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Canada Rate Comparison Tool

Compare two mortgage rates side-by-side to see the real difference in monthly payments, 5-year cost, and total interest over your amortization.

Loan Details

CAD
CAD 100,000CAD 3,000,000
CAD
CAD 32,500CAD 650,000
yrs
5 yrs30 yrs

Used for CMHC insurance tax (QC: 9.975% QST, SK: 6% PST)

Compare Rates

Enter two rates to compare, e.g. a fixed rate vs a variable rate.

%
0.5%15%
%
0.5%15%
Rate B is 0.90% lower, saving CAD 259/month and CAD 77,814 in total interest.

Cost Comparison

Rate A
Rate B

Summary

Monthly Payment

Rate A

CAD 2,992

Rate BBest

CAD 2,732

5-Year Interest

Rate A

CAD 120,318

Rate BBest

CAD 97,436

Total Interest

Rate A

CAD 377,560

Rate BBest

CAD 299,746

Canada Mortgage Rate Comparison — Frequently Asked Questions

What is the difference between fixed and variable mortgage rates in Canada?
A fixed-rate mortgage locks in your interest rate for a set term, typically 1 to 5 years, providing predictable payments. A variable-rate mortgage fluctuates with the lender's prime rate, so your payments can change when the Bank of Canada adjusts rates. Fixed rates offer stability while variable rates can save money when rates are stable or falling.
How often do mortgage rates change in Canada?
Fixed mortgage rates change based on bond yields and can shift daily or weekly. Variable rates change when the Bank of Canada adjusts its overnight rate, which happens at scheduled announcements eight times per year. Our rate comparison tool lets you test different rate scenarios side by side.
What factors affect Canadian mortgage rates?
Canadian mortgage rates are influenced by Bank of Canada policy rates, government bond yields, inflation, housing market conditions, and lender competition. Your personal rate also depends on your credit score, down payment size, amortization period, and whether the mortgage is insured or conventional.
Should I choose a fixed or variable rate mortgage right now?
The choice between fixed and variable depends on your risk tolerance and rate outlook. Fixed rates are ideal if you want predictable payments and plan to stay in your home for the full term. Variable rates can be cheaper if you expect rates to stay steady or decline. Use our side-by-side comparison to see how different rates impact your monthly payment and total cost.
What mortgage terms are available in Canada?
Canadian mortgages typically offer terms from 1 to 10 years, with 5-year fixed and 5-year variable being the most common. Shorter terms (1-3 years) often have lower rates but more frequent renewal risk. Longer terms (7-10 years) provide payment stability but usually carry higher rates. Our comparison tool lets you compare up to three different rate scenarios.