HomebuyingThe average price of a Toronto condo hits an eye-watering $617,658
Greater Toronto Area home sales up 14.2% in November, prices see highest gains of the year while inventory declines.
Get the best mortgage rates. Pocket the savings.
Compare mortgage rates from Canada’s leading banks and brokers.
Banks rarely offer their most competitive mortgage rates upfront, 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.
Today’s lowest mortgage rates.
Variable Rates
As low as
2.69%
Fixed Rates
As low as
2.45%
Cha-ching! Our rates are always lower than the posted bank rates.
Current lowest posted bank rate
2.87%
Why everyone’s comparing mortgages online.
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 loans. 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 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 our mortgage rates compare to the bank’s.
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.
On average, 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:
$439 Per Month
$5,264 Per Year
$131,596 In a Lifetime
5-year fixed rates
| Month | Our average rate | Average bank rate |
|---|---|---|
| 02/18 | 3.01% | 5.14% |
| 03/18 | 3.07% | 5.14% |
| 04/18 | 3.08% | 5.14% |
| 05/18 | 3.18% | 5.34% |
| 06/18 | 3.16% | 5.34% |
| 07/18 | 3.14% | 5.34% |
| 08/18 | 3.19% | 5.34% |
| 09/18 | 3.17% | 5.34% |
| 10/18 | 3.29% | 5.34% |
| 11/18 | 3.37% | 5.34% |
| 12/18 | 3.42% | 5.34% |
| 01/19 | 3.33% | 5.34% |
Variable mortgages vs. fixed mortgages: Which is right for you?
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.
On average, our variable rates are almost half a percent lower than our fixed rates. On a $400,000 mortgage that’s an average savings of:
$142 Per Month
$1,705 Per Year
$42,618 In a Lifetime
5-year rates
| Month | Our average variable rate | Our average fixed rate |
|---|---|---|
| 02/18 | 2.22% | 3.01% |
| 03/18 | 2.21% | 3.07% |
| 04/18 | 2.19% | 3.08% |
| 05/18 | 2.22% | 3.18% |
| 06/18 | 2.16% | 3.16% |
| 07/18 | 2.32% | 3.14% |
| 08/18 | 2.45% | 3.19% |
| 09/18 | 2.42% | 3.17% |
| 10/18 | 2.48% | 3.29% |
| 11/18 | 2.62% | 3.37% |
| 12/18 | 2.61% | 3.42% |
| 01/19 | 2.63% | 3.33% |
Your mortgage questions, answered.
Looking for more mortgage info? Check out our Help Centre.
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?✝
- of Canadians apply for 5-year variable mortgages
- 57%
- of Canadians apply for 5-year fixed mortgages
- 43%
✝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.
Mortgage news
Homebuying Read the Story
HomebuyingAffordability is the most important factor for first-time homebuyers
Affordability and price continue to be the most important factor for many Canadians when it comes to buying a home.