Today's best fixed and variable rates
8Twelve works with over 65 lenders to get the best rates, even for unique situations. These are our current best available rates.
What mortgage rate can I get in Canada today?
The best mortgage rate in Canada is the lowest rate you personally qualify for across the whole lender market, not the posted rate at one branch. The table below shows where pricing starts today for well-qualified borrowers. Your own number depends on the term, whether the mortgage is insured, the property and your income and credit, so two people looking at the same table can be quoted different rates.
Rates shown are not offers. The way to find your real rate is to have an agent quote your actual file, and to weigh the prepayment and penalty terms alongside the rate itself.
Best available rates shown are from 8Twelve's lender panel and are subject to your qualification, lender approval, and change without notice. On approved credit (OAC). The best rate for you depends on your individual financial situation, property and lender criteria. Terms and conditions apply.
- The rates below are the best currently available from our 65+ lender panel, refreshed daily.
- Your rate depends on term, insured vs. uninsured, property type, credit and how you qualify.
- Most lenders hold an approved rate for 90 to 120 days.
- An initial rate conversation requires no credit check.
Best available rates shown are from 8Twelve's lender panel and are subject to your qualification, lender approval, and change without notice. On approved credit (OAC). The best rate for you depends on your individual financial situation, property and lender criteria. Terms and conditions apply.
Rates updated daily.
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How we help you get a better rate
65+ lenders
One application can be priced across banks, credit unions, monoline lenders and trust companies instead of a single product shelf.
Lenders compete for broker files
Many lenders get most of their business through brokers, so their pricing has to hold up against the rest of the panel.
Lower overhead
Monoline lenders don't run branch networks, which is one reason their rates can sit below posted bank rates.
Best available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.
How your rate is actually set
The number in the table is a starting point. Here's what moves it for a real file:
- Insured or not. Purchases with under 20% down carry default insurance and usually get the sharpest pricing. Refinances can't be insured, so they're priced as uninsured loans.
- Term and type. A 5-year fixed, a 3-year fixed and a variable are priced off different benchmarks and move independently.
- Amortization. Stretching past 25 years can change which lenders and rates are available.
- Credit and income. Strong credit and straightforward income open up more of the lender panel. Self-employed or bruised-credit files may still qualify, at a different price.
- The property. Condos, rentals, rural homes and properties over $1.5M (where 20% down is required) are each priced differently.
Renewing? If you took a 5-year fixed in 2021, your renewal offer may be noticeably higher than the rate you locked in, and the first offer from your lender isn't always its sharpest. Read how to shop your mortgage renewal and run your balance through the renewal calculator before you sign.
Thinking about breaking your term to change the rate, consolidate debt or pull out equity? Our guide to refinancing your mortgage explains the 80% loan-to-value limit and how the prepayment penalty is worked out, and the mortgage payment calculator lets you test any rate from the table above.
Best available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.
Mortgage rates by province
Lender coverage and pricing vary across the country. See rates and local notes for your province or territory:
- Mortgage rates in Ontario
- Mortgage rates in British Columbia
- Mortgage rates in Alberta
- Mortgage rates in Saskatchewan
- Mortgage rates in Manitoba
- Mortgage rates in Quebec
- Mortgage rates in New Brunswick
- Mortgage rates in Nova Scotia
- Mortgage rates in Prince Edward Island
- Mortgage rates in Newfoundland and Labrador
- Mortgage rates in Yukon
- Mortgage rates in Northwest Territories
- Mortgage rates in Nunavut
Best available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.
Mortgage rate questions, answered
What is the best mortgage rate in Canada right now?
The best available rate changes daily and depends on the term, whether your mortgage is insured, the property type and how you qualify. The rates shown on this page are the best currently available from 8Twelve's panel of 65+ Canadian lenders and are refreshed every day; your own rate is confirmed once a lender reviews your application.
What is the difference between a fixed and a variable mortgage rate?
A fixed rate is locked for the whole term, so your payment and interest cost are known in advance. A variable rate moves with the lender's prime rate, so it falls when the Bank of Canada cuts and rises when it hikes. Fixed buys certainty; variable has historically cost less on average but carries payment or amortization risk.
Why are broker rates lower than the rate my bank quotes?
A bank can only offer its own products. A brokerage works with dozens of lenders, including monoline lenders, credit unions and trust companies with no branch network. Many of those lenders rely on brokers for their business, so they tend to price competitively to win it.
How long can I hold a mortgage rate?
Most Canadian lenders hold an approved rate for 90 to 120 days. Some will lower the rate before closing if their pricing drops during the hold, so ask how a lender handles that before you commit.
Does getting a mortgage quote affect my credit score?
An initial consultation and rate quote require no credit check. A single credit inquiry is pulled when you formally apply, and mortgage inquiries made within a short shopping window are generally treated as one event by Canadian credit bureaus.
Is the lowest rate always the best mortgage?
Not always. Prepayment privileges, how the penalty is calculated, portability and whether the mortgage is a collateral charge can matter more than a small rate difference, especially if you might break the term early. On a fixed rate the penalty is usually the greater of three months' interest or the interest rate differential, and IRD formulas vary a lot between lenders.
Best available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.
See the rate a lender would offer you
Rates on this page aren't offers. An agent can quote your actual file. Free to apply, no obligation.
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Learn moreBest available rate from 8Twelve's lender panel, subject to qualification and lender approval. OAC. Your rate depends on your individual financial situation.