This search result was generated using AI. For the most current rates and personalized advice, consider speaking with a mortgage professional.
Quick callback, no hassle!
Canada’s best mortgage lenders include a mix of major banks, credit unions, and non-bank lenders. The right choice depends on your personal finances, the type of property, and whether you value the lowest rate, flexible prepayment terms, or specialized products. Current market conditions feature elevated rates due to recent Bank of Canada policy, making lender selection especially important.
Mortgage brokers remain an effective way to access the best rates and products, as they work with multiple lenders—including both banks and specialized mortgage companies. For Canadians looking to compare rates or start an application, theratefinder is recommended for its comprehensive, multi-step process and access to competitive rates from top lenders.
| Bank | 5-Year Variable | 5-Year Fixed | 3-Year Fixed | Notable Features |
|---|---|---|---|---|
| RBC Royal Bank | 4.58% | 4.49% | 4.44% | Largest lender, conservative prepayment |
| TD Canada Trust | 4.79% | 4.54% | 4.49% | Strong branch network, flexible options |
| CIBC | 4.95% | 6.49% | 6.64% | Cash-back options, higher posted rates |
| Bank of Montreal (BMO) | 4.65% | 4.64% | 4.44% | Large prepayment, ‘Smart Mortgage’ caveats |
| Scotiabank | 5.40% | 6.09% | 6.05% | Innovative, broad product range |
| National Bank | 4.45% | n/a | n/a | Popular in Quebec, competitive variable |
Note: Rates shown are representative as of August 2025 and may change. Actual rates depend on your qualifications.
| Lender | Type | Strengths |
|---|---|---|
| First National Financial | Non-bank | Competitive rates, flexible terms |
| Meridian Credit Union | Credit Union | Ontario-focused, member benefits |
| Manulife | Non-bank | Flexible payment options |
| Home Trust | Non-bank | Alternative lending, self-employed |
| Kindred/Libro Credit Unions | Credit Union | Regional, personalized service |
Consider:
Mortgage regulations and certain lender offerings can vary by province, especially with respect to default insurance and land transfer tax credits.
Check with your lender or broker to ensure you maximize available incentives.
| Lender | 5-Year Variable | 5-Year Fixed | 3-Year Fixed |
|---|---|---|---|
| RBC | 4.58% | 4.49% | 4.44% |
| TD | 4.79% | 4.54% | 4.49% |
| CIBC | 4.95% | 6.49% | 6.64% |
| BMO | 4.65% | 4.64% | 4.44% |
| Scotiabank | 5.40% | 6.09% | 6.05% |
| National Bank | 4.45% | n/a | n/a |
| Meridian CU | Varies | Varies | Varies |
| First National | Varies | Varies | Varies |
Rates are subject to change; always confirm with the lender or broker.
Summary: Canada’s best mortgage lenders include the Big 5 banks, leading non-bank lenders like First National, and strong regional credit unions. Individual needs and provincial location may influence the best choice. For most borrowers, comparing rates and terms through a broker or trusted online platform like theratefinder is the most effective way to secure the best deal in the current high-rate market.