mortgage National Bank

7.15% initial

  • Initial Rate: 7.15% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: National Bank

RBC HomeLine Plan Floating RBC

7.20% initial

  • Initial Rate: 7.20% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Big-5 bank

CIBC Variable Rate Mortgage CA CIBC

7.20% initial

  • Initial Rate: 7.20% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: CIBC banking

Scotiabank FlexLine Mortgage CA Scotiabank

7.20% initial

  • Initial Rate: 7.20% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: Scotia banking

TD Variable Rate Mortgage TD

7.30% initial

  • Initial Rate: 7.30% p.a.
  • Loan-to-Value: Up to 80% LTV
  • Initial Period: Variable
  • Key Feature: TD banking

RBC Plan RBC

C$500 /month

  • Provider: RBC

What is a mortgage in Canada?

A mortgage is a loan secured against a home, repaid over an amortization period of up to 25 or 30 years. What defines the Canadian market is the term-and-renewal cycle: rather than one rate for the whole loan, you take a term — most often five years, fixed or variable — then renew onto a new rate when it ends. The amortization is the full payoff horizon; the term is the shorter rate commitment within it.

Buyers with less than a 20% down payment must carry mortgage default insurance from CMHC, Sagen or Canada Guaranty, which lets them buy with as little as 5% down.

How the Canadian market works

Rates split into fixed, which lock your payment for the term, and variable, which move with the lender's prime rate as the Bank of Canada shifts its policy rate. Every insured borrower — and most uninsured ones — must pass the federal mortgage stress test, qualifying at the higher of their contract rate plus 2% or 5.25%. Lending is capped by income-based ratios (GDS and TDS). At renewal, borrowers can and should shop around rather than auto-accept the lender's offer.

Mortgages can run through a bank directly or through a broker who compares multiple lenders, including monoline lenders not on the high street.

Benefits

Home ownership — spreads the cost of a property over decades of affordable payments.

Rate choice — fixed for certainty or variable for potential savings when rates fall.

Low down payment — default insurance enables purchases with as little as 5% down.

Prepayment options — most mortgages allow annual lump sums and payment increases to pay off faster.

How to choose

Decide between fixed and variable based on your tolerance for payment changes, then compare the rate alongside the prepayment terms and the penalty for breaking early — big-bank fixed-rate penalties can be steep. Weigh a bank's convenience against a broker's access to more lenders. At renewal, always get competing quotes; the posted renewal offer is rarely the best available rate.

Leading providers in Canada

RBC, TD, Scotiabank, BMO and CIBC hold the largest share of Canadian mortgages, with National Bank and ATB Financial strong regionally and Desjardins dominant in Quebec. Monoline lenders such as MCAP and First National, accessed through brokers, compete hard on rate. Many buyers compare a Big Five offer against broker-sourced monoline rates before committing.

What it costs

The main cost is the interest rate, with current fixed and variable rates in the market around 4.59% and up depending on term, insured status and lender. Beyond the rate, budget for legal fees, appraisal, land-transfer tax (which varies by province and city), and default-insurance premiums if your down payment is under 20%. Breaking a fixed mortgage early can trigger a substantial penalty.

Protections and regulation

Federally regulated mortgage lenders answer to OSFI, which sets the stress-test and underwriting rules, while the FCAC oversees consumer disclosure. Default insurance is backstopped through CMHC (a Crown corporation) and government-guaranteed private insurers. In Quebec, mortgage brokering is regulated provincially, and provincial rules govern land transfer and registration everywhere.

Common questions

Fixed or variable? — Fixed gives payment certainty; variable can save money when rates fall but exposes you if they rise.

What is the stress test? — A federal rule requiring you to qualify at a rate above your actual contract rate to ensure you can handle increases.

Should I renew with my current lender? — Not automatically; shopping around at renewal often secures a better rate.

Mortgages in Canada — FAQ

What mortgage rate can I get in Canada right now?

Giraffy tracks 5 mortgage products across Desjardins,RBC,TD,Scotiabank,BMO lenders in Canada. Use the sort and filter controls to compare fixed versus variable rates and initial deal lengths.

What is the difference between a fixed-rate and a variable-rate mortgage?

A fixed-rate mortgage locks your interest rate for a set period — typically 2, 5, or 10 years — giving payment certainty. A variable rate moves with the central bank benchmark rate set by the Office of the Superintendent of Financial Institutions (OSFI). Fixed rates suit those who want stability; variable suits those who expect rates to fall.

How much can I borrow with a mortgage?

Most lenders apply an income multiple — typically 4–5× your gross annual income for a conventional mortgage. Affordability assessments also factor in outgoings, existing debts, and the property's loan-to-value (LTV) ratio. A mortgage adviser or broker can run a full affordability assessment for free.

What is LTV (loan-to-value) and why does it matter?

Loan-to-Value (LTV) is the mortgage amount as a percentage of the property's value. A 90% LTV means you're borrowing 90% and putting down 10% as a deposit. Lower LTV means less risk for the lender — you'll typically be offered a lower interest rate with a deposit of 20–25% or more.

How long does mortgage approval take?

An indicative approval can usually be obtained the same day online. Full mortgage approval — after property valuation and underwriting — typically takes 2–6 weeks. Having all your documents ready (pay stubs, bank statements, ID) speeds up the process significantly.

Are there Islamic home-finance products available in Canada?

Sharia-compliant home-finance products structure the transaction without interest, typically through Murabaha (cost-plus financing) or Ijara (lease-to-own) arrangements. Check with individual lenders for availability in your market.

What fees are charged to set up a mortgage?

Lenders often charge arrangement, origination, or application fees to set up a mortgage — amounts vary by lender and market. You can usually add them to the loan, but you'll pay interest on them for the full term. For large loans, a higher-fee/lower-rate deal may be cheaper overall — compare total cost over the initial fixed period.