Today’s Mortgage Rates updated as of December 21, 2024 3:55 am
5-year fixed*
5-year Variable*
*Insured loans. Other conditions apply. Rate in effect as of today.
Purchasing your first home is a significant milestone, but it can also be financially overwhelming. At Citadel Mortgages, we simplify the process by offering expert advice and access to the best first-time homebuyer programs in Canada. These programs are designed to reduce upfront costs, provide tax benefits, and make homeownership more accessible.
First-time homebuyer programs are government-backed initiatives and financial tools aimed at helping Canadians achieve homeownership. These programs include tax credits, rebates, and shared-equity loans to make purchasing a home more affordable.
This guide focuses on helping you navigate the Canadian mortgage market, offering insights into current rates, strategies for securing the best deal, and regional trends.
Mortgage brokers play a pivotal role in helping Canadians find tailored financing options, providing expert advice, and navigating the often complex mortgage market.
For more detailed information on mortgage types, costs, and rights, consult the Government of Canada – Financial Consumer Agency of Canada (FCAC).
Effective December 15, first-time homebuyers can access mortgages with a 30-year amortization. This allows for lower monthly payments, making homeownership more manageable, especially in higher-cost markets.
The maximum purchase price for homes eligible under certain first-time homebuyer programs has increased to $1.5 million. This reflects the rising cost of real estate in many regions and provides more flexibility for buyers.
Learn more about today’s best mortgage rates in Canada.
Learn more about the Home Buyers’ Plan on the CMHC website.
For more details, visit the Government of Canada’s New Housing Rebate page.
Learn about Land Transfer Tax Rebates on the Ontario government site.
Read more about the FHSA program.
| Program | Maximum Benefit |
|---|---|
| Home Buyers’ Plan (HBP) | $35,000 tax-free withdrawal |
| GST/HST New Housing Rebate | Varies by province |
| Land Transfer Tax Rebates | Up to $4,000 |
| First-Time Home Savings Account (FHSA) | $40,000 tax-free savings |
Using a mortgage broker that has access to some of the lowest mortgage rates in Canada, is key to ensure you have the best approval rate.
To benefit from these programs, you’ll need to meet specific requirements:
First-Time Buyer Status
Income Limits
Down Payment
Primary Residence Requirement
Creditworthiness
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!
Staying updated on the Bank of Canada’s target overnight rate helps homeowners and buyers:
The Bank of Canada schedules eight interest rate announcements annually, providing updates on monetary policy.
With the Bank of Canada targeting inflation control, many Canadians face the dilemma of choosing between fixed and variable mortgage rates.
| Feature | Fixed Rate | Variable Rate |
|---|---|---|
| Payment Stability | Consistent payments for the term | Payments fluctuate with the prime rate |
| Interest Costs | Slightly higher but predictable | Lower initially but may increase |
| Risk Tolerance | Ideal for risk-averse borrowers | Suitable for those comfortable with rate changes |
| Market Outlook | Best if rates are expected to rise | Best if rates are expected to fall |
Whether you are a first time home buyer or buying your next home, selecting the right financing for your home is of MAJOR IMPORTANCE. In today’s market, there are many different lenders and products for you to choose from, and on top of that, the lending rules and regulations are constantly changing. Therefore, the task of finding the most suitable rate and terms for your new mortgage can become a challenging task.
With the recent mortgage rule changes, now more then ever it is essential to work with a trusted mortgage agent or mortgage broker to ensure your approval for the best mortgage rate and mortgages terms, regardless of your credit, income or being self-employed or new to Canada.
Citadel Mortgages has the best mortgage solutions to match your needs. See the Difference for Yourself, Get Approved Today!
If you haven’t already done so, you should get pre-approved before you start your home hunting. The reason is simple; you will know how much you are approved for so that you save time searching for homes that are within your reach. Additionally, having a pre-approval gives you power in negotiation as both the seller and real estate agents know that you are a serious buyer who can close.
Our Pre-approval for your mortgage is valid for up to 120 days, with some of our pre-approvals valid up to 365 days if you are buying a new condo or home build from a developer. Ask us here at Citadel Mortgages how we can ensure your next mortgage is a smooth transaction!
Even if you have 15 to 20% of the property value for a down payment, it may not be enough to qualify for a loan, under the new rules, from a traditional lender such as a bank. As of January 1, 2018, new regulations were put in place, which makes it harder for first-time home-buyers and even experienced home-buyers to secure the loan they need.
The rate will be the greater of the five-year benchmark rate published by the Bank of Canada OR the lender contractual mortgage rate +2.0%. For example:
OLD RULES
A family with an annual income of $100,000 can afford a home worth $579,438.09
NEW RULES
The difference is that under the new rules, the family’s affordability has dropped by $85,392.33. As you can see, the new rules impact the mortgage you qualify for, with a proper mortgage agent form Citadel Mortgages we can help you understand how the rules impact and get you approved today!
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.
With updated programs like the FHSA, increased purchase price limits, and extended amortization, first-time homebuyers in Canada have more opportunities than ever to make homeownership affordable. At Citadel Mortgages, we provide the tools, resources, and expert advice to ensure your first home purchase is a success
At Citadel Mortgages, we specialize in helping Canadians navigate the complexities of mortgage rates and terms. Whether you’re looking for a 6-month fixed rate, a 5-year variable, or something in between, our team is here to provide personalized guidance and access to the best rates in Canada.
At Citadel Mortgages, we pride ourselves on offering expert, client-focused mortgage solutions that stand out in the industry. Here’s why you should choose us:
Our mortgage brokers are licensed and certified across multiple provinces, providing exceptional advice and service tailored to your unique needs. Our mortgage brokers are committed to delivering the highest standards of professionalism and expertise.
Unlike traditional commission-based models, our mortgage agents are evaluated based on client satisfaction and the quality of their advice. This ensures that you receive impartial guidance on the best mortgage options for your situation.
Citadel Mortgages offers competitive rates that help you save money over the life of your mortgage. Our team works diligently to find the most favorable terms to suit your financial goals.
We are dedicated to transforming the mortgage industry by offering a transparent, seamless process. Our 100% digital platform ensures that you can manage your mortgage application from start to finish with ease and confidence.
At Citadel Mortgages, our mission is to provide a positive, empowering, and transparent property financing experience. We simplify the mortgage process to make it as straightforward and stress-free as possible.
For personalized advice and the best mortgage rates in Toronto, contact our licensed and knowledgeable mortgage experts at Citadel Mortgages.
See how you can save and become mortgage-free sooner
Calculate how much you’d spend each month to buy a home or renew or refinance your mortgage.
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Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Montreal Office – 1155 Rue Metcalfe #1500, Montreal, QC, H3B 2V6
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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