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What our users say:

Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
Web page was quick and easy to use
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
July 29
Extremely simple
Extremely simple, and fast process.
July 26
excellent, professional service
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson

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1-year fixed-rate mortgages in Canada: what you need to know.

Most mortgage shoppers think in terms of the best 4-year or 5-year deal. Why sign up for a 1-year fixed-rate mortgage — even one with a fantastic interest rate — when you’ll only enjoy the benefit for 12 months?

Well, a 1-year mortgage is a no-brainer if that’s all you need to pay off your house. But there are other reasons to consider a short-term mortgage. A 1-year fixed-rate mortgage can be used in place of a variable-rate mortgage, for example. This can be handy when a 1-year fixed mortgage has a lower interest rate than its variable counterpart.

Moreover, you’ll be able to renew whatever mortgage best meets your current needs — fixed or variable, open or closed, short term or long term.

If you’re looking for comparisons of 1-year fixed mortgage rates, here’s how can help.

Most Canadian consumers choose 3 or 5-year mortgages. As a result, these are the mortgage terms we compare in our digital marketplace.

We will connect you to a broker who can compare 1-year fixed mortgage rates from the top lenders in Canada, including the country’s largest banks for you.

We recommend applying for a 3-year mortgage in this instance; the rates on a 3-year mortgage are more comparable to the rates on a 1-year mortgage than they are for a longer-term mortgage (5 years, for example). 

It takes three minutes or less to get mortgage quotes on We offer the ability to compare mortgage rates, whether you’re in the market to get your first mortgage or if you’re renewing or refinancing your current one.

Intrigued? Then read on. We’ll answer your questions about 1-year fixed mortgages — then we’ll help you find the best current 1-year fixed mortgage rates.

Your questions about 1-year fixed-rate mortgages, answered.

When should you consider a 1-year fixed-rate loan?

A 1-year fixed-rate mortgage is a very specialized mortgage product. A year tends to fly by — particularly during an exciting time like purchasing and moving into a new home. So, choosing a 1-year fixed rate will have you thinking about your renewal very quickly. Because of that, 1-year fixed rates are typically considered by borrowers who only plan on staying in their home for a year or those who believe rates will fall within the next year (which can be hard to predict). If you’re interested in a short-term mortgage, a more common option is a 3-year fixed rate. It offers the low rate of a shorter term, but also provides a little more length, meaning you won’t have to shop for a new mortgage so soon after purchasing your home.

Are 1-year fixed-rate mortgages better than other mortgage terms?

One-year fixed rate mortgages are best for a very particular type of borrower — those who, for whatever reason, only need a mortgage for a year. If you only have a year left on your mortgage, then 1-year fixed rates are the best option for you. However, if you’re a more recent homebuyer, you might be better served with the security offered by a longer-term mortgage, since your rate will be locked in for a longer period.

What is a good 1-year fixed mortgage rate?

A good mortgage rate is all about perspective, and is based on what a borrower qualifies for. Lenders use several factors to determine what rates to offer borrowers. These factors determine what a lender considers the creditworthiness of a borrower to predict how likely they are to repay their mortgage. Lenders will look at a homebuyer’s credit history and credit score, income and employment, and their debt service ratios, among other things. Having a stable income and good credit history will help borrowers qualify for a good mortgage rate.

How is the 1-year fixed mortgage rate set?

Fixed mortgage rates are influenced by the Government of Canada’s bond market. Banks and lenders use both mortgages and bonds to generate profits and they use their profits from bond investments to fund their mortgages. They will calculate the interest they earn on bonds to determine what interest rates to offer for their fixed rate mortgages. The relationship between bond prices and mortgage rates is a delicate economic balance that is constantly fluctuating, which is the reason that fixed rates tend to change over time.

How much can you save comparing 1-year fixed rates in Canada with has helped our users save $1 billion in interest and fees. Because mortgages are used to pay off such expensive investments (homes), saving just a few basis points (fractions of a percent) on a mortgage can end up saving a homeowner thousands of dollars over the life of their mortgage. Even a savings of less than $50 per month ends up being a savings of tens of thousands of dollars over a mortgage that is amortized over 25+ years. That’s why it’s important to compare mortgage rates, whether you’re purchasing your first home or renewing an existing mortgage.

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