Your Choice of Mortgage Rates



Have your choice of the best mortgage rates from the highest quality lenders in the country. Save money and scan the entire market to find the right mortgage for you. Apply, sit back, relax and get pre-qualified in minutes!

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Get the Best Rate Now.

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Apply (and relax).

Find the Best Mortgage Rates in Canada For You!

For any potential homeowner in Canada, it is vital to keep track of current mortgage rates. When you’re looking into different types of home loans, it’s essential that you find the right option for you, your family and your income level. Mortgages are a viable and practical option, just ask the millions of people around Canada who take advantage of mortgages to get the home of their dreams.

There are a number of factors to consider when you’re looking for the best mortgage rates in Canada. Such as interest rates, fixed rates, and variable rates which all play a role when you’re comparing prices between companies. Finding the best rate in Canada doesn’t have to be hard. We’re here to help you make the best choice for your unique set of circumstances.



Our partnership with Rocket Mortgage™ allows us to offer the best rates. All stand alone mortgage brokers and bank financial specialists have a certain amount of room in regards to mortgage rates that they are able to offer. This is because all mortgage rates are usually sold at a premium.

“Rocket Mortgage” is a trademark of Rocket Mortgage, LLC used under license by Rocket Mortgage Canada ULC.

Simply put, yes My Choice is comletely free for you to use and find the best mortgage rate suited to you.

Of course! Here at My Choice we are a 100% Canadian owned and operated company, based out of Toronto. If you prefer to get in touch please reach out on Facebook, call or shoot us an email!

My Choice is allowed to operate in Canada through its partner, Rocket Mortgage, who is licensed by the provincial regulatory bodies of the provinces we operate in.

Your Best Choice for Mortgage Rates in Canada

Buying a house or a condo is a dream for many Canadians. Most of them use different financial options to achieve this goal. However, it’s a very expensive goal, especially in the last few years. For this reason, the most common option used to get a property is through a mortgage credit. Banks and financial institutions set different mortgage interest rates that are part of such financing to put some money in their pocket and help renters become homeowners.

The interest rate of a mortgage loan is a percentage that represents the balance between risk and possible profit, using an amount of money within the investment of the acquisition of your home, remodelling it or refinancing it.

In this way, the interest rate corresponds to the percentage of money, either monthly or annual, that you must pay when you acquire a mortgage credit. This economic benefit is the profit made by the financial institution.

Compare Mortgage Rates To Save More In The Long Term

Comparing rates is key to your financial health. Not making a comparison of mortgage rates could cause you to end up paying more at the end of the loan, which will certainly be a not good financial decision.

Best Current Mortgage Rates in Canada Today

Province 5 Year Variable 5 Year Fixed
Alberta 3.50% 4.34%
British Columbia 3.50% 4.34%
New Brunswick 4.35% 4.99%
Newfoundland 4.35% 4.99%
Northwest Territories 4.35% 4.99%
Nova Scotia 4.35% 4.99%
Ontario 3.50% 4.34%
Prince Edward Island 4.35% 4.99%
Yukon 4.35% 4.99%

How Do Mortgage Rates In Canada Work?

Generally, Canada is thought to be one of the more creditor-friendly regions of the world. That doesn’t mean you can’t find a reasonable rate. You will just need to be able to give a down payment, go through the pre-approval process and find out what rate you’re eligible for. Don’t worry, it’s easier than it sounds. Rates are generally between 2% and 5% if you have decent credit. Otherwise, they may be a bit higher.

There are many different types of rates to choose from, but there are two in particular that are often part of the best mortgages: Fixed rates and variable rates. These are different types of interest rates that show how the interest will be treated over time. You’ll need to carefully consider which rate is best for you as it will be locked in over a specific time period — typically anywhere from 6 months to 25 years. Many customers choose the 5-year option as it is attainable and convenient for their income level.

There are also cashback mortgages, in which you can take cash out of your mortgage to supplement your income. Lastly, there is a HELOC mortgage and this leverages your house against the loan. If you default on the loan, your house can be repossessed. While it can be considered a gamble if you don’t have a stable income, it can also assure that you are loaned the maximum amount of money within your loan term.

How Are Mortgage Rates Determined?

The mortgage rate usually plays an important role in the evaluation and selection of an online loan, as it logically helps to calculate how much the loan will cost. Your personal credit assessment plays a crucial role in determining the mortgage rate. In fact, if your credit score is positive, you’ll get a low-interest rate, which will lead to paying less for the loan. if you’re in a good economic situation, you’re more likely to be able to afford to pay off your loan and the bank has less risk to lend you money. Other factors that determine your mortgage interest rate are the length or amount of the loan.

What Factors Can Affect Your Personal Mortgage Rate?

The mortgage rates in Canada depend on the market and the law of supply and demand. The lower the interest rate, the higher the demand for financial products and vice versa, the higher the interest rate, the lower the demand for financial products. Some other factors that will influence your mortgage rate are:

  • Credit score: The higher your credit score, the lower the rate.
  • Credit history: The less credit history you have, the less knowledge a credit institution will have about your ability to pay, which will possibly make you a little riskier for the institution. The better the payment history, the better the rate.
  • Type of employment and income: Self-employed, hourly employed, payment based on bonuses: all these factors affect the risk factors of whether you will be able to pay back your loan.
  • Loan size: How much money will you ask for? Often, if you ask for an amount below a certain level, there may be a slight increase in the rate.
  • Loan-to-value ratio (LTV): What is the percentage of your loan with respect to the value of the property? Generally, the lower the percentage, the lower the rate.
  • Loan rate: Depending on the situation, you might choose fixed or variable.
  • Length of time: The shorter the loan term, the faster you will pay off the debt, which could result in a better rate. It’s important to note that your payments are likely to be higher, so you’ll want to make sure you can pay them.
  • Property type: A residential home will have a lower interest rate than a commercial property because of the higher risk involved.
  • Co-borrowers: Will there be other people on the loan and, if so, how is their credit? All parties involved in the loan will be used to determine the rate.
  • Debt ratio: How much money is earned monthly compared to the cost of monthly bills. Statistics Canada says Canadians owe $1.83 in consumer debt for every dollar of income they have.
  • Documentation available: Can you submit all documentation (bank statements, taxes, retirement accounts, etc.) to show your assets? This will help the lender lower risk factors and help reduce the rate.

Choosing a Term Length for Your Mortgage

In Canada, most mortgages range from 6 months to 10 years. The most common term is the 5-year fixed rate term.

Shorter-term mortgage

Most mortgage lenders in Canada have a mortgage term of 5 years or less, also known as a shorter-term mortgage. The shorter the term, the sooner you renew your mortgage contract.

With a shorter-term mortgage term, you can choose between a fixed or a variable interest rate and take advantage of a lower interest rate when you sign up.

Longer-term mortgage

Longer-term mortgages tend to be more than 5 years. The longer the term, the longer you keep the conditions of your current mortgage contract.

With a longer-term mortgage, you can be restricted to a fixed interest rate, lock-in an interest rate for a longer period of time, and pay a substantial prepayment penalty if you sell your home within the first 5 years of your term.

What Is a Down Payment?

The down payment is an initial amount of money that must provide to the lender for the purchase of a house and that will correspond to a percentage of the sale price of the property. To calculate the down payment you must take into account the price of the house, the amount of the loan, the payment method, the number of payments, the interest rate and the mortgage term length.

Usually, you will have to pay between 5% to 20% of the selling price of the home, and with less than 20% you will be required to purchase mortgage insurance from Canada Mortgage and Housing Corporation (CMHC).

This is a guide to calculating a down payment based on the purchase price of your home.

Purchase Price of Your Home Minimum Amount of Down Payment
$500,00 or less 5% of the purchase price
$500,000 to $999,999 5% of the first $500,000 of the purchase price 10% for the portion of the purchase price above $500,000
$1 million or more 20% of the purchase price

How Does Your Credit Score History Affect Getting A Mortgage?

The Credit Score is an individual’s credit grade. If our behavior regarding money is a college test, the credit score would be the grade we get in it. This is a number, used by banks, financial institutions, car dealers, insurance companies, etc. to determine how likely the person is to return the money lent to them, how responsible they are, their financial situation, and their overall credit history.

The score is based on the information that exists about our financial situation and the status of our debts. The two most known companies in Canada that provide credit scores are Equifax and TransUnion. Other companies may also offer to provide your credit report for free. Equifax allows you to access your credit report online and updates it monthly. TransUnion allows you to access and download your credit report (called Consumer Disclosure) online and updates it monthly.

Some factors that can affect your credit score are:

  1. Late or unpaid payments
  2. Opening new bank accounts 
  3. Having high balances on your cards
  4. Frequently apply for or open new lines of credit (credit cards, car loans, personal loans)
  5. Combination of different types of credit

A high credit score could save you a fortune in mortgage interest payments over the life of your mortgage. Consider improving your score before applying for a mortgage to get a better rate.

Should I Use a Mortgage Broker?

A mortgage broker is a licensed professional that represents you and gives you the best advice for your mortgage rate. Many Canadians manage their mortgage loans through a mortgage broker because of the value and convenience of their services. One of the advantages of working with a mortgage broker is access to a wide range of loan sources, which makes it much easier to connect you to the mortgage lender that best suits your needs and provides the best mortgage rate. My Choice connects you with the best local brokers’ after comparing for yourself the best rates in the market.

What Are The Mortgage Prepayment Limits and Penalties?

According to Canada’s official website, a prepayment penalty is a fee that your mortgage lender may charge if you:

  • pay more than the established additional amount toward your mortgage
  • break your mortgage contract
  • transfer your mortgage to another lender before the end of your term
  • pay back your entire mortgage before the end of your term, including when you sell your home

Your lender may also call the prepayment penalty a prepayment charge or breakage cost.

Prepayment penalties can cost thousands of dollars. It’s important to know when they apply and how your lender calculates them.

Bank or Lender Annual Prepayment Limit Frequency
RBC 10% Once
TD 15% Once
Scotiabank Varies, up to 20% Once
CIBC Varies, up to 20% Once
BMO 20% (10% for BMO Smart Fixed Mortgages) Once
HSBC 20% Once
Simplii Varies, up to 20% Multiple

The Difference Between Fixed and Variable Rates

When you apply for a mortgage loan and determine the interest, you will be given two options: fixed or variable rate.

The payment of the fixed or variable fee is included in the monthly payment, as are the rest of the commissions. What is the difference and what is best for you when applying for your mortgage loan? Don’t worry, we’ll explain it here.

Fixed Rate

The fixed rate means that the amount you pay will be the same at all times, regardless of market changes, the mortgage rate on the loan will always be the same.

Variable Rate

The variable rate means that your monthly payments increase or decrease over time. These adjustments are usually made on a quarterly, semi-annual or annual basis.

You might be wondering… so which one is better? and the answer is: it depends on your current cost of living.

When applying for a mortgage loan you should evaluate the cost of the property and your financial capacity. If your income allows you to have a short-term credit, opt for variable rates because they are lower and you can save a little more.

In case your financial situation needs that the term of your credit is longer, it is advisable to ask for a fixed rate because although it is higher it will remain constant and you will avoid headaches.

5 Year Historical Fixed Mortgage Rates

Source: www.bankofcanada.ca

5 Year Historical Variable Mortgage Rates

One thing to note about variable rates is that they are directly tied to prime rates, which are, in turn, based on the rates at the Bank of Canada.

Source: www.bankofcanada.ca

The Importance Of Comparing Mortgage Rates

When you’re comparing interest rates, you need to consider what your future looks like in months, or even years, down the line. The higher the interest rate, the more money you’re going to be on the hook for. There is nothing wrong with having a high interest rate. After all, this may be the only option for some people if they have bad credit. What’s important is knowing how to gauge your ability to pay that balance off over time. If you’re being dishonest with yourself about your financial situation, you may end up having quite a bit more money to pay by the end of your loan due to your high interest rate.

Here at My Choice, we pride ourselves on being able to showcase the best rates to our users easily. With our easy-to-use system, you’ll be able to enter some simple information like your price range and income and voila, you’ll be able to compare interest rates between companies easily. By finding the best rate, you’ll be making a safer investment in your future.

Choosing Between an Open And Closed Mortgage

Open Mortgage

An open mortgage provides the flexibility of being able to pay back all or part of your mortgage at any time during the term without paying a prepayment charge. The interest rate on an open mortgage is often higher than the interest rate on a closed mortgage. An open mortgage provides flexibility until you are ready to lock into a closed term.

Closed Mortgage

A closed mortgage limits your prepayment options but usually offers a lower interest rate than an open mortgage. A closed mortgage is one that cannot be prepaid, renegotiated, or

refinanced before the end of the term without paying a prepayment charge. However, some closed mortgages permit certain prepayment privileges, such as the right to make a prepayment of a certain percentage of the original mortgage amount each year, without paying a prepayment charge.

How To Get The Best Mortgage Rate

When you decide on buying a house or refinance it, It’s important to prepare your financial profile the best that you can before applying for a loan application and find the lowest score.

Some tips on how to get the best rate possible for you are:

  • Get your credit score as higher as possible
  • Save as much as you can for your downpayment
  • Know Your Debt-to-income Ratio
  • Compare your lender and mortgage rates options
  • Be sure to have a strong employment record
  • Lock in your rate when possible

My Choice Can Help You Find The Right Mortgage Rate For You

My Choice is not just another website to compare rates, it is a web tool that will make it easier for you to reach the best option you need right now. With our mortgage calculator, you can compare all the quotes of the best lenders in the market and once you have the best offer in sight, we will connect you directly with the local mortgage broker to buy directly. You won’t have to hustle comparing rates between multiple mortgage lender websites. We make it simple for your eyes and mind.

Frequently Asked Questions About Mortgage Rates In Canada

Finding the right mortgage requires balance and commitment. You have to find common ground between the mortgage programs available, your personal financial situation and the attributes of the property you want to buy. There are many lenders in Canada and each has its own unique criteria for transactions they will consider in addition to the minimum legal requirements. 

You can use one of the online mortgage calculators to calculate your monthly payments based on the mortgage rate you estimate you’re going to get.

The national interest rate is the rate that big Canadian banks get when they lend money to people. When it’s higher, mortgage rates go higher too and loans become more expensive, making them less likely to borrow and have extra money.

In June 2022, the Bank of Canada released information that forecasted that fixed rates will be at an average of 4.5% by 2025. This average is lower than the current average fixed mortgage rate across Canada’s Big 5 Banks.

If your down payment is less than 20%, you need mortgage loan insurance. Lenders require this insurance because a lower down payment means your mortgage is for a higher ratio of your home’s value, and lenders consider borrowers with high ratio mortgages as having a higher risk of non-payment.

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