Today’s Mortgage Rates updated as of December 30, 2024 11:27 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Securing the best mortgage rate isn’t just about lower payments—it’s about long-term savings. With even a slight difference in rates, you can save thousands over the course of your mortgage.
Citadel Mortgages has some of the lowest rates due to our transparent process and honest approach. Citadel Mortgages will help you understand how the lowest rates impact your mortgage and also that it is not always about the rate when you want to become mortgage-free sooner while financing your new home or existing home.
Whether you’re a first-time homebuyer, refinancing, or renewing your mortgage, understanding current trends and available options helps you make informed financial decisions.
The following rates apply to high-ratio purchase deals, where the down payment is between 5-15% of the purchase price. These rates are also specifically for insured purchases and transfers, with a maximum loan-to-value ratio of 65%. The guidelines require a maximum amortization period of 25 years and a purchase price cap of $1 million. However, as of December 15, 2024, the maximum purchase price increased to $1.5 million, and a 30-year amortization period will be available for all first-time homebuyers purchasing newly constructed homes.
These rates are applicable to purchase deals with 20% down payment. The guidelines require a maximum amortization period of 25 years and a purchase price cap of $1 million. However, as of December 15, 2024, the maximum purchase price increased to $1.5 million, and a 30-year amortization period will be available for all first-time homebuyers purchasing newly constructed homes.They are specifically for insured mortgages with a loan-to-value ratio of up to 80%. Additionally, these rates apply to insured transfers with a maximum loan-to-value ratio of 80%.
These rates are applicable to purchase and refinance deals with a purchase price of over 1 million dollars and a 25-year or 30-year amortization period. As of Dec 15th 2024, the purchase price increased ro 1.5 million. They are specifically for uninsurable mortgages with a loan-to-value ratio of up to 80%. Additionally, these rates apply to uninsurable transfers with a maximum loan-to-value ratio of 80%.
These rates apply to purchase, refinance, or equity take-out deals. HELOCs are available with a maximum loan-to-value ratio of 65%. It is possible to combine a mortgage and a HELOC to reach a combined loan-to-value ratio of 80%, for instance, with a 65% HELOC and a 15% mortgage. B-lenders, such as Credit Unions and Trust Companies, offer second-position HELOCs behind most banks. Private lenders provide both first and second-position HELOC products.
Canada’s mortgage lending market is divided into two primary categories: “A” lenders and “B” lenders. The former includes traditional banks and other financial institutions that offer mortgages to borrowers with solid credit histories and verifiable income profiles. Compared to “B” lenders, they have more stringent underwriting criteria and typically offer lower interest rates.
“B” lenders, on the other hand, are alternative lenders specializing in providing mortgages to borrowers who may not qualify for a mortgage from an “A” lender due to factors such as poor credit history, past bankruptcy, or stated income. These lenders have more flexible underwriting criteria, but they may charge higher interest rates and fees to account for the additional risk they are taking on.
For borrowers who have a lower credit score, are self-employed, own rental properties, or have a high debt-to-income ratio, “B” lending in mortgages may be a viable option. However, it is important to thoroughly review the terms and conditions of a “B” mortgage and compare them with those of an “A” mortgage before making a decision.
In most cases, “B” lenders charge a 1% fee, and the brokerage will charge an additional 1% fee due to the required amount of work involved in the mortgage file. While these lenders may allow higher GDS and TDS ratios of up to 48/48, 50/50, or even 60/60, the loan-to-value ratio may be reduced to 75% or 70%. They may offer up to 80% loan-to-value ratios for properties in strong locations. Rates below are starting rates; each deal is different based on risk and is the standard in the entire business.
A cash back mortgage gives you a percentage of your mortgage amount as a lump sum at closing, providing an excellent solution for covering additional expenses like closing costs, renovations, or new furniture. While these mortgages may have slightly higher interest rates, they offer the advantage of instant access to funds without needing separate financing. The funds can not be used for down payment.
Have you ever wondered why you have to provide more documents to a mortgage broker in Canada than to your own bank? It’s a common question asked by clients who are beginning their mortgage journey, and we have an answer for you.
Mortgage brokers are intermediaries who work with multiple lenders to find you the best deal for your mortgage. Unlike your bank, which has access to your financial information, mortgage brokers don’t have access to your financial history or any other information that might help them determine your creditworthiness.
Therefore, to obtain a mortgage from a lender, brokers need to gather as much information as possible about your financial situation. This includes details about your income, employment history, credit history, savings, assets, and debts. Gathering this information helps brokers to understand your financial capacity and identify the best lenders and products for you.
Moreover, lenders also require a thorough verification process to ensure the accuracy of the information provided by clients. In addition, they are required to follow strict regulatory guidelines to prevent money laundering and fraudulent activities. Therefore, brokers must obtain all required documents to present a complete and accurate application to the lenders.
In contrast, your bank has access to your financial information, and therefore, you don’t have to provide as much documentation. However, you might not always get the best deal from your bank since they are only offering their own products. Working with a mortgage broker gives you access to multiple lenders and products, increasing your chances of finding the best deal for your unique situation.
At Citadel Mortgages, we understand that providing so many documents can be overwhelming. However, we work hard to make the process as seamless as possible for you. Our award-winning process ensures that we collect all the required documents upfront, reducing the risk of any delays or issues during the mortgage process.
If you’re ready to start your mortgage journey, contact us today, and our team of experts will guide you through the process and help you find the best mortgage deal for you.
| Year | Average Fixed Rate (%) | Average Variable Rate (%) |
|---|---|---|
| 2019 | 3.49% | 2.89% |
| 2021 | 2.89% | 2.00% |
| 2023 | 5.25% | 4.75% |
| 2024 | 5.50% – 6.25% | 5.10% – 5.75% |
Key Insight: Rates have risen significantly since 2021 due to inflation control measures by the Bank of Canada.
An “open-term mortgage” is an appealing option to those who plan on paying off their mortgage sooner rather than later. This type of mortgage can be repaid fully or partially at any time without prepayment interest fees. If you want to convert them to another term, you can do so at anytime again without prepayment interest fees. The interest rates for open mortgages tend to be higher than those of closed mortgages because they have such flexibility and options for you as a client. Keep in mind these types of mortgages may have other fees involved as well, so it is best to talk to one of our mortgage agents to ensure you understand all the terms!
A “closed-term mortgage” is the most common choice for people who aren’t planning to pay off their mortgage in the near future. The interest rates for closed term mortgages tend to be lower than that of open mortgages. With closed term mortgages, you’re able to save on interest costs, and hopefully, this will help you to pay your mortgage back faster. Fixed or variable options are available for closed term mortgages, but there’s a restriction on the principal amount that you can pay towards our mortgage each year.
If you want to renegotiate your rate, you will need to pay a prepayment charge. Also, you will need to pay this prepayment charge, if you wish to pay off the balance of your mortgage before the end of the term or if you want to prepay more money than your mortgage will allow you to.
Also there are some closed mortgages that you are not allowed to pay off the mortgage at all until end of term which can make it hard to do refinancing in the future, again these are common terms that can cost thousand of dollars in the future and it is best to ask one of our mortgage agents to assist you in obtaining your mortgage so we can explain all the terms to ensure a smooth mortgage transaction.
With prepayment charges, you have the flexibility to increase your monthly payments or to pay the whole thing off. Contact our team of mortgage agents to find out more about your prepayment options.
More than 50% of Canadians have fixed mortgage rates, which means the monthly payment stays the same over the full term. You are protected against fluctuating interest rates so that it can set up, and you don’t have to worry about it. This may be the best option for you if you want stability, but we have to look at your complete financial picture to ensure this.
With a variable mortgage, your rates are typically lower, but they will vary over the term. Your payments will be based on market behavior, and this will affect how much you are paying. The amount you are paying will change over time but can also reduce the amount of interest you pay over your mortgage term or even help you pay off your mortgage faster.
When deciding between fixed and variable mortgage rates, it’s important to understand how each type works.
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Stability | Payments remain constant | Payments fluctuate with the market |
| Interest Rate | Locked in for the term | Adjusts with prime rate changes |
| Best For | Risk-averse borrowers | Those comfortable with rate changes |
| Potential Savings | Moderate | High, during periods of low rates |
We compare mortgage rates from top lenders, including BMO mortgage rates, CIBC mortgage rates, RBC mortgage rates, TD Bank Mortgage Rates, and MCAP mortgage rates, alongside our exclusive Citadel Smart Home Plan mortgage rates. Let us simplify the process and help you secure approval quickly and stress-free!
Compare Citadel Mortgages’ best mortgage rates with other lenders by selecting a term or mortgage product from the dropdown menu below and then hit the check rate now button.
Understanding what influences your mortgage rate can help you make informed decisions.
The Bank of Canada adjusts the overnight rate to control inflation, directly impacting variable mortgage rates and indirectly influencing fixed rates.
Read more about the Bank of Canada’s monetary policy.
Fixed mortgage rates are influenced by government bond yields, which are affected by economic conditions and investor sentiment.
Demand in urban areas like Toronto keeps rates competitive, while rural regions may see slight variations.
Mortgage rates fluctuate based on economic conditions, lender policies, and changes in the Bank of Canada’s overnight rate.
Yes, you can negotiate your mortgage rate, but it’s important to understand a few key factors. Most mortgage brokers work on commission, meaning they only get paid when your mortgage closes. If your broker works hard to secure you the best rate but the file doesn’t close, they don’t get compensated for their efforts.
Additionally, while rate shopping is possible, it’s essential to do it wisely. Lenders dislike seeing the same deal submitted by multiple brokers, as this doubles their underwriting costs. In some cases, lenders may even choose not to lend to a borrower if they detect duplicate submissions. To avoid this, be honest with your broker if you’re shopping around. There are only 2-3 lenders in Canada offering the lowest rates, so having your file declined because of duplicate submissions is a risk you don’t want to take.
Lastly, using a mortgage broker to negotiate a better rate with your bank isn’t an ideal approach. If your bank doesn’t offer you the best rate from the start and asks you to shop around and bring back a better offer, consider why you’d want to work with a lender that doesn’t value your business. A mortgage broker simplifies this process by doing the heavy lifting and ensuring you get the best rate without unnecessary hassle. Trust your broker to advocate for you—they’re in your corner to save you time and money.
Posted rates are the lender’s advertised rates, while special rates are often discounted offers available through brokers or promotions.
Switching mid-term may be possible but could involve penalties. It’s best to consult with your broker.
At Citadel Mortgages, we work with Canada’s top lenders to secure competitive rates tailored to your financial goals.
Often during your mortgage journey, you will run into bank specialists and other mortgage agents or brokers that will tell you what you want to hear, so you give them the documents required to get your approval. While we understand you as a client want to hear you will get the lowest rate, please be aware that unless any mortgage broker or bank specialist has been given all the required documents and has fully underwritten your file, any rates offered are just quotes and not firm approval. Many times we find clients have been told what they want to hear because either the client has forced the mortgage broker or bank specialist to say to them the lowest rate, or they have just been told that to try and make the deal more effortless, but only to get to closing day to have the lender pull out of the deal!
Imagine you are at the lawyers to find out your deal was not approved because of something they found in your file; this happens often. This is why we ask for all the required documents upfront at Citadel Mortgages to ensure things like this do not happen at closing. We understand not all clients want to follow our award-winning process, which is OK with us; it just means we can not work together.
As an award-winning national brokerage across Canada, we have been featured in the National Post, Financial Post, Toronto Sun, Ottawa Citizen, CMP Mortgage and many more. So, what type of experience do you wish to have? One where you hear what you want only to have issues maybe later or the latter where we are honest and only provide you with the correct information once your apporved?
We ask you to trust our award-winning process and allow us to collect all the documents so we can help you in your mortgage journey!
Don’t believe us read our client reviews and read our national articles as we offer the best service and mortgage rates for your mortgage journey!
Citadel Smart Home Plan:
Citadel Mortgages has some of the lowest rates due to our transparent process and honest approach. In addition, our Citadel Smart Home Plan offers Canadians the lowest mortgage rates in Canada while not having to give up critical flexible features of your mortgage that you may want to take advantage of on your mortgage journey, unlike comparable lender mortgage products that offer low rates, yet that force you into lower prepayment privileges or a bonafide sales clause!
Our All In One Mortgage Solution
Our All In One Mortgage Solution Program allows you to tackle your debts and mortgage the right way by reducing your interest on all and becoming debt and mortgage-free sooner while financing your new home or existing home.
Compare Citadel Mortgages’ best mortgage rates with other lenders by selecting a lender from the dropdown menu below.
Finding the best mortgage rates in Canada is about more than just securing a low interest rate—it’s about aligning your financial goals with a solution that fits your lifestyle. Whether you’re a first-time homebuyer, renewing your mortgage, or refinancing to access equity, understanding the factors influencing rates can empower you to make confident decisions.
Canada’s competitive housing market offers a range of options, from fixed and variable rates to tailored programs for specific needs like first-time buyers or debt consolidation. By improving your credit score, maintaining a stable income, and working with a trusted mortgage broker, you can maximize your chances of securing the best rate for your situation.
With the right professional by your side, you can unlock financial opportunities that align with your goals and lifestyle with Citadel Mortgages.
Use our mortgage calculator to gain a clearer picture of what you can expect in terms of monthly payments, interest costs, and amortization schedules. Simply input your loan amount, interest rate, and amortization period to get started. This tool provides estimates to help you make informed decisions as you explore different mortgage options.
While 33% of non-homeowners believe they’ll never own*, our Citadel mortgage brokers are 100% confident they can make it happen. How? With our expert advice and guidance.
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
(5-years interest savings with Citadel Mortgages)**
(Interest savings with Citadel Mortgages)
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Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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