Today's Top Deal

1.65%

5yr Variable (Insured Only)

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  • 09
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  • HR
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The best variable in years

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Lots to Love

While the Bank of Canada is widely expected to hike rates this year, the maximum likely increase for rates is less than it has been in previous rate cycles. 

The Bank of Canada would have to hike at least 1.00%-pts and maintain rates at that level in order for a 5-year fixed to beat this 1.65% offer (based on interest cost alone).

That's why, for well-qualified borrowers with a financial cushion, this effective prime - 1.05% variable is a reasonable bet.

Who’s Right For This Deal

Rate is based on a $300,000 mortgage, fully provable income and a closing date within 90 days

Consider this rate if you have:

  • At least 3-4 months of living expenses saved up
  • A better-than-average ability to handle higher payments
  • An amortization of 5 to 25 years
  • Good credit and provable income.

Rate Specifics

  • This rate is for default insured purchases and switches only (i.e. your mortgage must be more than 80% of your home value, or you must have default insurance already)
  • Flexible 20% annual lump sum prepayment privileges and 20% payment increase
  • As with most insured mortgages, appraisals are free.
  • Note that while this is a full-featured mortgage, refinances with other lenders are not permitted before maturity.
  • A standard non-collateral charge makes switching lenders cheaper and easier at renewal
  • Early discharge entails a 3-month interest penalty at the contract rate or prime rate, whichever is greater. 
  • Full portability with a 90-day port gap, subject to re-qualification
  • This offer is available to brand new clients who have not submitted an application in the last 6 months. It is based on approved credit and subject to change without notice.
  • Other conditions may apply. E&OE. O.A.C.

Got a question? Live chat with our friendly mortgage concierges, or call 800-280-2460 from 9 a.m. to 8 p.m. ET (5 p.m. PT).

How It Stacks Up

Today’s top deal should be the best value in Alberta, BC, Ontario, New Brunswick, Newfoundland and PEI. But don’t take our word for it. Compare this deal to others using Canada’s most popular rate shopping tools.