Our lowest rates
Best Variable Rate
1.85%

Variable Closed 5 Year term

Available in

Butler Mortgage Logo

Get This Rate
Best Fixed Rate
2.59%

Fixed Closed 5 Year term

Available in

Butler Mortgage Logo

Get This Rate
1.85%

Variable Closed 5 Year term

Available in

Butler Mortgage Logo

Get This Rate

Why compare mortgages 
with LowestRates.ca?

 

 

With LowestRates.ca, you'll be able to compare the best mortgage rates from over 30 banks and brokers in just seconds. Our quotes are tailored to whatever area you live in, so you'll get the best deal in Ontario, Alberta, British Columbia, Quebec, Nova Scotia, or anywhere else in between.

It’s no surprise that Canadians are increasingly using mortgage brokers to get the lowest rates on their home loan. Brokers have access to a variety of lenders, and they can help you get access to exclusive mortgage offers you won't find anywhere else. Try our free, no obligation service, and you could save thousands every year.

Quick

When we say, ‘just like that’, we mean it — access the best mortgage rates in seconds.

Free

That’s right — our service is absolutely, 100% free for our users. Comparing mortgage rates won’t cost you a dime.

Easy

Enter your postal code to find competitive mortgage rates for the the province or territory you live in, and then pick the best rate. It's that simple.

Unbiased

We're impartial. At LowestRates.ca, we allow banks and brokers to present their best mortgage offers to you on an even and unbiased platform.

Comprehensive

We take ‘shopping around’ to a new level. Find the lowest mortgage rates nationwide from over 30 banks and brokers.

Secure

Rest assured, mortgage shoppers. Your information is private and secure. We'll never share your personal details with a third party. Ever.

How can comparing mortgage rates save me time and money?

Banks rarely offer their most competitive mortgage rates up front, forcing customers to negotiate discounts over the phone or in person. But we skip the “back-and-forth”, so you can go straight to the best rates available in your area. Getting a lower mortgage rate could save you thousands of dollars on interest every year.

2.59%
Fixed Closed
5 Year term
GET RATE

Should I choose a variable or fixed rate mortgage?

Fixed rate mortgages offer greater security because your payments stay the same for the duration of the mortgage term, while variable rates fluctuate with market conditions, so the amount of interest you have to pay can go up or down, depending on the interest rate environment at the time. Although variable rates are riskier, they do tend to be lower than fixed rates historically.

1.85%
Variable Closed
5 Year term
GET RATE

Our mortgage rates vs. the bank

Mortgage rates have fallen over the past year, and rates on our site continue to be more than 2 percentage points lower than posted bank rates. On a $400,000 mortgage, that average difference in rates would result in more than $100,000 of savings over the life of your loan.

Mortgage Interest Savings in Canada:
5-year fixed from LR.ca vs. 5-year fixed posted bank rate
MonthAverage LR.ca 5-year fixed rateAverage bank 5-year fixed rate
Nov 2015 2.39% 4.64%
Dec 2015 2.54% 4.64%
Jan 2016 2.46% 4.64%
Feb 2016 2.43% 4.64%
Mar 2016 2.37% 4.64%
Apr 2016 2.34% 4.64%
May 2016 2.36% 4.64%
June 2016 2.25% 4.64%
July 2016 2.21% 4.74%
Aug 2016 2.21% 4.74%
Sept 2016 2.21% 4.64%
Oct 2016 2.15% 4.64%
Average LR.ca 5-year fixed rate Average bank 5-year fixed rate 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
LR.ca rates are more than 2 full percentage points lower than posted bank rates.

On a $400,000 mortgage that’s an average savings of:

$465
Per month
$5,578
Per year
$139,441
Per lifetime

Variable vs. fixed: which is lower?

We compared the 5-year fixed rate mortgages and the 5-year variable rate mortgages that Canadians have been applying for on our site since 2014. Our findings? Variable rates are almost half a percentage point lower, which translates into big savings.

Mortgage Interest Savings in Canada:
5-year variable vs. 5-year fixed from LR.ca
MonthAverage LR.ca 5-year fixed rateAverage LR.ca 5-year variable rate
Nov 2015 2.39% 2.06%
Dec 2015 2.54% 2.06%
Jan 2016 2.46% 2.10%
Feb 2016 2.43% 2.12%
Mar 2016 2.37% 2.12%
Apr 2016 2.34% 2.08%
May 2016 2.36% 2.05%
June 2016 2.25% 1.99%
July 2016 2.21% 1.95%
Aug 2016 2.21% 1.93%
Sept 2016 2.21% 1.96%
Oct 2016 2.15% 1.96%
Average LR.ca 5-year fixed rate Average LR.ca 5-year variable rate 1.5% 2.0% 2.5% 3.0%
  • Nov 2015
  • Dec 2015
  • Jan 2016
  • Feb 2016
  • Mar 2016
  • Apr 2016
  • May 2016
  • June 2016
  • July 2016
  • Aug 2016
  • Sept 2016
  • Oct 2016
Our variable rates are almost half a percent lower than our fixed rates.

On a $400,000 mortgage that’s an average savings of:

$93
Per month
$1,117
Per year
$27,927
Per lifetime

Are borrowers choosing fixed or variable rate mortgages?

Hundreds of thousands of Canadians have shopped for their mortgage at LowestRates.ca, and the majority have taken 5-year variable rate loans rather than 5-year fixed rate loans.

5-Year Fixed Rates vs. 5-Year Variable Rates in Canada: Who Takes What?✝
57%
of Canadians apply for 5-year variable mortgages
43%
of Canadians apply for 5-year fixed mortgages

✝Based on Canadian borrowers who applied for a mortgage at LowestRates.ca since 2014.

What is CMHC insurance?

Mortgage default insurance, commonly called CMHC insurance, protects lenders in case you default on your mortgage. If you have a down payment that’s less than 20% of your home’s price, you’re required to get mortgage insurance. And these high ratio mortgages are more common than not in Canada.

What's the difference between an open mortgage and a closed mortgage?

 

Open mortgages can be paid off at any time without penalty, while closed mortgages impose steep penalties if you pay your loan off before the end of your term. Closed mortgages tend to have lower interest rates than open mortgages.

 
More ways to find a great rate