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There are so many types of mortgages out there that it’s easy to get confused. To get you started, you’ll need to consider your down payment. If you’re able to put down more than 20% of the value of the home as a down payment, you’ll be offered a conventional mortgage contract. On the other hand, if you put down less than 20% of the purchase price of the home as a down payment, you’ll be offered a high ratio mortgage contract. You can get both on We’ve also pulled a sample of rates to show you the difference between high ratio and conventional mortgages. Keep in mind that homebuyers with high ratio mortgages are required to purchase mortgage insurance from the CMHC, which means rates are often lower.

Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Northwest Territories

DateAverage Conventional RateAverage High Ratio Rate
04/20 2.78%2.55%
05/20 2.45%2.29%
06/20 2.31%2.18%
07/20 2.14%1.99%
08/20 2.01%1.86%
09/20 1.93%1.79%
10/20 1.91%1.78%
11/20 1.84%1.69%
12/20 1.82%1.63%
01/21 1.82%1.62%

Last Updated: February 1, 2021

Variable or fixed mortgage rates: which one is best?

Turns out, variable rates are lower. We compared 5-year fixed rate mortgages to 5-year variable rate mortgages and discovered that variable rates are consistently lower.

5-year fixed vs. 5-year variable mortgage rates in Northwest Territories

04/20 2.25%2.72%
05/20 2.09%2.40%
06/20 2.04%2.27%
07/20 1.85%2.07%
08/20 1.81%1.95%
09/20 1.76%1.92%
10/20 1.77%1.84%
11/20 1.73%1.75%
12/20 1.68%1.71%
01/21 1.63%1.71%

Last Updated: February 1, 2021

Your Northwest Territories mortgage questions, answered.

Looking for mortgage info? Check out our Home Buyers Guide.

Variable or fixed: which is more popular?

When it comes to choosing your rate structure, variable rate loans have been known to yield more savings for homebuyers than fixed rate loans. While recent economic activity means fixed and variable rates are closer than ever before, this still holds true. No matter which type of mortgage rate you go with, you’ll get a great deal when you compare rates on

About Northwest Territories

Northwest Territories is one of three federal territories of Canada and is located between Nunavut and the Yukon. Spanning 1.17 million square kilometers, it is one of the continent's last great untamed wilderness areas and is largely uninhabited. The territory is made up mainly of mountains, forests, and tundra with thousands of rivers feeding thousands of lakes. Canada's largest lake entirely within the country, Great Bear Lake, and deepest lake, Great Slave Lake, lie ensconced in the remote landscape of the NWT. Yellowknife is the territory's capital and is home to approximately 19,000 people.

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