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Mortgage Rates in Canada

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  • Find out how much land transfer you need to pay in your Province.

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Best Mortgage Rates

Best Mortgage Rates

The best mortgage rates in Canada range from 1.9% to 2.7% on a one-year, 3-year and five-year fixed closed periods. These low mortgage rates are provided to you by PC Financial, TD Canada Trust, and True North Mortgage. For more information about low mortgage rates, visit www.CompareMyRate.ca

Why Compare Mortgage Rates before signing the dotted line 

Mortgage rates vary from time to time depending on some factors affecting the economy. In order to get the best mortgage rates, you need to compare those rates from various banks and lending institutions. There are also conditions stipulated in the contract that may be beneficial or aggravating in your situation.

Popular Mortgage Rate type & Term in Canada

In terms of type, mortgage rate can be variable or fixed. Variable mortgage rates vary throughout your mortgage term such as one, three or five years. The variation depends on your lender’s “prime lending rate.” The fixed mortgage rate is a rate that is constant throughout the term.

The terms can be a year, three or five years. Sometimes the rate can be up to 10 years or 25 years depending on some factors. But note that the longer your term, the more expensive it is for you.

Fixed Mortgage Rates vs. Variable Mortgage Rates 

Choosing between fixed and variable mortgage rates depends on your age, needs, and long-term goals. If you belong to younger age bracket, the fixed rates are more popular and convenient. Adults have a preference for a variable rate.

Fixed rates remain constant despite the changes in the interest rate. This is not the case with variable rates as they increase or decrease according to the changes in the interest rate. If the interest rate falls, the mortgage rate may also fall if you choose the variable mortgage rate.

Mortgage Statistics in Canada 

According to SuperBrokers, the first quarter is usually the busiest month with 29.72 per cent rate. The lowest rate is pegged at 18.10 per cent which occurs during the last quarter.

Top Bank Providing Lowest Mortgage Rates in Canada 

Banks that provide the lowest mortgage rates in Canada are the following:

These banks offer variable rate for a five-year term, and fixed rates on a three, five and ten-year terms.

Should I Choose to get my mortgage through a Mortgage Broker in Canada?

 While mortgage rates posted online may seem low, there are chances that they may not be updated. To get the lowest or best mortgage rates, it is recommended that you consult with a mortgage broker. In fact, rates given by brokers are lower than those given by the banks.

Calculate your Mortgage Payments – Use our state-of-the-art mortgage calculator

Whether you apply for one year, three years, or five-year term for a fixed or variable rate, it is best if you use a sophisticated mortgage calculator. Log on to www.CompareMyRate.ca to know your accurate mortgage payments.

What is the difference between open mortgage & Closed Mortgage?

 Close mortgage simply means you agree to a term, which can range from six months to 10 years. So if your contract says your mortgage term is 5 years, and you want to end the mortgage before five years, you will be charged with a penalty, which is usually a three-month interest.

An open mortgage, on the other hand, is one that has no rules when it comes to terms. This means that you pay the money you owed any time.

What is a Pre-payment Option?

 A pre-payment option is a choice given to you when you opt for settlement of your mortgage debt before the end of its term. In pre-payment, can pay either the whole balance or a fraction thereof.

Lowest Mortgage Rates in Canada

People often think that finding the ideal mortgage interest rates Canada is nothing less than a challenge. This is because they have never used a service such as CompareMyRates.ca. With CompareMyRates.ca, all you have to do for finding all the mortgage plans for a particular criterion is make a few clicks. Within a minute, you will be shown all the mortgage rates for that area- and you can find the lowest mortgage rates Canada has without anything else! With just a few seconds of your time, you will be able to find a mortgage plan that will help you own the house you have always wanted. 

Mortgage Rate Comparison Canada

Visiting, talking and finding various mortgage brokers Canada can often be too long a process. When you want to own your dream home without all of this hassle, then CompareMyRates.ca is where you need to go. Just enter your criteria and within seconds, you will have the best of mortgage brokers and plans in front of you. You can sort the results and work on them even further to compare mortgage rates Canada. Now with CompareMyRates.ca, you finally have the most efficient of tools for finding out the best mortgage plan that you can afford.

About Canada

Canada is one of the biggest countries in the world in terms of total and land area. It comprises half of North America and is made up of three territories and ten provinces with Ottawa as the capital. As part of the developed country, it has one of the highest gross national products and consistently scores high in development and livability indices.

Housing Market Stats in Canada 

Based on the data provided by Canadian Real Estate Association (CREA), there’s a drop in home sales in Canada as of May 2016 compared to the previous month. To be more specific, the percentage went down by almost 3% . Within the same period, the number of properties newly listed dropped by 3.2%. Two of the provinces that may be contributing to the decrease are Ontario and British Columbia, where inventory was also low, an indication that supply may be hurting sales. Supply was also reported to be lower in Montreal, Victoria, and Fraser Valley. The price of homes also increased by 12.5% in year-on-year in May. 

Mortgage Stats in Canada 

A mortgage makes up the bulk of household debt at 71% followed by a line of credit at 18%. Despite the huge percentage, mortgage in arrears are no more than a percent and that more than 15% paid more than what they owe per month to their mortgage, which all means that Canadians are capable and are wise in spending and paying the debt. Being able to pay more also allows them to build equity faster, in which case many now have at least 70% of the property value. In 2015, the mortgage average was $154,090, and the debt was higher in urban areas as prices of properties increased.