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Find the Best Mortgage Rates in Canada

Nerdy Insight: After a few weeks of stability, the best mortgage rates in Canada may be set to rise in the latter half of February. Government bond yields have surged this month, and lenders don’t usually hesitate to increase their three- and five-year fixed mortgage rates in response. As of February 14, 2024, five-year fixed mortgage rates could still be found for under 5%. Variable mortgage rates, however, will remain around 6% until the Bank of Canada reduces its overnight rate. That may not happen until June.

Rates updated: January 10, 2024

Mortgage Type

Purchase Price

Down Payment

Province

Term

Fixed

Variable

1-Year

Rate

6.64%

Est. payment

: $3,078.00/mo
Scotia Bank
:
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3-Year

Rate

4.94%

Est. payment

: $2,615.00/mo
Scotia Bank
:
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Rate

6.30%

Est. payment

: $2,982.00/mo
Radius Financial
:
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4-Year

Rate

4.99%

Est. payment

: $2,628.00/mo
Scotia Bank
:
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5-Year

Rate

4.74%

Est. payment

: $2,563.00/mo
First National
:
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Rate

6.00%

Est. payment

: $2,899.00/mo
MCAN
:
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Disclaimer: These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners. Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB.

Data source:

Best mortgage rates from Canada’s Big 6 banks

Below you’ll find the current posted mortgage rates from Canada’s major banks, where the majority of Canadians get their mortgages. You’ll only be eligible for a mortgage from a Big Six bank if you meet their strict lending guidelines, including minimum credit score and maximum debt service ratio requirements.

Posted rates aren’t necessarily a Big Six bank’s best rates. If you intend on applying for a mortgage with one of these lenders, consider their posted rates a starting point in your mortgage negotiations.

Rates updated: March 5, 2024

Bank

1-Yr Fixed Rate

2-Yr Fixed Rate

3-Yr Fixed Rate

4-Yr Fixed Rate

5-Yr Fixed Rate

5-Yr Variable Rate (Closed)

8.09% 7.64% 7.20% 6.99% 7.04% 7.20%
7.44% 7.19% 6.99% 6.74% 6.84% 7.20%
7.84% 7.39% 6.99% 6.74% 6.84% 7.20%
7.84% 7.44% 6.95% 6.74% 6.79% 7.20%
7.84% 7.39% 6.94% 6.74% 6.79% 7.65%
7.84% 7.34% 6.99% 6.79% 6.84% 7.35%

Posted rates for closed mortgages with amortization under 25 years. Data source: Canada's major banks

If you’d like to take a closer look at the products and mortgage rates each of the Big Six are offering, we’ve got you covered:

Best B lender rates

B lenders, also known as alternative lenders, offer financing to home buyers who might not be approved for mortgages with the Big Six banks or other federally regulated financial institutions. Those ‘A’ lenders may reject buyers with non-traditional income sources (the self-employed), limited credit histories (new arrivals to Canada) or low credit scores and lingering debt issues.

B lenders assume more risk by lending to these borrowers, so when you view their mortgage rates, expect them to be higher than what the Big Six and other A lenders typically charge.

Compare alternative and B mortgage lender options in Canada

Alternative and B lenders work with borrowers who don’t qualify for mortgages at traditional banks.
NerdWallet Canada has partnered with Homewise to make it easier to find a mortgage that meets your needs.

Canadian mortgage rate update: February 2024

From the end of January to the middle of February, discounted mortgage rates held steady around 5%, with five-year fixed mortgage rates, dipping below 4.8% at several lenders. As of February 14, 2024, three-year fixed mortgage rates could still be found for about 4.9%.

But recent activity in the government bond market could make things more expensive for mortgage shopper. The yields on three- and five-year bonds have surged in February. When bond yields rise or fall, fixed mortgage rates typically follow suit. Lenders are generally a lot quicker to increase their rates than they are to reduce them.

According to the Bank of Canada, the average posted rate for a one-year, fixed-rate mortgage was an eye-watering 7.84% as of February 7. At an average posted rate of 6.99%, three-year fixed mortgage rates might be more affordable, but they require borrowers to pass the stress test at a brutal 8.99%. 

Don’t let your bank’s posted rates make you hyperventilate, though. They’re meant to be negotiated down, and should be closer to the discounted rates found on the table above.

Variable mortgage rates remain elevated after the Bank of Canada held its overnight rate at 5% on January 24. The Bank’s rate hikes have likely come to an end, but the overnight rate, and variable mortgage rates, won’t be reduced until inflation is firmly under control and heading toward the Bank’s target of 2%. That may not occur until June 2024.

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Canadian mortgage rates: A 12-month snapshot

Mortgage rate forecast

Will Canadian mortgage rates come down in 2024?

Canadian mortgage rates are expected to decrease in 2024. When, and by how much, will depend on the state of the Canadian economy.

If inflation trends downward in the first quarter of 2024, the Bank of Canada could begin reducing its overnight rate as early as April. As soon as the overnight rate dips, variable mortgage rates should follow suit. The Bank has been exceedingly cautious regarding inflation, so home buyers shouldn’t expect a rapid decline in the overnight rate.

Fixed mortgage rates are trickier to read. Based on activity in the government bond market in December 2023, fixed rates should start softening in early 2024. But lenders may need to see more stability in the housing market and the overall economy before dropping their rates to a significant degree.

Our guide to comparing Canadian mortgage rates

What’s a “good” mortgage rate?

A good mortgage rate is the lowest possible rate you can qualify for based on the amount you need to borrow and the mortgage product that fits your needs.

According to Canada Mortgage and Housing Corporation, the average conventional mortgage lending rate for loans with 5-year terms was 7.18% in 2001, 4.57% in 2011, and 3.28% in 2021. Relative to the average, 5% would have been an excellent rate in 2001, but it wouldn’t have been so great in 2021.

Unfortunately, you can’t go back in time to score a better mortgage rate. All you can do to find the best deal is compare today’s current mortgage rates. Below, you can take a look at the average posted, or advertised, rates for certain conventional mortgage products at Canada’s chartered banks, according to the Bank of Canada.

TERMCONVENTIONAL MORTGAGE RATES
1-year fixed7.84%
3-year fixed6.99%
5-year fixed6.84%
Prime rate7.20%

Keep in mind that a lender’s advertised rate is only the beginning of the story. The mortgage rate you’re finally offered will be determined by your credit score and other personal financial factors.

Why it’s important to compare mortgage rates before applying

The rate of interest charged to finance a home purchase, e.g. the mortgage rate, has a huge impact on the total cost of your mortgage.

Paying an unnecessarily high rate will cost you money. That being said, rates shouldn’t be the only determining factor when comparing lenders; penalty costs, portability and overall customer service are also key considerations.

Doing thorough research, understanding your mortgage objectives and comparing options side by side will give you the confidence that you’re getting a competitive rate with a mortgage lender that will meet your needs.

How to choose the best mortgage rates among lenders

Compare APRs

First, it’s crucial to compare annual percentage rates and not just interest rates. While the interest rate is a set percentage that a lender charges you to borrow money, APR includes the interest rate, fees and other closing costs that are set by the lender.

Ideally, lenders will publish APRs in addition to interest rates, but if they don’t, APR can be calculated manually by:

Looking at APR will give you a more accurate idea of the true cost of your mortgage. Let’s say two lenders offer you fixed-rate mortgages with a 4% interest rate, but Lender A’s has an APR of 4.25% while Lender B’s APR is 4.175%. You can see that Lender B is charging lower fees, meaning the second mortgage offer is actually the better deal.

Compare similar products

When looking at mortgage rates, take care to compare identical mortgage products, terms and amortization periods. Other important considerations when comparing mortgage rates across lenders include fees (like home appraisal fees), prepayment penalties, portability, the ease of the application process and a lender’s customer service ratings. You may also think about whether you’re comfortable going with an alternative lender or want to stick with a federally regulated bank.

» MORE: How mortgages work in Canada

How are mortgage rates determined?

Even though lenders will offer different rates to different borrowers based on their unique financial situations, mortgage rates are actually determined by the current state of Canada’s economy. Variable mortgage rates are tied to the Bank of Canada’s overnight rate, while fixed mortgage rates are shaped by activity in the bond market.

Mortgage rates and the overnight rate

The Bank of Canada’s overnight rate is the interest rate financial institutions charge one another to borrow money. The BoC increases or decreases its rate based on market conditions, primarily the country’s rate of inflation. If the economy is booming and inflation is rising too quickly, the BoC will try to curb it by increasing its benchmark rate, as higher interest rates tend to have a calming effect on the economy. (People borrow and spend less.) If the economy is slowing and inflation is not a concern, the BoC will lower its benchmark rates to stimulate economic activity.

Mortgage rates and lenders’ prime rates

When the overnight rate rises, it’s more costly for financial institutions to borrow money. To recoup their losses, banks pass on this expense to their customers by raising their prime rate. A bank’s prime rate is its base lending rate and is used to determine the rates for all types of loans. 

The prime rate is of particular concern to variable mortgage rate holders. Variable mortgage rates are directly tied to a financial institution’s prime rate; when a bank raises its prime rate, clients with a variable mortgage will experience an immediate increase in their mortgage rate.

Mortgage rates and the government bond market

Financial institutions invest in government bonds to create a reliable profit flow, particularly five-year Government of Canada bonds. The bonds are issued at a set price, but their value fluctuates when they’re traded on the open market. As bond prices rise and fall, their yields do, too. 

Canadian lenders’ one-, three- and five-year fixed mortgage rates follow those yields quite closely. If bond yields increase (which happens when bond prices fall), fixed rates won’t be far behind. Historically, five-year fixed rates have usually been around 150 basis points higher than the five-year bond yield.

The bond market does not affect the rate of variable rate mortgages, only fixed.

Mortgage calculators to inform your decision

Mortgage payment calculator ↗

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Mortgage affordability calculator ↗

Estimate how much house you can afford.

Mortgage closing costs calculator ↗

Create a home buying budget by estimating your closing costs.

How to get the best mortgage rate

Lenders have their own mortgage qualification criteria, but there are some general rules of thumb you can follow to convince them to offer you the lowest rate.

Work on your credit score

The best mortgage rates generally go to the most creditworthy borrowers, meaning those with a solid credit score of 680 and higher. Lenders perceive borrowers with high credit scores as lower risk. You’re still likely to be considered for a mortgage if you have a score of 600 or higher, but you may have to work with alternative lenders who offer higher rates.

Lower your debt service ratios

Lenders will take a careful look at two key ratios when deciding whether to give someone a mortgage with a low interest rate: Gross Debt Service (GDS) and Total Debt Service (TDS) ratios.

Your GDS ratio is what percent of your pre-tax household income goes towards housing costs like mortgage payments, utilities and property taxes. It should not exceed 39% of your yearly gross income.

Your TDS ratio includes your GDS, as well as any other debts you are carrying, like student loans and credit card debt. Your TDS ratio should not be more than 44% of your pre-tax household income. The lower your ratios are, the better chance you have of getting the most favourable mortgage rates.

Save a larger down payment

It’s easier said than done, but cobbling together a more significant down payment can make a mortgage more affordable. You’ll be borrowing less, which will reduce your overall interest charges, and you’ll be perceived as less of a risk to borrowers, who may offer you a lower rate.

Making a down payment of at least 20% will also eliminate the need to purchase mortgage default insurance. These insurance premiums get added to your mortgage amount, where they’ll generate higher interest charges. 

Factors that affect the cost of your mortgage

Down payment amount

Your down payment influences the size of the loan you need and the type of mortgage you can get. Simply put, the more you can put down upfront, the less you’ll need to borrow and the more money you can save on your mortgage.

A larger down payment also means that you’ll start off with more home equity, which increases your net worth and makes it easier to qualify for home equity lines of credit with favourable rates. Access to a HELOC can come in very handy if you need to do renovations, for example.

In Canada, if a home costs $500,000 or less, the minimum down payment is 5% of the purchase price. For homes valued at more than $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining balance. For homes worth $1 million or more, the minimum down payment is 20%.

If you wanted to buy a home valued at $850,000, for example, you’d need to pay $25,000 on the first $500,000 (5% of $500,000 = $25,000) and $35,000 on the remainder (10% of $350,000 = $35,000) for a total down payment of $60,000.

Mortgage default insurance

If your down payment is less than 20% of a home’s value, you’ll need what’s known as a high-ratio mortgage. As such, you’ll be required to purchase mortgage default insurance, which protects your lender in the event you default on your mortgage. 

Your mortgage default insurance premiums are determined by the size of your down payment. If your down payment is between 15% and 19.99%, for example, your premium will be 2.8% of your mortgage amount. For down payments between 5% and 9.99%, the premium is 4%.

On a $500,000 mortgage, a 5% down payment would result in a premium of $19,000, whereas a 15% down payment would reduce your premium to $11,900. 

The real kicker with mortgage default insurance is that it gets added to your mortgage amount, which means you’ll pay interest on your premiums. 

Your credit score

Credit scores in Canada range from 300 (poor) up to 900 (excellent). Any number from 660 and up is considered a good score and is likely to get you approved for a mortgage, though each lender may have their own unique requirements.

For the best mortgage rates, financial institutions are likely to require a credit score of at least 680, though you have a good chance of being considered for a mortgage with a minimum credit rating of 600.

For home buyers who put down less than a 20% down payment, and are thus required to purchase default insurance, the official minimum credit score required for a mortgage with default insurance is 600.

The good news is that the Canadian Mortgage and Housing Corporation clearly states that only one borrower needs a score of at least 600, meaning that, if you’re applying with a co-borrower, it’s possible for one applicant to have a lower score.

Mortgage interest rate

There are three main types of mortgage interest to choose from in Canada: fixed-rate, variable-rate and hybrid.

Fixed-rate mortgages

A fixed-rate mortgage locks in your interest rate and the make-up of your monthly payments for the entire length of your mortgage term.

Historically, fixed-rate mortgages tend to have higher interest rates than variable rate mortgages, but they remain popular because they are ideal for those who enjoy the peace of mind of predictable payments.

A potential downside of a fixed-rate mortgage is that the penalty to break a mortgage contract is more costly than breaking a variable-rate mortgage. And while mortgage holders can usually convert from variable to a fixed at any time, it’s not possible to switch from fixed to variable without breaking your mortgage contract and incurring expensive penalties.

Variable-rate mortgages

With a variable rate mortgage, your interest rate will fluctuate based on changes to your lender’s prime rate. if your rate is prime (prime being 4%) plus .50%, for example, then your mortgage rate is 4.50%. If, however, your lender’s prime rate increases to 4.50%, your new rate would be 5%.

Though variable interest rates have historically been lower than fixed rates and could therefore save you money over time, the lack of certainty can be stressful for some mortgage holders. But variable rate mortgages have lower penalty charges if you break your contract, and it’s always possible to go from a variable to a fixed rate mortgage.

Hybrid-rate mortgages

A lesser-known interest rate option is the hybrid model, in which a portion of the mortgage amount is subject to a fixed rate of interest and the rest to a variable rate. Each portion of a hybrid mortgage may have a different term, which makes this kind of mortgage harder to transfer if you want to move to a different lender at any point in the future.

» MORE: How to choose between fixed and variable-rate mortgages

Mortgage term

The term is the length of time your mortgage contract is valid. In Canada, mortgage terms can run anywhere from six months to as long as 10 years. Historically, the the most popular mortgage term among Canadians is a five-year term with a fixed rate, which provides predictable payments and a lower interest rate compared to both shorter and longer terms.

But according to the Canada Mortgage and Housing Corporation, fixed-rate mortgages with terms of less than five years accounted for more than half of new Canadian mortgages in the first half of 2022. That’s likely because buyers don’t want to commit to paying today’s elevated mortgage rates for the next five years when there’s a chance of renewing at a lower rate in two or three.

Amortization length

The amortization period is the length of time it will take you to pay off your mortgage in full. The most common amortization period in Canada is 25 years.

In fact, if your down payment is less than 20% of a home’s value, you’re not allowed to exceed an amortization of 25 years. If you can provide a down payment greater than 20% you can possibly secure an amortization period of up to 35 years. Some borrowers opt for the shortest amortization period possible, because it means paying less interest overall and potentially saving thousands of dollars.

Open vs. closed mortgages

When people talk about a mortgage having flexibility, they’re usually talking about whether it’s an open mortgage or a closed mortgage. While open mortgages are more flexible, they’re not nearly as popular with Canadians as closed mortgages are.

Open mortgages

An open mortgage allows prepayment of the loan without any penalty charges, potentially saving you a lot of money on interest. But because you pay for this flexibility with higher interest rates than you might get with a closed mortgage, you would actually lose money if you don’t end up paying off the mortgage early.

Closed mortgages

A closed mortgage locks you into a mortgage contract for a set period of years at a comparatively lower interest rate. If you want to pay off a closed mortgage early, you’re likely to be charged a significant prepayment penalty.

Payment frequency

While many Canadians choose to make a single monthly mortgage payment, that’s not your only option. You’ll generally be offered several different payment frequencies to choose from. 

Simply put, the more frequently you make your mortgage payments, the faster you’ll pay off your mortgage. Mortgage payment frequencies typically include:

Here’s how the payments break down on a $500,000 mortgage with a 5% fixed rate and a 25-year amortization using different payment frequencies:

The mortgage stress test

No matter your credit score, you’ll have to pass Canada’s mortgage stress test to get a mortgage from a federally regulated financial institution.

The test, which applies even to those who can put down a down payment of 20% or more, is designed to ensure that you’ll be able to make your mortgage payments if there’s a significant rise in interest rates.

To pass the test you need to show that you can make your mortgage payments at the “minimum qualifying rate.” Since June 1, 2021, the minimum qualifying rate has been the higher of either the benchmark rate of 5.25% or the mortgage rate offered by the lender plus 2%. 

Let’s say you reached out to a lender that’s advertising a rate of 5.5%. In order to secure that rate for your mortgage, your finances have to be strong enough that you’d be able to afford your mortgage if interest rates rose to 7.5%.

If you can’t pass the stress test at your lender’s offered rate, you’ll either have to borrow a smaller amount or put off your home purchase until you can shore up your finances and be offered a lower rate. 

There has been plenty of discussion around lowering the minimum qualifying rate, much of it from home buyers and real estate associations. In December 2022, the Office of the Superintendent of Financial Institutions, which regulates Canada’s lenders, said that it would be re-examining the stress test in 2023, but opted to keep it unchanged for the time being.

Property type

The type of property you intend to buy can have a significant impact on your mortgage.

When buying a condo or townhouse that requires you to pay monthly condo or maintenance fees, for example, lenders will consider a portion of those fees when determining how much to lend you. 

If you’re buying a home that’s dilapidated, lenders may also offer you a less-than-ideal mortgage because they may have less confidence in your ability to sell it if you fall behind on your mortgage payments.

And if you’re buying a home to use as an investment property that you won’t be living in, you’re required by law to provide a down payment of at least 20%.

Property location

Not all lenders operate in every province, and those that do may not offer the same loan products in every region. It’s important to remember this when shopping for a mortgage, or using a mortgage calculator.

As with the condition of your property, lenders may be less willing to offer you the best mortgage terms if your home is in a remote location or a community with low demand for housing. If you have to sell your home ahead of schedule, or the bank winds up taking possession of it, they want to be sure it will sell quickly and for the highest dollar amount.

Other mortgage costs

When you get a mortgage, you’ll likely pay for more than just your principal loan amount and interest charges. Depending on your lender and the kind of mortgage they offer, you may also have to pay:

» MORE: How to get a better credit score

Common questions about mortgages in Canada

What happens at the end of a mortgage term?

When your mortgage term ends you’ll have a few options to choose from. You can either:

If you elect to renew your mortgage, your lender will send you a renewal statement that contains details of your renewed contract, such as the term and interest rate. If all looks good, you simply sign the document and your mortgage will continue on seamlessly.

If, however, you’re not entirely happy with the new mortgage contract, because, for instance, you want a lower interest rate or a shorter amortization period, you could try to refinance your agreement to get more favourable terms.

You also have the option to compare mortgage rates again and go with a new lender. While you might get a better rate with a new lender, there may be additional costs in play, such as setup and appraisal fees.

What are mortgage prepayment penalties?

Prepayment penalties are fees that may be incurred if you pay off all or part of your mortgage before the end of its term. Prepayment penalties are an important consideration when deciding what kind of mortgage to choose as they could end up costing you tens of thousands of dollars.

How prepayment penalties are calculated depends on your specific lender and mortgage contract. In general, if you have a variable-rate closed mortgage, your prepayment charge will be three months’ interest on the prepayment amount. For fixed-rate mortgages, the penalty charge is usually the higher of:

What’s the lowest mortgage rate in Canadian history?

Canadian mortgage rates were at their lowest during the COVID-19 pandemic. As extreme economic uncertainty drove down the yields on government bonds, fixed mortgage rates also fell. After the Bank of Canada dropped its overnight rate to 0.25% to keep the economy running, variable mortgage rates took a similar plunge.

From January to March 2021, it was possible to get a five-year fixed mortgage rate of 1.39%.  From November 2021 to January 2022, you could find variable mortgage rates as low as 0.85%. 

Does getting the best rate mean I’m getting the best mortgage?

The “best” mortgage depends on more than just the interest rate — though that’s a good place to start.

Interest rates don’t tell the whole story. Other factors worth comparing when looking at mortgage rates include:

How can you use mortgage rates to estimate a mortgage payment?

A handy way to accurately compare costs without doing a lot of math is by using an online mortgage payment calculator. Just pop a current mortgage rate into the appropriate field and you’ll see how much that particular mortgage might cost you.

Online tools can be helpful, but getting a current rate quote from a mortgage broker or bank is essential if you want an accurate estimate of what your monthly mortgage payment might look like. Compare multiple quotes so you can understand the difference in total cost. 

Is working with a mortgage broker worth it?

Unlike a bank’s mortgage advisor, a mortgage broker has relationships with multiple lenders. That allows them to shop around for the mortgage product that best suits your needs. Mortgage brokers can negotiate on your behalf and provide alternative paths to homeownership if your application is turned down. 

If you decide to work with a mortgage broker, be sure they’re an experienced, full-time professional. These brokers tend to have stronger relationships with lenders, which can come in handy when negotiating better rates and terms for you.

How does inflation affect mortgage rates in Canada?

When inflation is high, the Bank of Canada’s chief tool for bringing it back under control is raising its overnight rate. When the overnight rate increases, so does the prime rate offered by Canadian banks. When the prime rate increases, so do variable mortgage rates. 

If inflation is high because of economic turmoil, it can cause government bond yields to fluctuate. When those yields rise or fall for an extended period of time, fixed mortgage rates tend to follow suit.

Historical mortgage rates in Canada

To give you an idea of how mortgage rates fluctuate over time, the table below shows average annual conventional rates for mortgages with 1-year, 3-year and 5-year terms, based on Bank of Canada data.[1]

Year1-year mortgage rate3-year mortgage rate5-year mortgage rate
20224.464.905.65
20212.803.494.79
20203.253.794.95
20193.644.175.27
20183.474.235.27
20173.163.484.77
20163.143.394.66
20152.973.424.67
20143.143.704.89
20133.083.745.23

If you want to compare current mortgage rates from the top lenders and brokers within your region of Canada, you can consider:

Frequently asked questions about Canadian mortgage rates

What are the best mortgage rates in Canada right now?

As of January 2024, the lowest mortgage rates are attached to five-year fixed-rate mortgages, with some lenders offering rates below 5% on certain products. Variable mortgage rates are generally north of 6%.

How can I get a lower mortgage rate?

You might be offered a lower mortgage rate if you provide a larger down payment or pay down your debts to lower your debt ratios and improve your credit score. It can also be worthwhile to compare rates among different lenders and negotiate the best rate possible with the one you decide to work with.

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