Current Mortgage Rates in Canada Current Mortgage Rates in Canada

How to Read These Rates

Canadian mortgage rates split into three categories. Insured rates are the lowest — these apply to mortgages originally made with less than 20% down where the borrower paid CMHC or Sagen default insurance. Uninsured rates add about 0.10–0.30% and apply to most refinances, rentals, and mortgages over $1.5M. Variable rates float with Bank of Canada prime (4.45% in this October 2026 snapshot) and are expressed as "prime minus X." The October 2026 variable sample (~3.40%) is not a live rate sheet.

Posted bank rates — the ones on RBC, TD, Scotia, BMO, and CIBC websites — are typically 0.5% to 1.0% higher than what brokers can negotiate. Your renewal letter from your current lender almost always quotes the posted rate. That's the gap you close by shopping.

Insured vs. Uninsured: The Rate Difference

HELOC and Home Equity Rates

HELOCs (Home Equity Lines of Credit) in Canada are priced at prime + a spread. With prime at 4.45%, typical HELOC rates range from 4.95% (prime + 0.5%) at the best-priced big banks down to 5.95% (prime + 1.5%) at lenders with more conservative pricing. HELOCs are never part of a renewal switch — they're a separate product you might add to complement your mortgage.

Why Broker Rates Beat Bank Rates

• Monoline access: Brokers can shop First National, MCAP, RMG, Merix — lenders with no branches and lower overhead, not available to the public directly.
• Volume pricing: Brokers place hundreds of mortgages a year per lender; banks treat them as wholesale partners with sharper pricing than retail branches.
• Zero cost to you: Brokers are paid a finder's fee by the chosen lender — not by the borrower.
• Negotiation lever: Even if you stay with your current bank, a broker quote in writing is your most effective negotiation tool at renewal.