At CompareMyRates.ca, you get the best mortgage rates from leading Canadian banks, brokers & Credit Unions at a click of the button. It does not even matter where you are from in Canada, the results are tailored for all province & cities. Get the best mortgage rates for Ontario, Nova Scotia, British Columbia, Alberta among others. Try our mortgage rate comparison tool to save thousands of dollars.
Best Canadian Mortgage Rates
Our online comparison tool can be an excellent compliment to what the agent has offered. If you are planning to stay in your new home in Canada for a few months, you may want to check out the attractive adjustable rate mortgages at comparemyrates.ca.
Compare Canadian Mortgage Rates by Rate & Term
Are you aware that Canadian lenders rarely offer the best rates upfront? Comparemyrates.ca is your best choice if you do not want to engage in the tiring negotiation process. Use this tool to make savings. If you have found your dream home, the next step is probably the agent directing you to preferred lenders.
Popular Mortgage Rates & Terms in Canada by location
Mortgage Stats in Canada
Mortgage makes up the bulk of household debt at 71% followed by 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 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.
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.