Compare Bank Mortgage Rates in Canada

Compare mortgage options from Canada’s biggest banks to find the best value for your home loan.

Step-by-Step Guide

How to Compare Bank Rates from Big Banks

Are you searching for a mortgage from one of the major Canadian banks? If so, there are several factors to consider when looking for an A-lender or conventional mortgage. To make your comparison easier, it’s best to figure out which rate is most economical and which bank will offer you the best deal. Your monthly mortgage payments could dramatically decrease with a lower interest rate. It’s important to do extra research about your bank or lender to make sure you’re getting the best deal on your mortgage.

Compare TD Bank Mortgage Rates

TD is one of the oldest banks in Canada and offers competitive rates when compared to the other 6 big banks. What makes TD unique when it comes to mortgage loans? Its lending criteria are stricter than most, and its selection of residential mortgages offers something for everyone. TD offers these unique product features for their mortgage:

Fixed Rate Mortgages

A fixed-rate mortgage offers a stable monthly payment. With your chosen term, you can be sure that the interest rate will remain fixed throughout its duration. Term lengths for TD include 6 months, 1, 2, 3, 4, 5, 6, 7, or 10 years. 

6-Month Convertible Mortgage

At renewal, TD gives you the option to select a 6-month term until the time is right for you to select a longer-term interest rate.

1-Year Open Mortgage

A shorter-term mortgage option can be good for those planning to move or change their financial situation within the next 12 months.

Variable 5-Year Closed Mortgage

A closed mortgage is a contractual agreement that cannot be altered, prepaid or refinanced prior to its termination date unless otherwise specified in the terms.

With a TD Variable Rate Mortgage, your interest rate may fluctuate when the TD Mortgage Prime Rate shifts.

Variable 5-Year Open Mortgage

An open mortgage allows you to make payments at any time, without having to pay additional fees or penalties. This makes it an ideal solution for homeowners looking for flexibility and freedom in their mortgage repayment plans.

TD Home Equity FlexLine

TD Home Equity FlexLine lets you lock a portion or all of your balance and set up regular, fixed payments with either a 1 to 5 year closed term or an open term of one year.


Compare RBC Mortgage Rates

RBC is one of the Big Six Canadian banks that has been around for a long time. They have a global presence and always post strong financial results. For anything from residential to commercial loans, RBC offers several traditional loan products. RBC Offers a few mortgage products to help you based on your financial situation.

RBC Bank Mortgage Products

Fixed and Variable Closed Mortgage

RBC Royal Bank offers both fixed and variable closed mortgages with terms ranging between 1-10 years. Interest rates on the fixed mortgage remain unchanged throughout the term, while interest rates on the variable mortgage are subject to fluctuations in market conditions. A Closed mortgage is not allowed to be prepaid or refinanced until the end of its term, so it is important that you select the right term for your needs.

High Ratio Mortgages

High-ratio mortgages are mainly used for individuals that have a smaller down payment and require mortgage default insurance. RBC Royal Bank offers high-ratio mortgages for a few mortgage terms but focuses on their 5-year rate, with both fixed and variable interest rate options.


Compare CIBC Mortgage Rates

CIBC has revamped its branding to better reach and relate to its intended customers, which was followed by an expansion of mortgage products. They continue to expand more into the mortgage market and offer a few key products.

CIBC Bank Mortgage Products

CIBC Fixed Rate Closed Mortgages

CIBC offers closed, fixed-rate mortgages with terms of 1,2,3,4,5,7 & 10 years. The interest rate is locked in and will remain unchanged throughout the term of the mortgage. A closed mortgage cannot be prepaid or refinanced before its termination date.

CIBC High-Ratio Mortgage

CIBC offers a high-ratio mortgage product to borrowers who have less than 20% down payment and require mortgage default insurance. This product is offered for terms of 5 year fixed closed and 5-year variable flex options.

CIBC Fixed Rate Open Mortgages

CIBC offers open mortgage products with fixed rates and terms of 6 months and 1 year. An open mortgage allows for flexibility in that you can make payments on the loan at any time without having to pay penalties or additional fees.

CIBC Convertible Mortgages

CIBC also offers a 6-month short-term closed convertible mortgage, which gives you the flexibility to change from a short-term mortgage to a long-term mortgage.

CIBC Variable Flex Mortgage

With CIBC’s Variable Flex Mortgage, take advantage of a low variable interest rate and the freedom to make annual prepayments up to 20% without a prepayment charge. This can be applied to both 3-year and 5-year term lengths.

CIBC Variable Rate Open Mortgage

CIBC offers a variable-rate open mortgage which gives you a set monthly mortgage payment. If the CIBC Prime rate goes down, more of your payment goes to the principal. If the rate rises, more of your payment goes to interest.


Compare HSBC Mortgage Rates

HSBC is an important bank in the Canadian mortgage market. With its headquarters located in London, England and branches scattered across the globe, this worldwide bank offers competitive rates and product offerings for Canadians seeking mortgages. Let’s take a closer look at what they have to offer:

HSBC Bank Mortgage Products

  • 5-Year Fixed Closed High Ratio
  • 5-Year Fixed Closed
  • 5-Year Variable Closed High Ratio
  • 5-Year Variable Closed
  • Mortgage Cashback Offer


Compare ScotiaBank Mortgage Rates

As one of Canada’s well-respected Big Six banks, Scotiabank ensures Canadians have access to financial services across the country. With millions of customers in their books and a range of traditional mortgage products on offer, they are just as reliable as other big banking institutions.

ScotiaBank Mortgage Products

  • Variable Rate Mortgages
  • Closed Term Fixed Rate Mortgages
  • Short Term Fixed Rate Mortgages


Brokers & Rate Comparison Sites

While many brokers and rate comparison sites will promise ‘the lowest’ rates available, those low prices often come with limiting mortgage requirements. At CompareMortgages, we have access to a vast selection of mortgages from banks and lenders nationwide – without compromising on quality or affordability. Browse the best possible deals so that you can get the home loan most suitable for your needs.

Posted Rates vs Actual Rates

When it comes to mortgages, the posted rate is one of the most important figures for borrowers to understand. The posted rate is the interest rate that banks advertise in their branch lobbies and on their websites, and it’s used as a benchmark to compare different mortgage offers.

The actual rate you receive, however, may be higher or lower than the posted rate. The actual rate you get will depend on your credit score and other financial factors that banks take into account when considering a loan application. That’s why it’s important to compare mortgage rates from big banks and lenders in order to find the best deal for you.

Bank Rates vs. Broker Rates

Although banks often have competitive rates, they aren’t always the most affordable. That’s why it pays to compare mortgage rates from big banks and lenders before you settle on a particular loan offer.

Unlike big banks, brokers don’t lend their own money but act as a conduit between borrowers and lenders. Brokers often have access to exclusive deals from mortgage lenders, allowing them to offer customers more competitive rates that may be lower than those available from big banks.

Big Bank Rates Frequently Asked Questions

What is the best way to compare mortgage rates from big banks?

The best way to compare mortgage rates from big banks is to use a rate comparison website like CompareMortgages. Our platform allows you to quickly and easily compare mortgage rates from all of Canada’s major lenders, including TD Bank, CIBC, and HSBC, so you can find the best deal for your needs.

Can you negotiate a mortgage rate?

Yes, you can negotiate a mortgage rate. If you have good credit and other financial qualifications such as a large down payment or extra assets, lenders may be willing to negotiate with you on the interest rate for your loan. It’s also important to shop around and compare rates from big banks in order to find the best deal for your situation.