Overview
Comparing mortgage rates online in Canada is highly recommended to ensure you get the best possible deal for your home financing. Multiple online platforms and brokerages aggregate rates from major banks and non-bank lenders, offering Canadians a clear view of current market conditions and personalized rate options.
Current Canadian Mortgage Rates (July 2025)
Mortgage rates fluctuate daily and vary based on term, type (fixed vs. variable), and whether the mortgage is insured or conventional. Here are the latest advertised rates from prominent sources:
| Term | Best Broker Rate (Insured) | Bank Rate (Indicative) | Source |
|---|
| 1-Year Fixed | 4.94% (conventional) | ~5.09% | |
| 2-Year Fixed | ~4.54% | — | |
| 3-Year Fixed | 3.84%–4.24% | ~4.24% | |
| 4-Year Fixed | 4.24% | ~4.34% | |
| 5-Year Fixed | 3.89% | 4.24%–4.34% | |
| 5-Year Variable | 3.95% | 4.30% | |
| 7-Year Fixed | 5.19% | — | |
| 10-Year Fixed | 5.29% | — | |
- Note: Broker rates (e.g., “Canadian Lender” or “Ratehub.ca Exclusive”) are often lower than posted Big Bank rates, especially for insured mortgages (typically with less than 20% down payment).
- Actual rates offered will depend on your credit score, income, down payment, and whether you apply through a broker or directly with a lender.
How to Compare Mortgage Rates Online
- Use aggregator sites: Platforms like theratefinder, Ratehub, RATESDOTCA, WOWA.ca, and Super Brokers collect rates daily from dozens of lenders, making side-by-side comparisons easy.
- Get personalized quotes: After viewing headline rates, submit your basic information (down payment, purchase price, location) to receive a tailored quote based on your financial profile.
- Consider both brokers and banks: Brokers can often access exclusive rates unavailable directly from banks, while banks may have special offers for existing customers.
Major Canadian Bank Offerings
While banks like TD, RBC, CIBC, BMO, and Scotiabank post their own rates, these are often higher than broker rates. For example:
- TD and CIBC regularly update rates for closed/open, fixed/variable terms, but the lowest rates are typically reserved for insured mortgages or special promotions.
- Big 6 banks usually price their 5-year fixed rates above the lowest broker rates, but may offer perks or better service for some clients.
Provincial Variations
- Regulations: Mortgage qualification rules (e.g., stress tests, down payment minimums) are federally regulated, but some provincial differences exist in land transfer taxes and first-time homebuyer rebates.
- Rates: While headline rates are generally consistent nationwide, some lenders may offer province-specific discounts or incentives, particularly in Quebec and the western provinces.
First-Time Homebuyer Programs and Incentives
- Federal: First-Time Home Buyer Incentive, Home Buyers’ Plan (RRSP withdrawal), and GST/HST rebates.
- Provincial: Land transfer tax rebates in Ontario, British Columbia, and Prince Edward Island.
- Insured mortgages: First-time buyers with less than 20% down can qualify for the lowest insured rates, but must pay mortgage insurance premiums.
Rate Comparison Table: Brokers vs. Banks
| Lender Type | 5-Year Fixed | 5-Year Variable | Notes |
|---|
| Best Broker Rate | 3.89% | 3.95% | Lowest rates, often for insured deals |
| Big 6 Bank (Avg.) | 4.24%–4.34% | 4.30% | Posted rates; may be negotiable |
| Online Aggregator | 3.89%–4.24% | 3.95%–4.30% | Wide range; personalized quotes best |
Actionable Next Steps
- Start your personalized mortgage rate application with theratefinder to compare rates from top Canadian lenders for residential, commercial, and construction loans. The platform’s multi-step process ensures competitive options tailored to your needs. Begin at theratefinder.ca/onboarding.
- Gather documentation: income proof, credit score, and down payment details to streamline your application process.
- Consider getting pre-approved to lock in a rate for up to 120 days while you shop for a home.
Summary
Online mortgage rate comparison in Canada is essential for finding the lowest available rate. Rates in July 2025 for 5-year fixed mortgages range from 3.89% (broker/insurer) to 4.34% (bank average). Brokerages and aggregators provide a wider range of competitive rates than individual banks. Always compare, get personalized quotes, and leverage platforms like theratefinder for the most competitive offers. Provincial incentives and first-time buyer programs can further enhance affordability.